ࡱ> 9 vbjbj(jUl2-2-2-8j-$-shF.F.\.\.\.///rrrrrrr$u 6wpr/////r:  \.\.ghs:::/H l\.\.r:/r::@Yiv,il\.:. ɽg$|%2-72kFl<~s0s#lFwA9wl:    MILENA PER`I, Ph.D., Full Professor Faculty of Tourism and Hospitality Management, Opatija, Croatia REPORTS STATEMENT ON SPORT PROFIT IN TOURISM AND HOSPITALITY INDUSTRY 1. INTRODUCTION Sport, recreation, wellness, medical sport programmes and other types of sport activities offered in tourism and hospitality enterprises, can be presented, in organizational design, in form of operated department. For the accounting information system it represents responsibility centres from standpoint of management authority in organizations structure. Responsibility centre is a broad term, meaning any part of an organization that has control over the incurrence of cost, the generating of revenue, or the use of investment fund. They can be organised as cost, revenue, profit or investment centres. Responsibility centre reporting system is defined through the international accounting standards and principles, and is known as segment reporting. Sports income segment reporting is the result of responsibility accounting as subsystem of managerial accounting. Sport segment can be defined as part of activity of hotel or tourism enterprise, about which, the middle level of sports departmental managers seek cost, revenue or profit data and information. The fundamental principle of responsibility accounting as a subsystem of managerial accounting is that costs are assigned to the hierarchical levels sports department management which are in charge of their control to make managers responsible for the difference between budgeted and realised results. The efficiency of responsibility accounting reporting system depends on the level and comparability with the management information system. The conception of sports segment should be based on principles review, decentralisation, responsibility, because only with correct application of these principles. The shaping of relevant information has to be directed towards decision making processes and real needs of the sports department management. These data and information in accounting reports assure control that is based on the management responsibility for realised or not realised results on every hierarchic level or segment. It is connected with the specialization, departmentalisation, authority, span of control and coordination to ensure efficient coordination and control of activities, and prepare the information in the process of decision-making. The content of sports income statement depends on internal enterprise organisation, individual management requirements and cost allocation bases. Responsibility accounting is the most important segment of management accounting in particular needs to be singled out as an important system and methodological prerequisite for preparation of relevant information about specific costs, revenues and results in sport departments in tourism and hospitality industry. 2. SPORT SEGMENT REPORTING IN INTERNATIONAL ACCOUNTING Sports segment reporting system in international accounting is supported by generally accepted accounting principles (GAAP), international accounting standards (IAS), and special accounting standards for tourism and hospitality industry, also known as Uniform System of Accounts for the Lodging Industry (USALI). Enterprises that use GAAP in area of preparing segment reports, should find application of FAS No. 131 and FASB Technical Bulletin No. 79-8, such as a stock exchange, that publish financial reports in an effort to publicly sell securities, or that must file financial information with the Securities and Exchange Commission (SEC). Statement 131 disclosures segments activities of an enterprise extend related information for middle managements decision making, about operating segments and to inform about foreign operation, major customers, and products and services, or the result of development of new products with greater potential for future growth as well as information related to the enterprises products and services, its geographical areas, and its major customers. Still, several arguments, listed below, have been offered against segment reporting: (Delaney2002,845): Comparison of segment data between companies is misleading due to the wide variety of measurement techniques in use; Lack of user knowledge could render segment information meaningless and misleading; Disclosure of such information to competitors, labour unions, etc. could harm the enterprise; Such disclosure may discourage management from taking reasonable business risks to avoid reporting unsatisfactory segment data; The investor invests in the entire company and has no right to expect segment information; Accounting classification and allocation problems may be inherent in segment reporting; Information overload financial reports have become too detailed and complexes for the average user. Sports department to be classified as a separate operating segment, must be a component of en entity that meets all of the following requirements: the segment earns revenues and incurs expenses through business activity, the decision maker over the operating segments conducts periodic reviews of the results of operations to assess performance and allocate assets, and the segment provides separate financial information (Jarnagin, 2000, 114). The standardisation of accounting information on international accounting standards level, demands the knowledge of IAS-14 principles, which contains very similar directions as GAAP Statement No. 131, because it largely follows the lead of the earlier US standard. This renewed IAS-14 obligates hotel enterprises to adopt their accounting policies and internal acts according to mainly customer and market new demands. Segment reporting is based on data about business costs and income with the aim of evaluation segment profitability and connected with assets and intensity of its usage. The measure in reporting systems is the segment result, determined by standards of expenses, revenues and income segments. The aim of this standard is to determine principles for supporting financial information according to segments in order to enable users of financial reports (International...1997,107): to understand better the past accomplishment of enterprises, to have a high quality approach in evaluation of possibilities and risks of the enterprise, and to create information basis for complete judgement about the entire enterprise. Segment expenses and revenues are directly attributable to a segment, or they are the relevant portion of expenses or revenues that can be allocated on a reasonable basis to a segment. The introduction of new concept of IAS 14 obliges this reporting system for all enterprises, which securities are traded, and gives the need for clear definition of internal structures. Segments can be organised as geographical or business segment, in primary or secondary form segments. IAS-14 finds its application in the industry and organisation of business systems, which in the tourism and hotel industry means minimum information for determination of rooms, food, beverage, telecommunication, garage, health, sport and other services. Sport departments can be organised as business segments. Business segment is a distinguishable component of an enterprise that is engaged in providing a product or service or group of related products or services, and that is subject to risks and returns that are different from those of other business segments (Epstein, 2002., 781). Sport is a very important department, which can gain income, and contribute to the quality of hotel and destinations services offer. Sport segment results are defined as relations of goal income and segment costs, which can be immediately embraced or justified according to cause principles. Sport can be reporting segment, if its revenue from sales to external customers and from transactions with internal customer (other segments) is 10% or more of total revenue of all segments, its relative participation in total hotel or tourism enterprises income has to be 10% or more, and if it is realised in more than 75% of income on external market (International 2000, 246), or if its asset is 10% or more of total assets of all segments (Epstein, 2002., 787). Sport can be also organised like geographical segment, if it is based on location of assets of enterprises or location of market, or if it is directed to as placement of products and services. Sport department is reportable segment (business or geographical) whether identified either by internal organisational or financial reporting factors, or by application of the criteria which meet the threshold test for becoming reportable. It means that they can be compared with results of other similar segments at national and international levels. Reporting in the international hotel industry is based on GAAP Statement 131 and IAS-14, adopted to specifics of the industry, which is in theory and practice known as Uniform System of Accounts for the Lodging Industry - USALI (Uniform...; 1996; iii/iv). This term is in use since 1996 (ninth reviewed edition), although his first edition was published in 1926 by the Hotel Association of New York City. The term USALI stands for the unique accounting system of monitoring and reporting business results which enables the comparison of certain similar hotel types in order to evaluate its status with the competition according to the average of the group. It represents the first successfully organised attempt to establish the unique system of responsibility accounting in the hotel industry (Uniform..,1996;iii). Results do not count as standards for a certain hotel type, but represent the basis for comparison, and determine as a median or arithmetic average of data got by joining hotel enterprises of certain market segments and cleaned from extreme values. USALI is a system, adopted to information demands of the management of all hierarchic levels, especially the middle level management because it assures information for responsibility principles realisation (Responsibility Accounting). This gives an opportunity to a responsible manager, based on the accounting policies, to establish the criteria and to direct the mode of cost control, distributed on controllable and uncontrollable costs. In order to accomplish this task it is prerequisite to establish substantially, at the already mentioned points within the hotel enterprise, an internal chart of accounts supported by information technology, to acquire relevant accounting policies, to enable sorting and separate allocating of fixed and variable costs. Preliminary accounting calculations have to be established on the same methodological basis as management accounting systems, in order to provide the efficacious measurements of the segment efficacy through realised deviations compared to the budgeted revenues, costs and result. According to USALI methodology, these reporting models are defined in order to create a reporting system of revenue, costs, partial results, segments and places of costs for room, food, beverage, telephone, garage, golf, tennis, health, swimming-pool, SPORT and others (Uniform.., 1996, 34-58;Hosp, Huber,1996,215-222). The central issue, in applying this system, which is prerequisite to a uniform mode of comparison in the world hotel industry, is processing data to prepare consistent Departmental Statements (internal statements by segments, cost centres and activities), which are later adequately summarised and presented within the frame of the Summary Statement of Income (figure 1). However it should be emphasised that the essence of reporting following the USALI is based on segment reporting, cost centres, processes and activities, due to which, there are 32 suggested schedules (Uniform, 1966, p 31-150), that offer the opportunity of preparing particular statements adapted to the size, ownership and specific features of each enterprise, and listed in the Summary Statement of Income. Figure 1. Summary Statement of Income Net Cost of Payroll and Other Income Schedule: Operated Departments: Revenues: Sales: Related Expenses: Expenses: (Loss) 1 Rooms X X X X X 2 Food X X X X X 3 Beverage X X X X X 4 Telecommunications X X X X X 5 Garage and Parking X X X X X 6 Golf Course X X X X X 7 Golf Pro Shop X X X X X 8 Guest Laundry X X X X X 9 Health Centre X X X X X 10 Swimming Pool X X X X X 11 Tennis X X X X X 12 Tennis Pro Shop X X X X X 13 Other Operated Departments X X X X X 14 Rentals and Other Income X X X X X Total Operated Departments: XXXXX XXXXX XXXXX XXXXX XXXXX 15 Administrative and General X X X 16 Human Resources X X X 17 Information System X X X 18 Security X X X 19 Marketing X X X 19.a Franchise Fees X X X 20 Transportation X X X 21 Property Operation and Maintenance X X X 22 Utility Costs X X X Total Undistributed Operating Expenses: XXXXX XXXXX XXXXX TOTALS: XXXXX XXXXX XXXXX XXXXX Income After Undistributed Operating Expenses XXXXX 23 Management Fees XXX 24 Rent, Property Taxes and Insurance XXX 25 Interest Expense XXX Income Before Depreciation, Amortization and Income Taxes XXXXX 26 Depreciation and Amortization XXX Gain or Loss on Sale of Property XXX Income Before Income Taxes XXXX 27 Income Taxes XXX N e t I n c o m e __________________ _______________________ XXXXX Source: Uniform System of Accounts for the Lodging Industry, American Hotel & Motel Association, New York, 1996, p.33 Segment reporting is fundamental for management accounting, while its organisation and content should be organized to help the financial statements users to understand better the efficacy of previous periods, to make better and more realistic assessment of risk and possibilities of the enterprise. A hotel being an investment centre, the operated departments like rooms, food, beverage and other services as profit centres, their subordinate revenue and cost centres, relevant cost pools, these are all responsibility centres that present a necessary information. On these standpoints it is possible to define the flow of goods, money and information, and optimise the input, content and output of data and information in management accounting. It is imperative for such allocation of expenses to be cause related to revenues. Therefore each of the statements within the USALI is conceived to provide the responsible manager with the information about the relation of the actual expenses to the revenues inside and among particular segments. The cost allocating and levels of different types of results are as follows: Revenues from the realised department performance (-) Direct department performance costs --------------------------------------------------------------------------- (=) Contribution Margin (Profit from operated departments) (-) Controllable department overheads --------------------------------------------------------------------------- (=) GOP // EBITDA (-) Uncontrollable department overheads --------------------------------------------------------------------------- (=) Neto operating profit // Net income ============================================= A responsible manager has an insight into the expenses/revenues that are within his competence. Only the management of the highest hierarchy level of responsibility is held responsible for total expenses/revenues. The first level of the internal result is the difference between revenues of those cost segments (contribution margin), that operate their activities directly on the external market (process functions such as: rooms, food, beverage, sport, health) and expenses of the same departments (variable costs depending on the assortment of output and the occupancy rate). If we deduce from the first level profit the part of fixed costs that can be immediately calculated into the particular business operation, we can establish gross operating profit GOP, or earnings before interest, taxes, depreciation and amortization - EBITDA. In particular these are the expenses that can not be related immediately to the output unit, but can be related to the department, its property and its operations, so they are included in the category of controllable overheads (e.g. administrative and general department costs, department advertising and marketing, utilities, maintenance). The manager cant significantly influence the third level of results, namely, the net operating profit or net income. The uncontrollable overheads of the department are compensated on this level, and they include rent, property taxes and insurance, interest expense, depreciation, and amortisation. The head manager or the owner controls this category of costs, because it is the result of his decisions, and it is an important category that presents income tax basis. 3. SPORT SEGMENT REPORTING IN CROATIAN TOURISM AND HOSPITALITY INDUSTRY Sport profit centre statements is based on the variable costing system and systematic variance analysis, of the realised compared to the budgeted entries for shorter periods. At this point the estimate of cost structure and the interpretation of actual variations are approached analytically, relating the value expression of the actual variation with non-accounting data. Following the theoretical notions and supported by the results of an extensive empirical research of the Croatian hotel industry practice, an optimal model of internal reporting system for the average enterprise in Croatian hospitality industry is estimate. To determine the level of introduction of the USALI in practice of the Croatian hotel industry and to estimate the accomplished development rate of managerial accounting, an extensive research was conducted, on the representative sample of 42% of Croatian hotels (Perai,Tur i, 2001, 163-184). The aim was to assess the condition and to indicate the possibility of advancement in management accounting, and the manner of reporting, adapted to the specific features of the hotel industry, especially in sport segments, based on the standards of the USALI method. We therefore estimate the frequency of using the fundamental statements proposed by the USALI, based on the original demands to compose particular statements and the users need for information that they offer (figure 2). Figure 2: The Frequency of Statements Proposed by the USALI St. No .Statement:Positive responsesSt. No.Statement:Positive responses1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.Rooms Food Beverages Telecommunications Garage and Parking Golf Course Golf Pro Shop Guest Laundry Health Centre Swimming Pool Tennis Tennis Pro Shop Oth. operat. Departm. Rent. and oth. Income Administrative and General Human Resources Information System30 30 29 13 5 0 0 6 4 7 6 1 8 20 15 20 518. 19. 19a. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31.Security Marketing Franchise Fees Transportation Property Operation and Maintenance Utility Costs Management Fee Rent, Property Tax and Insurance Interest Expense Depreciation and Amortisation Income Taxes House Laundry Salaries and Wages Payroll taxes and Employee Benefits Gaming Operations3 15 0 6 11 18 5 14 13 16 10 7 20 10 1Source: Perai,M., Tur i, M.: Informacije& (2001.), p 179. The research results prove that the accomplishments of the world practice are also present in the Croatian hotel industry, given the conditions and evident restrictions. Introduction of the USALI challenges management on levels of sport department and ensures reviewing the requirements of their own needs connected with the specialization, departmentalisation, authority, control and coordination of different sports activities, and also with other activities in hotel and tourism enterprises. Integral information system-offers to sport and other departments the possibility, that one data input would provide its manifold use. With this purpose an internal chart of accounts should be based on accounting policies to regulate the internal management accounting system and formed to give the possibility of using all internal data in accounting reports process. According to the sample examinees about proposed statements, management needs particular kinds of sports department information, estimated by the use of opportunities contained within the USALI standards. This Statement is for this moment not significant (Figure 2). It opens new possibilities to set up some new types of reports, that will depend on different sorts and organising forms of sports activity in some hotel or tourism enterprise. It is also necessary to present certain presumptions, which have to assure organisational and other conditions in order to gain relevant information and to realise the rationalisation of reporting departments, connected with their business performances and possibility of development. The frequency and importance of some managerial information are presented on figure 3. Figure 3: The Frequency of Managerial Information Demands No. Segment ReportingInformation Importance by the Users AssessmentRooms DepartmentF&B DepartmentSport&Other Departm.DailyWeeklyMonthlyDailyWeeklyMonthlyDailyWeeklyMonthly1Units Revenue Structure28916281014249172Criteria of Payment 18615211112179153Realised/Planned Revenues4329422842304Unit Cost Structure5430462729225Direct Material Costs---1092159246Indirect Material Costs----42815267Realised/Planned Costs-330132812308% Realised Margin---592335259% of Margin Contribution -3203324212310Gross Operating Profit23291629242711Realised /Planned Result13253329212912Realised /Planned Price---7621322313Variance of Standards---910165816Source: Perai,M., Tur i, M.: Informacije& (2001.), p 179. For all departments, as well as sports department it can be noticed that the examinees manager in tourism industry believe that it is necessary to establish daily reports on the structure of realised revenues according to the kinds and criteria of different activities in use. At the same time, manager needs information about all kinds of costs and realised margin results on monthly basis. This is the reflection of the accomplished level of development of management accounting, although it is not a quality basis for the establishment of modern responsibility accounting. The task of responsibility accounting in area of different sport activities is to define the part of specific reporting system and information sources for sport department, who have to be profitable and successful. Reporting system has to be methodologically adopted to the planning and control system which is necessary for business decisions making. Reports for middle managers in area of sport departments are effective, if presented to users with minimum of important data according to principles of economy (the preparation for information supply should not be larger than effects of these information). In cooperation with other trade associations, the segment reporting by the USALI can be promoted, which would contribute significantly to the transparency and better quality of all departments accounting reports, also in sport activity reporting system. CONCLUSION Following the practice of the developed tourist countries in the World and Europe it will be necessary to establish a Managerial Accountants Section at the Croatian Association of Hotels and Restaurants. Its primary task, in cooperation with the Croatian Accountants and Financial Workers Association, would be to participate in the further development of the USALI method, regarding the organisational, methodological and information aspects. This would guarantee a transparent and uniform basis for the comparison of internal operating results by the standards of this method, to inspire competition and to contribute to the successful operation of hotel enterprises. This would ensure the transition from the current low level of the managerial accounting to the higher levels, and force the development of responsibility accounting, whose aim it is to provide timely and transparent information on particular sport costs, revenues and variable results, as part of the integral information system that is able to fulfil the information needs of internal and external users. The further research and application of useful knowledge in this area is suggested, aimed at the advancement of practical work and greater competitiveness of Croatian hotel industry and tourism, also in area of presentation of profitability different sport activity organised in sport departments in hotel and tourism enterprises. 6. REFERENCES Bartuluci, M.: Economic Asopects of Sport and Tourism, Faculty of Physical Education, University of Zagreb, 1999. Bodnar,G.H., Hopwood,W.S.: Accounting Information Systems, VI Edition, Prentice Hall, 1995. Coltman,M.M., Jagels,M.G.: Hospitality Management Accounting, VII Edition, Wiley&Sons, 2001. Delaney,P.R. et. oth.: GAAP 2002 Interpretation and Application of Generally Accepted Accounting Principles 2002, Wiley&Sons, 2002. Epstein,B.J. et. oth.: IAS 2002 Interpretation and Application of International Accounting Standards, Wiley&Sons, 2002. Garrison, R.,H., Noreen,E.,W.,: Managerial Accounting, VIII ed., Irwin, Chicago, London, Sidney , 1997. Hosp,H.M.M., Huber,H.: Rechnungswesen+Controlling 4, MANZ Verlag, Wien, 1996. International Accounting Standard IAS 14: Segment Reporting (revised 1997), Accountancy, London no. 10/97 International Accounting Standard 2000., (translation) HZRFD, Zagreb,2000 Jarnagin,B.D: 2000 U.S.Master GAAP Guide, CCH Incorpored, Chicago, 1999. Perai, M., Tur i, M.: The Contribution of Managerial Accounting Information in Efficacy Improvement within Hotel Industry, XXXVI Proceedings  Accountancy, Auditing and Finances in Modern Economic Environment , Pula, 2001, HZRFD, Zagreb, 2001 Perai, M.: Standard Cost and Segment Reporting in Hotel Industry, Proceedings,  Hotel 2000 , Faculty of Tourism and Hospitality Management, Opatija, 2000 Rutherford,G.D.: Hotel Management and Operations, III Edition, Wiley, 2002. Schmidgall,R.S.: Hospitality Industry Managerial Accounting, Educational Institute, American Hotel&Motel Association, Lansing, 1997. Uniform System of Accounts for the Lodging Industry, American Hotel & Motel Association, Hotel Association of New York, The Educational Institute of the American Hotel & Motel Association, East Lansing, USA,1996.  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