Moore Stephens Highlights New Accounting Rules

Wednesday, April 20, 2005
Leading accountants Moore Stephens say that from 2005 companies have to produce their accounts in a new, internationally agreed way. Companies with a listing in any European Union state have to produce their financial statements in accordance with International Financial Reporting Standards (IFRS).

EU member states also have the option of requiring IFRS for unlisted companies. And many other countries, too, have decided to move to IFRS.

Writing in Moore Stephens' shipping newsletter The Bottom Line, partner David Chopping says, "The shipping industry is in a slightly unusual position, as many companies have been using international standards for years. But, unfortunately, that does not mean that shipping companies can sit back and ignore the changes.

"At the same time as the move to IFRS, there has been a series of changes to those standards that may affect shipping. These include a new requirement to classify, separately, assets held for sale. This means that accounts will not just reflect disposal of vessels in the year, but also any plans - at least those at an advanced stage - for such disposals. Vessels held for sale will not be depreciated, and may need to be restated immediately prior to being treated as held for sale.

"Another change that is likely to have an impact is the requirement to reconsider residual values annually, using as the basis the value that the company would receive were it to dispose of an asset currently in the condition expected at the end of its useful life. This means that the residual value needs to be changed each year taking account of the prevailing scrap value. It could have a substantial effect on ageing vessels where the remaining depreciation period is shorter."

Moore Stephens also notes that it is not just ships that have to be counted differently, but also what people are paid. Key management remuneration must now be detailed.

Also in Bottom Line, Moore Stephens explains US tax requirements, and interviews Pavel Lyshko, finance director of Russia's FEMCO.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Fincantieri Launches Silver Muse

Silver Muse, the new ultra-luxury cruise ship which Fincantieri is building for the ship owner Silversea Cruises, was launched at Fincantieri’s shipyard in Genoa Sestri Ponente.

Swiftships to Procure Patrol Craft Kits for Egyptian Navy

Naval Sea Systems Command (NAVSEA) awards contract to Swiftships for four 28-meter KITs for the Egyptian Navy   On June 28, 2016 Louisiana-based Swiftships, LLC,

Ingalls to Build US Warship LH8

Huntington Ingalls Industries (HII) announced that its Ingalls Shipbuilding division has been selected to build the U.S. Navy’s next large-deck amphibious assault warship, LHA 8.

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0803 sec (12 req/sec)