Accounting for Commercial Fishing

1 Credits: Accounting


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Accounting for Commercial Fishing

Course Level
CPE Credits

1 Credits: Accounting

Course Description

Commercial fishing operations have a number of unique characteristics, such as large investments in vessels and fishing permits, as well as profit sharing payouts in the form of crew shares. In the Accounting for Commercial Fishing course, we cover the accounts to be used, crew shares, the capital construction fund, the basis of accounting, fixed asset accounting, the financial statements, government reporting, and much more – the essential knowledge needed to account for a commercial fishing operation.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize how the economic entity concept can be violated by a commercial fishing operator.
  • Specify the advantages and disadvantages of single-entry and double-entry systems.
  • Identify the underlying concepts associated with the accounting for fixed assets.
  • Recognize the different types of accounts that may be used in a commercial fishing operation’s chart of accounts.
  • Identify the forms that a commercial fishing operation may need to file with the IRS.
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Course Specifics

Course ID
Revision Date
March 19, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …