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| Образовательное учреждение профсоюзов высшего образования «АКАДЕМИЯ ТРУДА И СОЦИАЛЬНЫХ ОТНОШЕНИЙ» Кафедра профессиональных иностранных языков РЕФЕРАТ По дисциплине «Иностранный язык» По монографии «Understanding hospitality accounting II » («Понимание бухгалтерского учета гостеприимство II») Выполнил: аспирант кафедры Экономики и управления в социальной сфере (сфера услуг) 1-го года обучения Гончаров Дмитрий Сергеевич Проверила: Матвеева Ирина Владимировна, к.п.н., профессор Москва 2015 CONTENTS Summary……………………………………………………………………........…3 The original text…………………….…………………………………………….14 Translation………………………………………………………………………...27 Glossary………………………………………………………………….………..47 References…………………………………………………………………….…..55 Summary Raymond Cote published “Understanding hospitality accounting II” in 1991. This part is the one of a series of books that has deals with the most important issues of financial and accounting reporting applicable in life of hospitality industry. Despite the fact that the monograph was published in 1991, it could still help nowadays. This monograph, the second volume of the Understanding Hospitality Accounting series, offers an advanced treatment of the accounting function and addresses the unique needs of the hospitality industry. It may be used by professionals as a reference source and by students as a learning tool. Understanding Hospitality Accounting II, like the first volume, emphasizes the understanding and preparation of hotel financial statements. The Uniform System of Accounts and Expense Dictionary for Small Hotels, Motels, and Motor Hotels, published by the Educational Institute of the American Hotel and Motel Association (AH&MA), continues to be the authoritative source for this series. Over the years, the hospitality sector has been searching for a financial accounting text which combines a clear and straightforward approach with an awareness of the industry’s unique requirements. The publication of the Understanding Hospitality Accounting series provides an affirmative response of this search by relating fundamental accounting principles to the hospitality industry in a practical and user-friendly mode. In presenting accounting principles and procedures, the series assumes no previous background in bookkeeping or accounting. The basic function of marketing, sales, advertising and promotion is to find and retain enough guests to maintain a profitable level of business. In large hotels, there is usually a full time marketing and sales division or department regardless of the hospitality firms size, a continuous sales effort is required to fill guestroom, dining rooms, lounges, and meeting space. Sales must never be considered the sole responsibility of single individual, sales is an important part of every employee’s job. In this age of new contribution and investment, modernization, consolidation and merger, automation and growing competitions the name of the game in the hospitality industry is to be “wearing out the carpet” that is, bring in the business. Hospitality marketing strategy include new material on a number of topics, services to customers and clients, increase in market shares, product and services innovation and development, enhancement of corporate image, promotional strategies, relationship marketing, advertisement policy and public relation, customers satisfaction and relationship, food and safety. While the first volume concentrated on the basic accounting concepts and described the procedures which together compose the accounting cycle, the second volume assumes the reader has a knowledge of the fundamentals of accounting. Nonetheless, it reviews these basic concepts and procedures as necessary to reinforce the discussion. Understanding Hospitality Accounting II helps the reader to build on the business vocabulary begun in the previous volume. Using a modular, step-by-step approach, the text offers comprehensive coverage of hospitality accounting, giving clear supporting examples. The discussion of each topic begins with a basic presentation before addressing more complex areas. The authors of the monograph investigate a great variety of aspects concerning the conventional standards of financial reporting. They analyze particularities of each accounting system, examine mathematical models of assets and liabilities valuation in market and balance prices and outline basic methods of financial management in different economic situations, taking into account the company’s exposure to risks. Such investigations are especially actual nowadays, when the hospitality industry all over the world are experiencing the influence of a financial crisis and political instability and need adequate financial management and accounting reporting. The aim of this monograph is to provide diversified universal research on reporting and equity pricing which can be used on practice in accordance with actual accounting standards in life of hotels. For this purpose, the monograph is divided in many sections, which study the economic aspects, mentioned above. There are four main problems, stated in these sections: 1) adequate reflecting assets and liabilities in the balance sheet and proper financial reporting according to standards; 2) equity pricing and yield forecasting using mathematical functions and models; 3) risk-management; 4) management opinions definition in reporting standards. The first issue examined in the monograph is the revenue classification with special attention to control procedures. This part of the monograph demonstrates the basic principles and concepts inherent in the use of hotels to adjust earnings and to demonstrate differences in earning patterns obtained by several alternative approaches to adjustment of earnings. Some of the more important principles and concepts which underlie the author's understanding of certain generally accepted accounting principles and natural reserve calculations are stated and then demonstrated by the use of monetary projection techniques. Use of basics services to adjust earnings meets requirements of certain generally accepted accounting principles and incorporates many of the principles used in one of the management profession's most important responsibilities: establishment of gross premiums. The financial reporting practices of hospitality industry are being examined in terms of the accounting principles, which are generally accepted in other industries. The analysis of hospitality industry earnings presented in this part of the monograph is confined to the effect on earnings of the policy reserve system employed. In order to examine the hospitality industry, it is important to address to the problem of services that will produce hotel that is theoretically consistent from both a service viewpoint and an accounting viewpoint. The authors of this part of the monograph note that the objective of this section is to establish a generalized hotels reserve system that accomplishes this theoretical consistency and that can be used as a frame of reference in analyzing a variety of hotel reserve methods. In addition to this, the monograph discusses an expanded financial structure for ordinary dividends. This section develops a dividend financial structure and a dividend formula based on the contribution principle in a complete expanded format. There is substantial current interest on the part of regulators, consumers, managers, and others in the techniques used for the distribution of surplus. Because of the current debate relative to the use of new-money or portfolio rates, public attention has tended to focus on the investment methods used for determining the contribution to surplus; however, that is but one aspect of surplus distribution worthy of attention. What is more, there is also current concern about dividend illustrations and their comparability among companies, as well as concern that companies that prepare illustrations on one basis may switch their dividend formulas to another basis at a future time when circumstances are different. A number of criteria are desirable for a proper financial structure for dividends - one that demonstrates equity in the distribution of surplus across all years of issue. After that, the authors draw our attention to the studies the expense classification from the perspective of departmental accounting. The aim of this article is to introduce the reader to the excess spread approach to measuring the profitability of nonparticipating services. The article describes how the excess spread approach is used to price and manage the product, measure its risks, and to quantify emerging profits or losses by source. The purpose of the excess spread approach is to provide a measure of the profitability of an insurance product on a spread basis and to incorporate the expected value of any options inherent in the assets and the liabilities into that spread. Then the monograph introduces the methods of valuation of the hotel and calculations concerning assets and liabilities pricing using the objective function. According to the article, the goal is to maximize the value of the hotel. The first step is to develop the right objective function to measure the hotel's value. The second step is to use the objective function to identify and quantify the risks to which the hotel is exposed. The third step is to use the objective function to analyze proposed strategies to maximize the value of the hotel relative to risk, i.e. either maximize value given a fixed risk or minimize risk given a fixed value. Such strategies are to be applied to the pricing of new business, the management of in force business and the acquisition/divestiture of blocks of business or entire companies. The challenge is more difficult when the hotel is exposed to multiple stochastic risks, many having embedded options and not all of which are independent. The fourth step is to use the objective function to provide management information about the performance of the hotel during each time period and to allocate capital to future and existing projects. It would be ideal if the external financial reporting of the hotel's performance could be presented on this basis. In this way, the owners of the hotel would know its value and income for a given period and be able to assess the impact of management's actions on that value. Besides, the author of the section describes two main accounting systems used in the USA: SAP and GAAP standards. Statutory accounting is based on statutory accounting principles (SAP) and GAAP accounting is based on generally accepted accounting principles. Statutory accounting principles emphasize solvency, i.e. the ability of the hotel to provide for its policyholder obligations. SAP is referred to as being 'balance sheet' oriented. And GAAP principles emphasize a realistic income statement: all assets are admitted, liabilities are valued on a 'conservatively realistic' basis. The next issue covered by the monograph is describe how to calculate cost of sales expense using periodic inventory methods, and also reviews the month-end accounting procedures and the year-end closing entries. When current or expected future experience varies from that assumed in the original or current amortization schedule calculations, amortization schedules are to be retrospectively adjusted. Many companies use a DPAC amortization model that substitutes actual past and current gross profits for the original or previously revised estimated gross profits for those periods, and that includes revised estimates of future gross profits based on actual persistency to date and any changes in management's future margin expectations. To a certain degree the correlation of volatility of Treasury security interest rates with their absolute level is illustrated by the yield curves of U.S. Treasury securities, which are thoroughly analyzed in the monograph. The phrase "yield curve" determines yield as a function of maturity for yields on three- and six-month discount Treasury securities and coupon Treasury securities of maturity 1 to 30 years. This curve, described in the monograph may be used in cases of instable economic and political climate, when the yields are difficult to predict. Then the author gives a review of the liabilities validation technique in hospitality industry. It is obvious that validation of liabilities is essential for hospitality industry, which needs to meet obligations to policyholders and creditors. Validation is the only way to determine whether the model is an adequate representation of the in-force business. The authors highlight, that a great deal of time and effort often goes into building a model of a hospitality industry company's liabilities. However, validation, which is an important and integral part of the modeling process, is often overlooked. The experts propose two types of validation – static and dynamic. Static validation is the comparison of the in-force (balance sheet) position produced by the model at the valuation date with the actual in-force position for the modeled plans at that date. And dynamic validation is the comparison of revenue account items produced by the model with actual revenue account items. The next point of the monograph is GAAP reserving practices for A&H business. It deals with GAAP financial statements for food and beverage. A clear understanding of GAAP methods and approaches is essential in the current environment. New products and changing market conditions can lead to crisis situations if the fundamentals are not closely monitored, even in the absence of new accounting rules. The authors comment on GAAP guidance for F&B and provide a detailed hierarchy of standards and interpretations. Furthermore, the authors reveal a list of FASB accounting statements of the particular relevance to the hospitality industry. According to the monograph, hotels practice has varied in the establishment of the present value of profits (PVP) asset, which is intended to represent the fair market value of the business in force on the acquisition date. Some hotels established the PVP as the present value of profits on a "new issue" profit margin basis discounted at a new money rate of return. Others calculated the PVP as the present value of profits ignoring the amortization of DAC discounted at a risk rate. Certainly, practice varied in the way that PVP assets were subjected to tests of recoverability. The authors reveal the methodology of calculating PVP in five steps. This methodology bases on the fact that the changes in accounting can have a material impact on the recognition of GAAP profit after an acquisition, as compared to recognition of profit under methods of accounting previously used. The following issue on which the experts draw particular attention is Standard Valuation Law (SVL) and the Management Opinion and Memorandum (AOM). These standards imply that the appointed actuary must certify that reserves meet the requirements of each state in which the hotel files an annual statement. Because reserve requirements differ by state, the actuary for a national hotel must compile, analyze' and opine on 50 sets of valuation laws, regulations and procedures. This inefficient regulatory duplication of effort consumes considerable resources. The appointed actuary is personally liable for strict compliance with this difficult task. This section intends to provide some background on how and when the stat variation issues came about, why these issues present a challenge to the valuation actuary, what seems to be the current practice in dealing with these challenges, and how these issues can be addressed more effectively and efficiently in the future. Subsequently, the authors go on with a very important article which analyses coordinating management opinions. The article unifies information concerning the management opinions on basic accounting bases, asset adequacy analysis, determination of dividend elements and statements on management opinions fixed in accounting reporting standards. There are many management opinions that represent public expression of current and expected financial performance. These opinions often utilize common assumptions. The life company, and especially its managers, need to be sure that the assumptions underlying conclusions, and the expression of those conclusions, are consistent. Coordination in measurement, conclusions, applications, and documentation should exist across the company. If managers take the lead in establishing this consistency, they will minimize the chance of being forced to explain or defend their practices in public. Equally, important issue on which the authors lay a stress is the problem of closed groups and mutual company conversions. Any hotel groups are committed to display through their behavior and actions the following conduct, which applies to all aspects of Hotels business: The hotel groups promote corporate citizenship through their strategic public-private partnerships. The causes Hotel groups are promote which include reducing malnutrition, promoting indigenous artisans and craftsmen and enhancing employability of identified target groups by sharing their core competencies as a leading hospitality company. The hotel groups have unique scope and opportunity to develop raw potential into a skilled workforce that is immediately employable by various players in the hotel industry. A majority of their community projects are focused around extending their key strengths in food production, kitchen management, housekeeping, customer service and spas to promote economic empowerment of candidates from vulnerable socio-economic backgrounds. The hotel groups are fully committed to the cause of building a sustainable environment by reducing the impact of their daily operations on the environment and improving operational efficiencies, resource conservation, reuse and recycling of key resources. Normally hotel group’s use the highest ethical standards - intellectual, financial and moral and reflects the highest levels of courtesy and consideration for others. The hotel group are committed to meeting and exceeding the expectations of their guests through there unremitting dedication to every aspect of service. Hospitality basically puts the customers first, the company second and the self-last. Also, the hotels groups are built to maintain teamwork, with mutual trust as the basis of all working relationship. The hospitality industries main aims at leadership in the hospitality industry by understanding its guests, and designing and delivering products and services which enable it to exceed their expectations and always demonstrate care for customers through anticipation of their needs, attention to detail, distinctive excellence, warmth and concern. Every organization which is related to hotel industry they are more multinational workforce which has been exposed to different cultures, problems and situations and can use its experiences to enrich the local employees whether in India or overseas. Basically hotel, responsive organizations encouraging decision-making at each level and which accept change an organization which is conscious of its role in the community, supporting social needs and ensuring employment from within the local community. In today’s competitive hospitality market - it is especially important for properties to increase their market share and profit. No business can afford to rest on its laurels, yet many hotels and restaurant owners fail to recognize the benefit of having a good marketing strategy plan. Having a great idea is not enough, sales advertising and promotional and public relation strategies must be formalized in to a marketing strategy plan but that can be communicated throughout the organization. Marketing Strategies are necessary if a property hopes to effectively compete in today’s market place. Marketing is the foundation upon which sales is built. Marketing seeks out demand, identifies the products and services that will satisfy demand and then employs strategic sales and advertising techniques to reach customers. If you try to sell without first utilizing marketing, we could easily sell to the wrong markets. Without well define marketing strategy plan that is based on though research sales affords may be waste. Since the marketing strategy plan is based on through research sales efforts may be wasted. Since the marketing strategy plan is a guide for the two primary means of selling hospitality properties, direct sales and advertising, it is necessary to understand the marketing plans role in sales before delving into sales and advertising methods. Successful hospitality management requires innovative and strong marketing strategies to face today’s competitive business market. The study trend is often referred to as environmental scanning in marketing circles and is an integral part of hospitality sales. The authors also examine two paradigms for the market value of liabilities. An important and logical next step of inquiry is the definition of, and calculation procedures for, the market value of a hotel liability. Because all ALM strategies have as their goal the management of some value of assets in relation to some value of liabilities, this inquiry will provide at last a canonical basis for ALM: the management of relative market values. Two paradigms are explored for defining and subsequently calculating a hotel liability market value. A "paradigm" is a generalized model or framework for accomplishing the task at hand. Each paradigm reflects observable market trading activity, however infrequent, and each is based on methods of valuation consistent with finance-theoretic approaches that are routinely used for the market valuation of assets. In addition, each paradigm allows for a sequence of ad hoc valuation methodologies, which differ in the extent to which various risks are explicitly modeled versus judgmentally reflected in a risk spread. These paradigms are contrasted, and arguments made for the potential evolution of the respective values if a "liability" market began trading actively. Practical constraints on the realization of this evolution are also noted. The overall results of hospitality industry valuation are presented in the next section of the monograph. It provides detailed recommendations concerning the valuation process. According to the authors, the valuation should be approached from a broad and integrated standpoint, not solely as a reserve calculation. In other words, a consistent framework under which all risks are covered (but not necessarily at a 100 percent confidence level) should be used. The allocation of a valuation's results between reserves and surplus may depend on the objectives of the income statement. In brief, there are three objectives in designing the new valuation framework: evaluation of a hotels ability to execute various business alternatives; evaluation of the adequacy of reserves relative to obligations; and measurement of changes in reserves relative to obligations. Finally the paper describes the process of market value of hotel liabilities, namely reconciling the management appraisal and option pricing methods. With Statement of Financial Accounting Standards 115 (FASB 1993), insurers appeared to be in the awkward situation that almost half of the balance sheet was marked to market. This created a material inconsistency with the way liabilities were reported, thus diminishing the usefulness of financial reporting to shareholders and potential new investors. Discussion emerged in the industry about the process of market valuing liabilities. The American Academy of Managers formed a "Fair Valuation of Liabilities" task force to compare and review various alternative methodologies. During 1995 the Society of Managers and New York University jointly sponsored a conference on "Fair Value of Insurance Liabilities." Motivated by the conference, the authors of this paper attempt to bridge the gap between option pricing and management appraisal methodologies. In short, this paper attempts to advance practice and methodology with respect to hospitality industry valuation. The paper deals with management appraisal methods, intuitive reasoning of the components of discounted distributable earnings (DDE), uncertainty and interest-rate-sensitive cash flow, experience-rated products, equivalence of management appraisal method (AAM) and the option pricing method (OPM) and some other issues. In the end, after some mathematical calculations the author gets the following results. The AAM and OPM are two seemingly different methodologies. These two methods will yield different results only if different assumptions are made in the application of the methods. Because the two methods are equivalent, one should focus on the assumptions that are applied in using each method. Valuation of liabilities will depend on investment strategy when liability cash flow is defined in terms of the assets funding them. However, we need to distinguish between how liabilities are defined and how they should be valued. When selecting an interest rate scenario generator for valuation the absurd results are obtained if a set of "true" scenarios is used. The assumption of risk-neutral valuation produces reasonable results. Under the AAM and ignoring taxes, if we make the assumptions of a leverage-adjusted cost of capital and risk-neutral valuation, we obtain the same result for market value of liabilities (MVL) as using the option pricing method (OPM) calculated by discounting the liability cash flow at the risk-free interest rates plus a credit risk premium. This is the case even in situations in which liability cash flow is defined in terms of the assets funding them. To conclude, all sections of the monograph cover a great variety of issues concerning financial reporting, equity pricing, risk-management management calculations and many other fields of financial activity of the hospitality industry. This paper provides a complete review for the hotel (for both new business and business in force) that should be used in practice to meet everyday challenges posed by new financial reporting standards.              |
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