The Hotel Controllers and Accountants Association of Hong Kong (HCAA) is pleased to announce the release of the Chinese language version of the Hong Kong Guide to the 10th Edition of the Uniform System of Accounts for the Lodging Industry (USALI). This edition is a follow-up to the English version which was released in November 2011. The publication is a guide to the widely adopted USALI, tailored made to the business practices of hospitality companies in Hong Kong, and eventually in China.
“The objective of the Hong Kong Guide is to educate the local community about the Uniform System and to identify selected issues which are of particular operational and management relevance to the Hong Kong environment,” says Clarence Shun Wah, chairman of HCAA. “The aim is to add a complementary perspective to the use and interpretations of the prescribed framework.”
To produce the Hong Kong Guide, HCAA requested USALI expert Howard Field, FCA, FHOSPA, FIH to facilitate a series of workshops, brainstorming sessions and questionnaires. Thereafter, the comments and views of HCAA members from various international chain hotel groups along with expert advisors from local and international academics, professionals and practitioners were gathered and collated to produce the Hong Kong Guide.
It had always been the intention of HCAA to publish a Chinese version of the Hong Kong Guide to offer further accessibility for area hoteliers. This new translation was accomplished with many voluntary man-hours spent by the HCAA Technical Committee. The draft has been reviewed and acknowledged by Allen Wong, founding president and chief executive at the Institute of Certified Management Accountant, Greater China and James Ding of Shenzhen Graduate School, Peking University.
Hospitality Financial and Technology Professionals' (HFTP) co-sponsorship of this newest version is another example of how HCAA and HFTP continue to build their strategic alliance. The affiliation allows the two groups to share resources and provide support when needed. The associations are working together to provide synergized member benefits through online education, shared access to journals, certification programs, industry education events, financial accounting standardization and more.
In addition to the Hong Kong Guide, HCAA is working with HFTP on the development of the Global Hospitality Accounting Common Practices (GHACP), a searchable database of detailed operating financial reporting practices used at lodging properties around the world.
“This has been a terrific affiliation for us,” said Frank Wolfe, CAE, CEO of HFTP. “HCAA is a very high level group of hospitality financial executives who are helping HFTP in our goal of educating different parts of the world as far as hotel management accounting practices go. Together with our partnership with HCAA we’ve been able to build valuable global resources for the global hospitality financial management community that will be referenced for years to come.”
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