Lease Accounting News

Matson reported net income of $18.4 million, or $0.43 per diluted share, for the quarter ended June 30, 2019. Net income for the quarter ended June 30, 2018 was $32.6 million, or $0.76 per diluted share. Consolidated revenue for the second quarter 2019 was $557.9 million compared with $557.1 million for the second quarter 2018. For the six months ended June 30, 2019, Matson reported net income of $30.9 million, or $0.72 per diluted share compared with $46.8 million, or $1.09 per diluted share in 2018.

Accountant and shipping adviser Moore Stephens says shipping will continue to attract investors in 2019 if it fulfills its ESG (environmental, social and governance) responsibilities.In the latest issue of Bottom Line, the Moore Stephens shipping sector newsletter, Richard Greiner, a partner in the firm’s Shipping & Transport team, says, “It has been suggested that the future is very much like the present, only longer. Should that prove to be the case for the shipping industry…

Shipping and offshore maritime sectors must be alert to implications of new U.S. The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been expected that the FASB and IFRS standards would be identical, there are instead now two standards which, although similar in many respects, contain significant differences.

A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens. The new standard, IFRS 16, is effective for periods beginning on or after January 1, 2019, although early adoption is allowed. It covers all leases, whether the company acts as a lessor or a lessee. Michael Simms, a partner in the shipping and transport group at Moore Stephens…

Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB. The most recent FASB statement regarding lease accounting was made in 1976 and is known as FAS 13. FAS 13 as we know it is undergoing major change.

Since the middle of 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards changing how companies report their lease transactions on their balance sheets. Those companies (including publicly traded entities) whose reporting complies with Generally Accepted Accounting Principals (GAAP) must observe the reporting regulations as set down by FASB. The most recent FASB statement regarding lease accounting was made in 1976 and is known as FAS 13. FAS 13 as we know it is undergoing major change.