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Shipowners challenge new accounting standards

The International Chamber of Shipping (ICS) is expressing serious concerns regarding a proposed change to the accounting standards for ship leasing, which looks set to become effective in 2017.

A proposal to revise the international accounting standards for ship leasing is met with criticism by the global shipowners' association, the International Chamber of Shipping (ICS). The organization has thus submitted detailed comments to the International Accounting Standards Board (IASB), which presented the proposal together with the US Financial Accounting Standards Board. The proposal looks set to become effective in 2017.

Among other things, the changes mean that companies, starting in 2017, will have to include all leasing contracts on their balance sheets, including time charter agreements of more than one year, which has led to huge concerns for the world's shipowners, says Secretary General Peter Hinchliffe in a press release:

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