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Thursday January 8th, 2009

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Uniform System of Accounts for the Lodging Industry, 10th Revised Edition, Available in September 2006
	The 10th revised edition of the Uniform System of Accounts for the Lodging Industry, an important reference book for the lodging industry, is slated to be available in early September.
The updated edition was produced in collaboration with Hospitality Financial and Technology Professionals (HFTP(R)), the Hotel Association of New York City, the American Hotel & Lodging Association (AH&LA) and AH&LA's Educational Institute. The newest version is greatly expanded from its predecessor, published in 1995, and reflects the evolution of business practices as the industry has changed. The 10th revised edition will eliminate inconsistencies in operating reports among lodging properties and management companies. "Our goal was to create a reference that would align with the current characteristics of the lodging industry and provide a structure that emphasizes consistency and practicality," said Melvyn Wilinsky, CPA, chair of the AH&LA Financial Management Committee; EVP and CFO for Outrigger Enterprises; and an HFTP member. Changes aimed at reducing inconsistencies include eliminating options for alternatives and deviations, defining compliance so that deviations are considered non-compliant, and removal of non-essential sections. In addition, the Summary Operating Statement is revised to reflect a new structure that includes account titles that reflect typical lodging terminology; four revenue sources; revised ratio statistics; and the division of Rooms revenue into four channels. An HFTP sub-committee has also totally overhauled the Expense Dictionary. The dictionary is now more user-friendly as a result of including "two" Expense Dictionaries. One is sorted alphabetically followed by the department or departments to which the expense is charged and then the specific line item or account name. The other is organized alphabetically, first by department and then by expenses appropriate to that department. In both sections of the Expense Dictionary, many items are repeated under different names so that users can more easily find an expense item based on what they perceive as the correct item name. Revisions for the 10th revised edition began in the summer of 2002 and were overseen by the AH&LA Financial Management Committee, which includes HFTP members. The first Uniform System of Accounts for the Lodging Industry was published in 1925. "Since HFTP's beginning, the publication of this book has been a major part of the association's roots," said Frank I. Wolfe, HFTP executive vice president and CEO. "The association has been an integral figure in the book's evolution, and it was only natural to continue our contribution as the industry changes." To order this book, contact the Educational Institute of AH&LA at 800-752-4567 or 407-999-8100.