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David Chopping News

30 Jul 2012

Moore Stephens Envisages Increased Pressure for Incipient Impairment in Shipping

Accountant and shipping industry adviser Moore Stephens says it expects to see an increase in the sort of pressure recently exerted on shipping companies by the US Securities and Exchange Commission (SEC) to make disclosure when the market value of their vessels is less than their carrying value. The pressure for this type of disclosure, often referred to as ‘incipient impairment’, has been reflected in the 2011 filings of many SEC registrants. Moore Stephens partner David Chopping says…

21 Jul 2009

How Much is a Ship Worth?

Accountant and business consultant Moore Stephens has warned that shipping companies must be able to substantiate any decision to use future cashflow as an alternative to broker valuations. Writing in the latest issue of the firm’s shipping newsletter, Bottom Line, Moore Stephens Technical Partner David Chopping said, “In recent months, many of the world's listed shipping companies have released their financial statements. It has been challenging. Companies have, amongst other things, had to consider whether their assets are impaired. Even a brief review of shipping company accounts highlights the number of impairments made. But many relate to items other than vessels and newbuildings. With vessel values falling, many owners will need to consider impairment.

20 Apr 2005

Moore Stephens Highlights New Accounting Rules

produce their accounts in a new, internationally agreed way. statements in accordance with International Financial Reporting Standards (IFRS). companies. And many other countries, too, have decided to move to IFRS. years. sit back and ignore the changes. those standards that may affect shipping. classify, separately, assets held for sale. least those at an advanced stage - for such disposals. being treated as held for sale. condition expected at the end of its useful life. prevailing scrap value. differently, but also what people are paid. now be detailed. interviews Pavel Lyshko, finance director of Russia's FEMCO.