A Report on IFRS for Tourism Hospitality and Leisure Industries (THL)

Deloitte White Paper on IFRS in the THL industries

Deloitte has recently released a White Paper on the implications of IFRS in the Tourism Hospitality and Leisure Industries. The Paper IFRS in Tourism Hospitality and Leisure Industries: More than just Accounting can be downloaded free of charge at the following Deloitte link.

It is a very attractively produced paper with pictures of leisure activities. It focuses on the issues that face the THL companies in an IFRS conversion from an organizational, planning and technology perspective as well as technical accounting issues. There is an interesting list of companies in the industry most of which are US-based and report under US GAAP.

The paper notes that the major accounting differences in the industry are in the areas of property plant and equipment, impairments, leases and customer loyalty programs. A number of other potential differences are also listed. Each of these potential differences is discussed from a USGAAP/IFRS difference perspective. It will also be a useful reference I believe for Canadian companies in the THL industries but is primarily directed at this industry which is very important in the USA.