As acceptance of International Financial Reporting Standards (IFRS) in the United States becomes imminent, more shipping companies are now asking questions about what IFRS means for them. How will IFRS affect my company? What triggering events would compel us to move more quickly to adopt IFRS? What obstacles might stand in our way? These issues are addressed in “The Path to IFRS: Considerations for the Shipping Industry,” a publication in Deloitte's IFRS industry series.

This publication provides practical and useful industry insights on IFRS, which include:

• Understanding the implications of  IFRS  for the shipping industry
• A  business case for IFRS
• Key accounting differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP) for the shipping industry
• Evaluating approaches to IFRS conversion
• Developing an IFRS road map
• IFRS lessons from the European experience

It also includes key action steps for shipping industry executives including:

• Two actions for shipping CEOs
• Three actions for shipping Controllers
• Three actions for shipping CFOs
• Four actions for Board of Directors and Audit Committee of shipping entities

Learn more about how to address IFRS in the shipping industry by downloading the publication here.