Who should attend: Accountants and shipping accountants, controllers and finance directors, who work within the maritime sector.
Objectives and benefits: The masterclass aims to refresh the main IFRS concepts relevant to this subject and to take the participant through a thorough example that covers the full implementation of these concepts. US GAAP differences are also covered as commentary.
- Recap the basic technical elements of IFRS 5:
- Criteria for an asset to be classified as held for sale.
- Μeasurement upon the classification of an asset as held for sale.
- Recording of an impairment loss.
- Reversal of an impairment loss.
- Presentation of held for sale classification.
- Go through a practical example in detail, that outlines the following scenario:
- Determination of whether an asset should be classified as held for sale.
- Measurement of an asset held for sale.
- Presentation of an asset held for sale and its associated liabilities.
- Discuss the differences between IFRS and US GAAP in this area.
Legislation & References: Industry practices