RegulationAccounting StandardsShipping accounts lack clarity

Shipping accounts lack clarity

Third of the biggest shipping companies fail to produce publicly available accounts

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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