Korean Shipbuilders Get Break from Accounting Rules

Monday, August 02, 2010

According to a July 30 report from the JoongAng Daily, with the scheduled adoption of the International Financial Reporting Standards (IFRS) shipbuilders were expected to see higher debt ratios. However, the Financial Services Commission and Financial Supervisory Service said that the International Accounting Standards Board (ISAB), the London-based group that supervises the IFRS, had accepted in principle a request by Korean financial authorities to allow a fair value hedge accounting system in the case of the shipbuilders. A fair value hedge system would allow shipbuilders to declare an intermediate payment in their financial accounts for contracts they received.

(Source: JoongAng Daily)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

LNG Transport Barge Design Approved by ABS

Conrad Shipyard, L.L.C. engaged Bristol Harbor Group, Inc. (BHGI) to develop a 3,000 cubic meter Liquefied Natural Gas (LNG) transport barge utilizing a Bristol

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1073 sec (9 req/sec)