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16 Dec 2011
THE SHIPPING INDUSTRY is still lacking clear financial reporting, according to a report.
KPMG's study found that a third of the world's biggest shipping companies produce no publicly available accounts. The figures are an improvement on 2008's survey, when 44% failed to produce accounts.
More companies are producing accounts in line with IFRS.
John Luke, KPMG's global head of shipping said: "The improvements are encouraging and perhaps a reflection of the growing demand for transparency from the sector's supply chain and financiers. What we are seeing is a shift in both regulation and practice towards producing accounts, and producing them in IFRS which is helpful.
"Capital is in short supply whether this is debt capital or equity; therefore shipowners should be interested in presenting themselves in the best possible light if they are after some of that capital."
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
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