Deloitte Releases New White Paper on FASB Statement 167 Adoption Issues for Tourism, Hospitality and Leisure Industry
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Deloitte Releases New White Paper on FASB Statement 167 Adoption Issues for Tourism, Hospitality and Leisure Industry
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2009-12-09
What: "Statement 167 Adoption Issues: Insights for the Tourism, Hospitality and Leisure Industry (THL)"
When: Available immediately
Where: http://www.deloitte.com/thl/FAS167
Who: Adam Weissenberg, vice chairman, Deloitte U.S. Tourism, Hospitality and Leisure leader
Details: Deloitte's new white paper, "Statement 167 Adoption Issues: Insights for the Tourism, Hospitality and Leisure Industry (THL)," provides information to chief financial officers, senior finance leaders and other corporate executives regarding FASB Statement 167 adoption issues for the tourism, hospitality and leisure (THL) industry.
FASB Statement 167 may have a significant impact on financial reporting for companies in the THL industry. Companies that do business in the THL industry typically enter into arrangements that share economic interests and decision powers between numerous parties (e.g., with management agreements between a management company and a hotel owner, joint ventures between real estate developers and attraction operators). These structures give rise to consolidation issues that have to be carefully analyzed.
This paper highlights some of the issues THL companies are likely to encounter as they implement the new accounting requirements of Statement 167. Using examples drawn from actual scenarios encountered by Deloitte practitioners in the THL industry, this paper focuses on the changes from FIN 46R to FASB Statement 167 that are most likely to impact THL companies.
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