What to Expect from the 11th Edition of the Uniform System of Accounts for the Lodging Industry
The purpose of the Uniform System of Accounts for the Lodging Industry, or USALI, is to establish a uniform set of accounting guidelines for the lodging industry. A new edition is released every 10 years to keep pace with an evolving business environment and to address ambiguities found in previous editions.
In conjunction with the rollout of the 11th edition of the USALI, eCornell presents this video panel discussion, moderated by Cornell Prof. Jan de Roos, which highlights changes and provides guidelines for best accounting practices.
About the panelists:
Jan A. deRoos is HVS Professor of Hotel Finance and Real Estate at the Cornell University School of Hotel Administration, where he has taught since 1988. He is also faculty author of eCornell’s online certificate program for the hospitality industry, Hotel Real Estate Investments and Asset Management.
He has devoted his career to teaching and research related to hospitality real estate, with a focus on the valuation, financing, development, and control of lodging, timeshare, and restaurant assets. He co-developed a free tool, the Hotel Valuation Software, with Stephen Rushmore of HVS International and has developed a respected on-line executive education curriculum for hotel real estate professionals. His book on hotel management agreements, co-authored with James Eyster, is the seminal academic publication on the topic. Prior to joining Cornell, deRoos worked extensively in the hotel industry as a construction and engineering manager.
Robert Mandelbaum is the Director of Research Information Services for PKF Hospitality Research (PKF-HR), a CBRE company. He is based in the firm’s Atlanta office, where he is in charge of Research Information Services. Research Information Services produces the annual Trends® in the Hotel Industry statistical report, along with customized financial and operational analyses for client projects. On a quarterly basis, PKF-HR produces five-year forecasts of performance for six national chain-scales, six national location categories, and 55 major U.S cities using its proprietary Hotel Horizons® econometric forecasting model. Mr. Mandelbaum began his hospitality industry career with Holiday Inns, Inc. in Memphis, Tennessee.
He serves on the American Hotel and Lodging Association’s (AH&LA) Financial Management Committee that is responsible for preparing the Uniform System of Accounts for the Lodging Industry (USALI). In addition, he is a member of the Hospitality Financial and Technology Professionals (HFTP) association. He is on the executive board of the Cornell Hotel Society, the author of articles for industry trade publications, a guest lecturer at college and university hotel school programs, and a speaker at industry forums.
Greg Remeikis, CPA, is a partner in Cohn Reznick’s Accounting & Auditing practice; co-director of the Mid-Atlantic Hospitality Practice; and a member of the firm’s National Hospitality Industry Leadership Committee. He has been providing professional services in the hospitality industry for 20 years to hotels and quick service restaurant owners. He has been involved in the planning, fieldwork and reporting for external audit services for two publically traded hospitality entities and numerous privately hospitality clients. He has also led two internal control risk assessment, documentation, testing and remediation engagements related to Sarbanes-Oxley Section 404 compliance. He serves as the firm’s quality control partner related to the hotel area of the hospitality practice. Greg has provided a variety of consulting services to the industry, most notably – real estate development and construction services to boutique hotels, internal control consulting to both public and privately held companies, audits and due diligence related to hotel acquisition and fraud audits for fidelity bond claims.