15.1 State the accounting issues peculiar to shipping businesses.
15.2 A ………… contract is an arrangement between a vessel owner and charterer where the vessel is rented for a defined period during which its owner is responsible for its management while the charterer gives orders for its usage.
15.3 A …….. is a time charter with a floating charter rate.
15.4 For a voyage charter contract, IFRS …….. is applied to measure and recognise revenue arising from a voyage.
15.5 For a pool charter contract, depending on the nature of relationships between the ship owner, ship, and charterer, the revenue is measured and recognised using IFRS …… and IFRS …. for the service and lease aspects.
15.6 In a contract of affreightment, the ship owner is concerned with providing a service to the ………
15.7 The ……… aspect of the contract is the use of the vessel without any related performance obligation.
15.8 The identification of the lease factor in a contract between a shipping business and charterer requires the determination of which party has the right to direct the use of an identified asset throughout the ……. period.
15.9 A …….. is made by a charterer to a ship owner for the right to the ship or vessel usage during the lease period.
15.10 A ………. lease hands over substantially all the risks and rewards incidental to ownership of the ship.
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