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The global trade association for shipowners, the International Chamber of Shipping (ICS), has submitted detailed comments to the International Accounting Standards Board (IASB) on its controversial proposals to overhaul international accounting rules for leases, which could have an impact on contracts used in international shipping, including those governing operational arrangements.
Following intensive discussion amongst its member national shipowners’ associations during the last few weeks, the ICS comments represent the consensus view of the world’s shipowners.