generally accepted accounting principles

/Tag: generally accepted accounting principles

generally accepted accounting principles

Hospitality Financial Leadership: The Basic Principles

David Lund | July 15, 2019

By David Lund Accounting was a trade that had a global language much like carpentry or plumbing. There were universal rules that applied and these principles were exactly the same in the hotel business. That was good news. Accounting principles are universal. The way in which accounting is done throughout the world is a direct by-product of these principles: “Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The common set of U.S. accounting principles is the Generally Accepted Accounting Principles (GAAP).” These principles are the very foundation that the business worl...

Hotels to Face New Accounting Regulations That Could Impact Bottom Line

Clark Nuber | October 10, 2018

(Bellevue, Wash., October 10, 2018): Hotels, motels and inns should prepare now for changing accounting regulations that will impact how they recognize revenue. "These new Generally Accepted Accounting Principles (GAAP) may significantly impact the bottom line of hospitality businesses," said Julie Eisenhauer, a CPA and shareholder of Clark Nuber, PS, in Bellevue, Wash. "Although the new rules won't take effect for private companies until 2019 and 2020, businesses would be wise to start planning for them now." One significant change involves customer loyalty programs, which allow customers to acquire additional accommodations or service...

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