ey-global-hospitality-insights-2015

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With over two years until the effective date, it may appear that thereis ample time to prepare for adoption of the new guidance. Butcompanies should begin working with auditors and other advisorsto evaluate their existing revenue arrangements and addressinterpretation and application issues. While some companies may beable to implement the standard with limited effort, many companieswill find implementation to be a significant undertaking. Companieswith more work in front of them will need to move at a faster paceand may need to consider adding resources. An early assessment isvital to managing implementation.Early communication with key stakeholders (e.g., audit committees,investors) will be important if a company anticipates significantchanges in the timing and presentation of revenues. In addition,consideration should be given to whether any changes are needed ininternal control over financial reporting.In addition to their internal preparations, hospitality companiesshould monitor the discussions of the hospitality industry taskforce that was formed by the American Institute of Certified PublicAccountants (AICPA) to discuss the standard’s application tocommon industry transactions. They also may want to monitor thediscussions of the Joint Transition Resource Group for RevenueRecognition (TRG) established by the Boards to help them determinewhether additional guidance or clarification is needed.Global hospitality insights34
Top thoughts for 201535
Page 4: Appetite for investment: the curren
Page 7 and 8: Top thoughts for 20157
Page 9 and 10: For company acquisitions, the real
Page 11 and 12: Australia is likely to continue to
Page 13 and 14: penetrate markets that align with s
Page 15 and 16: membership base as a primary demand
Page 17 and 18: themselves for growth. Here are sev
Page 19 and 20: Most developers sought to avoid the
Page 21 and 22: confidence in Brooklyn’s lodging
Page 23 and 24: From an ownership standpoint, new t
Page 25 and 26: include evaluating risk and return
Page 27 and 28: Segmentation in the shared economy
Page 29 and 30: Top thoughts for 201529
Page 31 and 32: intellectual properties. The creati
Page 33: Once the performance obligations ar

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