Hospitality Financial and Technology Professionals (HFTP®) and the Global Finance Committee (GFC) are preparing for the Fall 2022 release of the 12th Revised edition of the Uniform System of Accounts for the Lodging Industry (USALI). The revision to the current 11th Edition (released in 2014) has gone through a well-considered, in-depth process. Ahead of publishing the newest edition, the HFTP and the GFC has invited leading industry stakeholders to participate in the review of exposure drafts, requesting comments for consideration ahead of the 12th edition publication.
“The exposure draft process allows HFTP and the GFC an opportunity to ‘test drive’ significant changes being recommended to the guidance for lodging industry financial and operating reporting,” said GFC Communications Subcommittee Chair Ralph Miller, CPA, CA, CBV, CHA, CHAE.
The first exposure draft presented is for a new section titled: “Energy, Water, and Waste.” Subsequently, HFTP and the GFC plan to release an exposure draft every two to three weeks through January 2022 to a group of key stakeholders who have agreed to participate.
In addition to the exposure draft review process, HFTP and the GFC plan to present corresponding summaries and webinars on these updates to keep the industry at large informed of the process. News and information will be published on the USALI section of the HFTP website.
The USALI is an important guide widely used internationally as a standard for financial and operational reporting. Its primary purpose is to offer operating statements formatted to provide hotel owners, managers and other interested parties with operational information pertinent to the lodging industry. The USALI was first published in 1926.
Long-aligned with the publication, HFTP acquired the copyright to the USALI in 2018. In October 2019, HFTP together with the American Hotel & Lodging Association (AHLA) formed a co-sponsored committee to update and expand the USALI 11th edition based on both U.S. and international standards. The new Global Finance Committee (GFC) is comprised of financial leaders from the largest U.S. and international hotel brands, operators, owners, public accountants, industry research firms, lodging consultants and academicians.
The USALI is available as a digital subscription service or a soft cover book. The subscription costs $14.95 USD a month or $149.95 USD for an annual subscription and includes access to the full edition along with a collection of subscription-only resources such as FAQs and guidance articles. The soft cover book is available for $149.95 USD.
Visit the USALI site to purchase the book and view supplemental resources. For questions, contact HFTP at [email protected] or +1 (512) 220-4020. Follow news and information on the USALI, 12th Revised Edition on the HFTP website.