Uniform System of Accounts for the Lodging Industry Provides Essential Guidance for Hoteliers
May 29, 2014 7:17am
The American Hotel & Lodging Educational Institute (EI) interviews Ralph Miller, CPA, CA, CBV, CHA, CHAE, vice chairman of the Financial Management Committee of the American Hotel & Lodging Association, about the Eleventh Revised Edition of the Uniform System of Accounts for the Lodging Industry, available this month from the Educational Institute.
How is the Eleventh Revised Edition different from the Tenth Revised Edition, and why is this so important to the industry?
The primary purpose of the Uniform System of Accounts for the Lodging Industry is to provide operating statements that are formatted to provide hotel owners, managers, and other interested parties with information and data that is pertinent to the unique operating environment of the lodging industry. The Eleventh Revised Edition of the Uniform System of Accounts for the Lodging Industry was revised to reflect changes in industry practice and to address contemporary industry practices, including but not limited to:
The Uniform System of Accounts is referenced in many industry contracts, management agreements, and debt agreements and other documents, the format and terminology of the Eleventh Revise Edition must be followed in order for an operating statement to be presented "in conformity with the Uniform System of Accounts for the Lodging Industry." The effective date for adopting the Eleventh Revised Edition is for fiscal years beginning January 1, 2015.
The following list highlights the material changes from the Tenth Revised Edition that are incorporated in the Eleventh Revised Edition.
Summary Operating Statement
The following statements highlight the material changes made to the presentation of the Summary Operating Statement.
The following statements highlight the material changes contained in the operating schedules.
Food and Beverage Department
Other Operated Departments
Non-Operating Income and Expenses
The following statements highlight the material changes contained in the financial statements.
Financial Ratios and Operating Metrics
The following statements highlight the material changes contained in Part III.
Revenue and Expense Guide
The following statements highlight the material changes contained in the Revenue and Expense Guide.
This article is reprinted from the May 2014 issue of the American Hotel & Lodging Educational Institute eNews.
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Contact: Elizabeth Johnson
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