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Essay / Research Paper Abstract
This 3 page paper provides a brief overview of accounting dilemmas in the shipping sectors. Some history of accounting practices is provided. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA308cru.rtf
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of profit derived from anyone who has average incomes to the very wealthy. In evaluating the cruise sector, its financial potential, and accounting factors, one can see that it
is more complex than it appears on the surface. Many things are involved in running a cruise ship, inclusive of ordinary accounting practices. Yet, accounting may become rather complex when
dealing with a variety of functions and international considerations. When watching shows on television, such as the Love Boat, one gets a sense that everything runs easily and there
are few mishaps, particularly as it pertains to safety and regulations. But the cruise sector is affected by safety, particularly as it pertains to the perception of safety which can
affect its financial future. Regulations too can affect financial considerations in addition to overall macroeconomic factors. When figuring the financials of a cruise line there will of course be some
losses, and again, taxation may cross jurisdictions. It is also interesting when doing an investigative report, to delve into the past. What were accounting practices like in earlier time
periods, and how does it compare to the accounting of today? One example comes from The Peninsular & Oriental Steam Navigation Company (P&O) which had been one of the most
important British shipping companies that existed since the nineteenth century (Napier, 1990). The extensive P&O archives did reveal that the evolution of the companys methods of accounting for its fleet
of merchant ships included the use of an initial arbitrary depreciation reserve fund, and then the use of relatively systematic application of the reducing balance method (1990). The company went
to a rigid adherence to straight line depreciation and P&O would see a depreciation largely as a source of internally generated funds in terms of asset replacement (1990). In
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