The effects on the financial statements are as follows:
Entry table
- Extra section appears in Entry table for user to enter information regarding shipping activities that are used in the financial statements document.
- Alternative wording for PPE - this becomes “Vessel”
Report of the Board of Directors
Principal activities - wording changed
Income Statement
- “Cost of sales” is changed to “Direct expenditure”
- "Raw materials and consumables used" becomes "Changes in inventories of fuel and lubricants"
- Selling expenses combined with administration expenses by default
Notes to the financial statements affected
- Incorporation and principal activities - wording changed
- Principal activities - wording changed
- Accounting policies changed
- Retirement benefit costs
- Finance costs
- Tax
- PPE
- Financial risk management - Tourist industry risk
- Tax – hidden
- Significant agreements with management – shown by default
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