WHY IT RATES: Hospitality has taken another step toward industry continuity.-Donald Wood, Breaking News Senior Writer.
The American Hotel & Lodging Association (AHLA) and the Hospitality Financial and Technology Professionals Association (HFTP) announced today a 10-year agreement to jointly produce the Uniform System of Accounts for the Lodging Industry (USALI).
The USALI is used all over the world as the "standard" for hospitality accounting, and today's announcement reverses HFTP's decision earlier this year to publish the next USALI edition without AHLA's formal involvement.
AHLA and HFTP have reengaged the joint Global Finance Committee that is responsible for creating content for USALI's 12th edition - to be released in 2023 - as well as all subsequent editions.
AHLA, through its Financial Management Committee (FMC), has been responsible for creating content for the USALI for many years. In 2018, HFTP, also a longtime contributor and sponsor of the USALI, 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, CAE, 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 Uniform System of Accounts for the Lodging Industry has been a trusted and valuable industry resource for so long because 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. 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," said AHLA Chief Operating Officer & Executive Vice President Kevin Carey.
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