financial management committee

/Tag: financial management committee

financial management committee

AHLA’s Financial Management Committee Issues Guidance for the New Revenue Recognition Standards

American Hotel & Lodging Association (AHLA) | January 25, 2018

The Financial Accounting Standards Board ("FASB") recently revised how revenue from contracts with customers should be recorded. This was contained in FASB's Accounting Standards Codification ("ASC") 606. Implementation of ASC 606 is effective starting January 1, 2018 for public companies and no later than December 31, 2019 for all other companies. The objectives of the new accounting guidance are to clarify how revenue should be recognized for goods and services. The American Hotel & Lodging Association's (AHLA) Financial Management Committee has issued guidance on the new revenue recognition standards and how it affects the hotel ...

USALI Changes Offer New Benchmarks

Robert Mandelbaum | August 16, 2016

By: Robert Mandelbaum Every ten years or so, the Financial Management Committee (FMC) of the American Hotel & Lodging Association revises the Uniform System of Accounts for the Lodging Industry (USALI). The USALI serves as the industry standard for reporting hotel revenues and expenses. Revisions to the USALI are necessary in order to keep up with changes in industry practice, as well as changes in accounting rules and regulations. In preparing the 11th revised edition of the USALI that was used by hoteliers to prepare their 2015 operating statements, the FMC addressed some industry changes that had occurred since the 10th edition t...

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