Can someone please share thoughts around generic accounting issues in the marine industry. The nature of activities will involve using small ships (bareboat) to provide marine terminal services to clients on ports around the world ? From the top of my head, I can see following major issues to be considered:
– Revenue recognition
– Repair cost of ships and capitalisation of subsequent cost
– Treatment of lease income /expense if boats are let out/taken on lease
– Derivative accounting issues (long term fuel contracts ?)
Any other issues or more light on above highlighted areas?