| Insert excerpt | ||||||
|---|---|---|---|---|---|---|
|
...
The following workflows and features support compliance with IFRS 15 and IFRS 16.with the following regulations:
Table of Contents
IFRS 15
IFRS 15 (or ASC 606), Revenue from Contracts with Customers, affects the allocation and recognition of revenue. Under this regulation, the voyage operating entity is only allowed to recognize revenue when it satisfies a performance obligation of performing the voyage. Voyage expenses continue to be allowed to be capitalized and recognized on the same basis as revenue, following a revenue-expense matching principle.
...
To select Adjust Portion for Ballast Days by default, enable configuration flag CFGDefaultPnlCalcAdjustForBallastDays.
...
When running Monthly Accruals or Voyage Period Journals, select the P&L calculation option Apply Demurrage to Period. The behavior of this check box depends on the following configuration flags:
- CFGDefaultPnlCalcApplyDemurrage: There are three possible values:
- PRORATE (default): Demurrage is prorated based on voyage proration logic: Voyage Days in Period / Total Voyage Days. The Apply Demurrage to Period check box is cleared by default; if the check box is selected, the calculation logic for BYDAYS is applied.
- FULL: The Apply Demurrage to Period check box is selected by default, and 100% of a demurrage amount is applied to the P&L reporting period.
- BYDAYS: The Apply Demurrage to Period check box is selected by default, and the amount of demurrage in the P&L reporting period is prorated. The prorata portion is calculated by the following logic: For each port call, Prorated Demurrage Amount = (Number of Days at Port within Period / Total Number of Days in Port in Voyage) × Demurrage Amount.
- CFGDefaultPnlCalcAdjustForDemurrageDays: When enabled, the portion percentage for other P&L items are adjusted based on the demurrage days in the period.
To quickly view demurrage period allocation details for a Laytime Calculation, open the Period Allocation form (configuration flag CFGLaytimeEnablePeriodAllocation must be enabled).
...
Note: The following features require IMOS v7.11.7333 or later, and configuration flag CFGEnableTCLeaseAccounting must be enabled.
...
To transfer lease costs to your balance sheet, you can create Time Charter Period Journals. Each Time Charter Period Journal has the following line items, either initial or incremental:
...