An Exploratory Study on Uniform System of Accounts for the Lodging Industry in Korea

The major goal of hospitality accounting is to provide valuable accounting information for economic decision makings of accounting information users. Korea hospitality industry's accounting field has no concrete standard set up for it yet. As a consequence, it carries several major problems such as hindrances of usefulness of hospitality's accounting information and financial statement's chaos and misleading of users of accounting information. Recently, Korean GAAP(Generally Accepted Accounting Principles)accepts IFRS(International Financial Report Standard)suddenly to meet IFRS' globalized unification trends. This paper recognizes importance of USALI(Uniform System of Accounts for the Lodging Industry)'s introduction in the trend of internationalization and unification of lodging industry accounting system. Uniform System of Accounts for the Lodging Industry has already established and carried out since 1926 in the USA. But there has not been a standard of lodging industry accounting system in Korea. As a result, users of accounting information have much confusing and misunderstanding of lodging industry financial statements in Korea. Therefore, it is urgently required that Uniform System of Accounts for the Lodging Industry established and carried out in Korea. The purposes of this study are as follows:First, to study USALI's trend and point out the problems of introducing USALI in Korea. Second, to convince the people connected with accounting standard enactment of the needs for establishing standards in lodging industry accounting. Third, to suggest concretely Statement of Income, Summary Operating Statement in drawing up lodging industry financial statements