HFTP, AHLA to jointly produce hospitality accounting standard

The organizations have reengaged the joint Global Finance Committee to create content for USALI

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HFTP, AHLA to jointly produce hospitality accounting standard
The American Hotel & Lodging Association and the Hospitality Financial and Technology Professionals Association entered a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry.

THE AMERICAN HOTEL & Lodging Association and the Hospitality Financial and Technology Professionals Association announced a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry, a statement said. The USALI is the global “standard” for hospitality accounting and HFTP purchased rights to its contents in 2018.

AHLA and HFTP have reengaged the joint Global Finance Committee that is responsible for creating content for USALI’s 12th edition to be released next year, according to AHLA. For many years, AHLA’s Financial Management Committee was responsible for creating content for the USALI. HFTP purchased USALI’s intellectual property, publishing and distribution rights from the Hotel Association of New York City.

“After our decision to publish on our own, many in the industry contacted both HFTP and AHLA to see if we could find a way to work together,” said Frank Wolfe, HFTP’s CEO. “Both organizations had the willingness to work together, but like any business deal the decision was in the details. Associations are a bit different animal than corporate enterprises. Today we may work together on one project and tomorrow will be dead on competitors so there were lots of details to refine. The good news is that both organizations worked exceptionally hard to put those competitive differences aside and advance the industry.”

The USALI has been a trusted resource for the industry, said Kevin Carey, AHLA’s executive vice president and COO.

“It reflects the input and hard work of some of hospitality’s top financial minds, including representatives from AHLA’s Financial Management Committee. This agreement, which preserves and enhances AHLA’s role in creating USALI content, will ensure USALI remains the industry standard for hospitality accounting for years to come,” Carey said. “Along with HFTP, we believe it is in the industry’s best interest for our two associations to work cooperatively on USALI, and we look forward to doing just that as we work to complete the 12th Edition – and future editions over time.”

Recently AHLA announced three promotions among its leadership team.