ŠĻą”±į>ž’ ė ž’’’éźõy’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’ģ„Į9 ųæšĮbjbjżĻżĻUĄŸ„Ÿ„޶"’’’’’’lööööjjj~FSFSFS8~S<ŗSd~2h*W^ˆW(°W°WĘWMYkY wYš ŗV]jY+Y"MYYY§döö°WĘWeģ§d§d§dY öR°WjĘW§dY§d(§dĻj–UłH"jIĘWW ĄuŌÄ\8Ā~ČJFS‹`UżlID02ĮżˆcI§d~~ööööŁ MILENA PER`I, Ph.D., Full Professor Faculty of Tourism and Hospitality Management, University of Rijeka MARIJANA STOJANOVI Croatian Pension Investment Company, Zagreb QUALITY OF CROATIAN HOSPITALITY ACCOUNTING REPORTING SYSTEM Quality of accounting reporting system reflects the accomplished development stage of the accounting information system and its ability to satisfy different external and internal accounting information needs. One of the most important sources of information about the efficiency of any business subject are financial statements. They are intended to provide information on the resources available to management, on how these resources were financed, and on what is accomplished with them. Therefore, the paper considers the financial statements reporting requirements. The quality requirements of financial reports are set in International Accounting Standards (IAS), in American Generally Accepted Accounting Principles (US GAAP), in EU- Directives, and in Uniform System of Accounts for The Lodging Industry (USALI). A degree of conformity of financial statements with the requirements of international capital markets is also examined in the paper. Quality of accounting information for the internal users is primarily the result of the achieved development of management accounting. Modern system and method of accounts, professional and educational level of accountants and hotel-managers also contribute to the quality of internal and external reports. Precise, complete and understandable information presented in reports are the precondition for the quality decision-making. Accounting reporting system set in such way is a very important sub-system of the total hotel management information system. Quality of Croatian hospitality accounting reporting system is presented through the achieved development stage of accounting reporting based on research of representative sample of Croatian hospitality industry. Key words: quality, accounting reporting system, financial statements, USALI, Croatian hospitality industry INTRODUCTION In modern business operations when national borders are disappearing and the world is being turned into a "global village", quality information (accurate, timely, objective and reliable) become the basis of successful business activities and of ensuring the financial stability. The benefits of such information should be bigger than the costs of getting it. Adoption of a uniform, standard language for financial reporting is one of the preconditions for ensuring transparent markets, which are, in turn, the basic requirement for free cross-border capital flows. The significance of quality accounting information becomes ever more important with the growth in the number of foreign transactions, because investors want that the evaluation of assets, capital and liabilities, as well as of the business results is carried out through a uniform implementation of accounting standards in the whole world. Liberalisation of financial and capital markets stresses the need for a new accounting approach that will ensure high quality information as the base of financial stability. The role of the modern accounting information system of a hotel business is to prepare and provide the relevant information, which will be comparable according to the criteria and standards of the global tourist and financial market. External users get the information on the company business from the financial statements. The access to the European and global financial markets is ensured only by those financial statements that can be understood through the internationally accepted criteria. The standardisation of accounting information facilitates its understanding by the users, at the same time facilitating the preparation of the information itself. The greatest efforts for harmonisation of valuation methods, of tracking and presentation of certain accounting categories make the International Accounting Standards Board (IASB), Former International Accounting Standards Committee (IASC), and the American Financial Accounting Standards Board (FASB). The role of the International Hotel & Restaurant Association (IH&RA) should be also mentioned here, which, together with the Horwath & Horwath consultancy ensures the presentation of internal business results of the world hotel industry (the publication “ World Wide Hotel Industry), using the Uniform System of Accounts for the Lodging Industry (USALI) (16, 1-238). The objective of this paper is to evaluate the achieved development level of external reporting in Croatian hotel industry, based on the definitions and criteria of International Accounting Standards (IAS), Generally Accepted Accounting Principles (US GAAP) and the reporting standards of the USALI. The results of this study point to the degree of harmonisation of external financial statements in Croatia with the standardised requirements, as well as to the departures from them. The aim is to increase the transparency and the usefulness of the information for an increasing number of external users oriented towards the international capital flows. HARMONISATION OF ACCOUNTING STANDARDS AS THE PREREQUISITE FOR QUALITY REPORTING The harmonisation of accounting standards is understood as the process of creating a uniform language of financial reporting in the whole world, which is the necessity in the omnipresent globalisation trend. Thus "both the International Accounting Standards Committee (IASC) and the US Financial Accounting Standards Board (FASB) believe that financial statements should provide information that is relevant to the decision-making needs of investors, creditors and other users" (3, 104). Research in this field has shown that a majority of the world stock exchanges accept reporting based on International Accounting Standards (IAS) (9). However, Canada, Japan and the US use Generally Accepted Accounting Principles (US GAAP) (4, 143 different standards) for interpretations, and guidance for specific accounting problems in different industries for their reports. According to the IASB, the reasons for the harmonization based primarily on IAS are following (10, 60): Most stock exchanges around the world have foreign listings – in many cases it is a relatively large part of total listings; Some bond markets also have a relatively large percentage of foreign listings. Cross-border securities sales in some major countries exceed the country's gross domestic product; Securities sales by foreign issuers in US markets have grown dramatically during the 1990s, both in terms of the amount of capital raised and in terms of the number of new foreign issuers; Shares of over 1.000 foreign issuers from 54 countries are registered with the US Securities and Exchange Commission; Foreign issuers account for nearly 70% of the market value of the London Stock Exchange listed companies; Foreign direct investment is huge. To be able to participate in the international capital market it is important to know to what extent the IAS-based statements are in line with US GAAP statements (2, 611-633). It is a common opinion that it is easier for US GAAP companies to claim compliance with IAS than it is for an IAS company to claim compliance with US GAAP. Comparison between US GAAP and IAS shows differences, which directly affect the quality of disclosed information in the financial statements as well as in internal statements that follow the rules of segment reporting. The differences are in property, plant and equipment measurement and reporting, in the treatment of business combinations, in disclosure of financial instruments, in revenue recognition policies, accounting for earnings per share, etc. Besides the difference in content, there is a major difference in the infrastructure, which creates and supports the application of the standards. Several professional associations have been participating in the creation of US GAAP. Since there are various different accounting pronouncements, which constitute US GAAP, they are classified into four categories; it is only the compliance with category A (officially established accounting principles) which is mandatory. That category consists of the Financial Accounting Standards Board (FASB) Statements of Financial Accounting Standards (SFAS) and Interpretations, the Accounting Principles Board Opinions, and the AICPA Accounting Research Bulletins (ARB). On the other hand, IAS are created only by the IASB, whose members are the representatives of accounting and auditing professional bodies from around the world, as well as the members of the International Federation of Accountants (IFAC). Furthermore, the US Securities and Exchange Commission (SEC) plays a major part in interpreting US GAAP and in ensuring that it is properly applied. The SEC also enforces compliance with IAS by those IAS companies that fall within its jurisdiction. For the majority of IAS companies, however, there is limited enforcement of compliance, so in practice companies themselves choose which IAS they will comply with and to what extent. For US regulators and the international capital market, this is a much bigger concern than the theoretical differences between IAS and FAS based on US GAAP. According to a FASB research, there are three types of differences between IAS and US GAAP (3, 104-106): IAS accounting treatments that are different from those required by US GAAP; Accounting treatments that are allowed, but not required by IAS but which are not allowed by US GAAP; IAS accounting treatments that are similar to those required by US GAAP, but where differences in the detailed requirements could lead to significant differences in financial reporting. While IAS 1 requires an enterprise to depart from IAS in preparing financial accounting statements when compliance with a particular IAS is misleading, under US GAAP fair presentation is linked to generally accepted accounting principles and is achieved only by compliance with those principles. Segment reporting is regulated by IAS 14, in the way that internal statements are based on the criteria of the dominant sources of risk and gain, following the principles which apply to consolidated financial statements, i.e. from the external position, while FAS 131 aims at satisfying exclusively internal reporting. IAS 32 requires that the equity component of a compound financial instrument should be reported as equity and the liability component as a liability, while APB 14 requires that similar instruments should be accounted for as a liability. IAS 8 requires accounting for the effects of changes in accounting policies and its inclusion in the Income statement. This is not permitted by US GAAP. IAS 21 and FAS 52 require the same basic treatment in translating foreign currencies, but they greatly differ in wording. IAS 21 requires linking to the rules of IAS 29 when reporting in the currency of a hyperinflationary economy, and this before the application of the closing exchange rate on the balance sheet date, while FAS 52 requires that financial statements of foreign entities report in the currency of the parent company. Besides, IAS 21 allows a write-off of exchange rate differences which are the result of devaluation and differentiates between foreign entities and other foreign operations, while FAS 52 uses the functional currency and requires that foreign exchange differences be included into a net profit or loss of the period. IAS 31 for reporting of interests in jointly-controlled entities requires the use of proportionate consolidation, while APB 16 requires equity method, although the SEC allows foreign issuers to use proportionate consolidation without reconciliation to US GAAP. IAS 22 requires the use of the pooling of interest method for a business combination in which an acquirer cannot be identified (uniting of interests), while APB 16 requires the use of the pooling of interest method for all business combinations. In addition, according to IAS 22, acquired in-process research and development should be capitalised either as an intangible asset or as a part of goodwill, and should be gradually written off, while GAAP treats this problem in the way that acquired in-process research and development should be identified separately and recognised immediately as an expense (FAS 2). The exceptions to this are the rules of FAS 86 – Accounting for the Costs of Computer Software to be Sold, Leased, or otherwise Marketed, which require a write-off of this intangible asset in the same way as regulated by IAS 38: Intangible Assets. When valuating property, plant and equipment according to IAS 16 upward revaluation of book value is allowed, while US GAAP requires historical cost based carrying amounts. Impairment of assets according to IAS 36 is realised using discounted amount, and in certain circumstances requires the reversal of impairment losses. At the same time, FAS 121 requires the use of an undiscounted amount as a trigger for the impairment test, and prohibits the reversal of any impairment losses. IAS 23 requires all borrowing costs to be recognised as an expense in the period in which they are incurred, while FAS 34 prescribes the capitalisation of those borrowing costs attributable to the acquisition, construction or production of qualifying assets. IAS 19 and FAS 87 require that the cost of post-employment benefits should be recognised as an expense in the period in which the related service is rendered, based on similar actuarial methods and market-based approaches to the discount rate and the valuation of plan assets. But, there are significant differences in the recognition of a minimum liability and in the deferral and amortisation of actuarial gains and losses as well as of transitional adjustments. IAS 18 regulates revenue recognition in financial reporting when payment is certain, and has no direct equivalent in US GAAP, so this area is left to the SEC to decide, which is a frequent cause of abuse in this field. IAS 12 is in essence equivalent to the rules of FAS 109, but the application of these standards may require the recognition of different amounts of deferred tax assets and liabilities (e.g. non-taxable government grant, tax benefits resulting from tax loss carry-forwards...). Earnings per share standards (IAS 33 and FAS 128) were issued as a result of cooperative efforts of the IASC and the FASB. They adopt similar approaches to the determination of denominator per share in the EPS computation, although its application is based on the starting positions of their own standards. IAS 35 requires separate reporting of a discontinuing operation (included in the operating results, but separately disclosed) when management announces a detailed formal plan for discontinuance, while APB 30 requires separate reporting (gain or loss on discontinuance) only when management accepts the plan. Figure 1. Hierarchy of Accounting Qualities Source: (4, 25). The conceptual framework prescribes the quality features of information, as well as the objectives of financial statements, definitions of elements of financial statements, and the basic concepts and principles. There are no significant differences between conceptual frameworks of US GAAP and IAS. The IAS framework points out four general quality features: understandability, materiality, reliability and comparability, while the accounting information according to SFAC 2 must be relevant, reliable, comparable and consistent. A great similarity in quality requirements for accounting information can be noticed in both concepts. The only difference is that the IAS framework additionally stresses the understandability of the information, while FASB finds it is a specific quality of users and not of the information. The following diagram from SFAC 2 summarises the qualitative characteristics of accounting information, which comply with the requirements of the IAS Framework. US GAAP and IAS do not set the format for the financial statements, but prescribe what information they have to provide. Depending on the significance and specific features of a business entity on the one hand, and on the special requirements of particular IAS on the other, a business system may decide which items they will disclose within the financial statement and which in the notes to the statements. FINANCIAL REPORTING IN CROATIAN AND INTERATIONAL HOTEL COMPANIES The overall objective of hotel companies is to provide satisfaction for their stakeholders. The stakeholders vary from guests, to management and employees, to owners, to suppliers, to financial lenders, to the community where the hotel is located. Each stakeholder group seeks different rewards from the hotel companies. First, the hotel guest often seeks quality services at a reasonable price. The services include but are not limited to food, beverages and lodging. The employees of the hotel companies seek monetary rewards including wages and fringe benefits, as well as non-financial rewards such as promotions and recognition. Management’s desires are similar to employees’. However, they often include additional financial rewards such as capital in the employer’s company stock. Other stakeholders include the community in which the hotel is located and creditors including lenders of funds to the hotel on both a long and short-term basis. The community desires the hotel to be a credit to its environment and to serve the area. Suppliers desire to receive cash payments for their service on a timely basis while lenders seek the repayment of their funds, including interest. The owners who take the ultimate risk seek a fair return on their investment. This return takes two forms: first, dividends from the hotel to the owners are the return on their capital investment. The second reward is the increase in the value of the owners’ investment. This reward is easily measured by hotel companies whose capital stock is traded on stock exchanges. The Statements, typically produced for external users are: Balance Sheet Statement of Income Statement of Owners’ Equity Statement of Cash Flow, and Notes to the Financial Statements. Those statements are prepared at the end of the accounting period and are based on IAS, US GAAP or USALI. Croatian business entities should accept the IAS framework, which is the first important prerequisite for quality of information. The system of external financial reporting in hotel companies in the Republic of Croatia is regulated by the Accounting Law (18), which establishes the obligatory use of IAS, while the format of financial statements is based on the EU Accounting Directives, as a precondition for joining this European integration. Since formats of the statements are set in the Accounting Law there is less possibility for a business system to show its specific features so they have to be expressed in the notes to the financial statements. Contrary to the principle that "the essence is more important than the form", Accounting Law requires the set format in which "the principle of completeness" of disclosed information is particularly stressed. Accounting Law distinguishes big, medium and small entrepreneurs and differentiates financial statements that each of them has to prepare. Small entrepreneurs enjoy numerous exemptions, based on the Fourth EU-Directive, like abbreviated formats of balance sheets and income statements, while other statements are not mandatory for them. In this part Accounting Law departs from IAS 1 which does not offer exemptions from the completeness of financial reporting, which means that financial reporting of small entrepreneurs in Croatia is not in compliance with IAS. The number and type of items that will be entered into a financial statement according to the USALI method varies depending on the needs and requirements of every single entrepreneur. Therefore it is recommended to business systems in hotel industry to prepare dual accounts and thus enable comparison with similar hotel companies in the global hotel industry. This is exactly what more and more Croatian companies are doing: they base their internal reporting on the standards of the USALI method thus ensuring a higher quality and transparency of the external accounting reports (11,163-183) . In order to evaluate the achieved degree of development of external reporting in Croatia, and the quality of accounting reports, a sample of some twenty major business systems was selected that represent big and medium entrepreneurs in the coastal and continental parts of Croatia's tourist offer (1). The basis for the evaluation of every single statement will be models of statements typical for hotel chains and other entities of the reporting system according to the standards accepted by the global hotel industry (14; 5; 6; 2; 8; 12; 15; ). The overall review of the researched sample shows that these business systems prepare and present Balance Sheet, Income Statement and Notes. Cash Flow Statement is prepared by only 89.47% of the chosen sample while the Statement of Changes in Shareholders' Equity appears much less frequently, since only 42.2% of the sample presents it to their users. Some respondents still prepare their financial statements on the basis of earlier IAS which are not valid any more. The probable reason for this is insufficient knowledge of IAS themselves and of the importance of financial reporting. 2. 1. Balance Sheet The Balance Sheet is a major financial statement prepared at the end of each accounting period. It reflects a balance between an organisation’s assets and claims to its assets called liabilities and owners’ equity. This statement is also referred to as a statement of financial position. The balance sheet of a Hotels’ Corporation is presented in table 1. Table  SEQ Table \* ARABIC 1. Balance Sheet Model based on Hotels’ Corporation (in millions $) December 31,20012000Assets Current Assets Cash and equivalents388433Temporary investments50101Accounts receivable, net430348Other current assets283218Total current assets1,1511,100Investments, Property and Other Assets Equity investments277576Other investments9619Property and equipment, net4,6991,696Goodwill1,295-Other assets6052Total investments, property and other assets6,4262,343Total Assets7,5773,443Liabilities and Stockholders' Equity Liabilities Current liabilities998917Long-term debt2,6061,070Deferred income taxes598124Insurance reserves and other16478Total liabilities4,3662,189Commitments and Contingencies Stockholders' Equity 8% convertible preferred stock15-Common stock, 249 million and 193 million shares outstanding, respectively627494Additional paid-in capital1,745-Retained earnings931909Other4-73,3221,396Less treasury shared, at cost111142Total stockholders' equity3,2111,254Total Liabilities and Stockholders' Equity7,5773,443Source: (14; 5; 6; 2; 8; 12; 15) Insight in the annual balance sheets of Croatian hotel business systems has shown that 94.74% of the sample uses the balance sheet format set in the Accounting Law, which means that the number of those who use a differently formatted balance is negligible. The Accounting Law format meets all the requirements of IAS 1, except in cases of an abbreviated balance sheet for small entrepreneurs. IAS 1, following the model of US GAAP asks for a much more detailed presentation of owners' equity items than is the case in the Croatian hotel industry, so all required information on owners' equity have to be stated in the notes. Attention should be particularly drawn to the item "subscribed but not paid in capital" which is a specific trait of Croatian legislation not seen either in IAS or in US GAAP" This provision was introduced during the implementation of the "Croatian model of privatization" when potential shareholders were granted the right to purchase shares with deferred payment which is then presented in the "subscribed but not paid in capital" item. Another specific trait is a loss above the amount recognised as assets in Accounting Law, and which, by US GAAP and by IAS should be disclosed as decrease in owners' equity in Liabilities. Not one of analysed hotel companies uses the USALI format of balance sheet, not even companies which use USALI for internal reporting. The reason for that is avoidance of preparing the same report in two different formats: for government purposes according to accounting law, and for other external users according to USALI. 2.2. Income Statement The income statement, also called the statement of earnings, the profit and loss statement, or the statement of operations shows the results of hospitality property’s operations over a period of time. Depending on the preparation basis, the income statement has significant differences in format and content. Fourth EU-Directive offers four types of format, depending on the costing method. IAS 1 supports the same approach, which instructs the use of the method that secures true and fair presentation of all relevant income statement elements, depending on the company’s specific quality. The minimum disclosed information should be (9, IAS 1): revenue, results of operating activities, results of financial activities, results of investment activities, dividends and net profit or loss. US GAAP leaves it up to companies to create the income statement format, depending on specific company needs and the industry’s special quality, but always respecting accounting standards requirements. If USALI is used, two format types can be prepared, global for external users, and detailed for internal users (all management levels). The income statement for the Hotels’ Corporation is presented in table 2. Table  SEQ Table \* ARABIC 2. Statements of Income Model based on Hotels Corporation (in millions, except per share amounts) year Ended December 31, 200120001999Rooms1,7341,5621,445Food and beverage857782738Casino857791729Franchise fees433937Other449381352Revenue3,9403,5553,301Rooms508484462Food and beverage674625601Casino466400344Other expenses, including remittances to owners1,9111,6591,580Corporate expense523228Expenses3,6113,2003,015Operating income329355286Interest and dividend income383522Interest expense-88-93-87Interest expense, net, from equity investments-12-17-12Income Before Income Taxes and Minority Interest267280209Provision for income taxes10610285Minority interest, net552Income Before Extraordinary Item156173122Extraordinary loss on extinguishment of debt, net of tax benefit -74--Net Income82173122Earnings Per Share  Income before extraordinary item.79.89.63Extraordinary loss on extinguishment of debt, net of tax benefit -.38--Net Income Per Share.41.89.63Source: (14; 5; 6; 2; 8; 12; 15) This format represents the income statement for external users, based on USALI, and respecting US GAAP, which requires separate disclosure of extraordinary items and earnings per share information. USALI requires the classification of both revenues and expenses on the income statement by different business segments. The most important benefits of using USALI can be seen just in the Income statement, because it emphasises the determination of departmental income, from which indirect expenses are deducted to arrive at income before taxes. The model of segmental information recording and processing has significant impact on the quality of aggregated information. Consequently, the quality of financial statements greatly depends on the quality of managerial accounting and internal reporting. USALI requires the use of the costing method based on direct and indirect cost classification, and discusses departmental statements in great detail. The main difference between the format used by Croatian hotel companies as well as all Croatian companies, and the presented format, based on USALI is in the way of presenting operating income. In Croatia, only total revenues and total operating expenses are disclosed, while USALI shows them by business segments. Croatian Accounting Law, which is based on the Fourth EU–Directive, requires the format according to Article 23 of the Directive, or in other words, using absorption costing. This means that, the calculation of the business result as a difference between all revenues and expenses in the accounting period, corrected by the difference in the value of stocks of finished goods and in the work in progress at the beginning and at the end of the accounting period. Because such differences in the hotel industry are not significant, including fixed costs into inventories does not have a significant impact on the business result. IAS 33 requires earnings per share (EPS) reporting. Croatian companies disclose EPS information only in notes, because the required format does not offer an alternative. All analysed hotel companies prepare the income statement using classification according to nature of costs and grouping them in operating, financing and extraordinary activities Although the Croatian Accounting Board also allows cost classification by function (alternatively offered by IAS 1), the analysed hotel companies do not use it at all. Furthermore, just few of the biggest Croatian hotel companies (26%) present its income statement based on the USALI, in addition to the format required by law. 50% of them use the short form, 50% the long form of income statement designed for internal management use. Statement of Stockholders’ Equity Croatian accounting practice has not been acquainted with this statement, until the adoption of IAS 1, because EU-Directives on Accounting do not require the preparation of such report. However, in the accounting system of developed countries, first in the USA, this report has been prepared much earlier as part of financial statements. The Croatian Accounting Standards Board requires disclosure of all changes in stockholders’ equity according to IAS-a 1, showing both the recognised gains and losses that are not reported in the income statement and owners' investments and withdrawals of capital and other movements in retained earnings and equity capital. (IAS 1 alternatively offers a short form which is not allowed in Croatia). In accounting practice in the USA, changes in owners' equity can be reported in a few different ways. US GAAP introduces the concept of comprehensive income, which is defined as change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period, except those resulting from investments by owners and distribution to owners (4, 64). It can be reported as follows: in a combined statement of income and comprehensive income, or in a stand-alone statement of comprehensive income, or in a statement of changes in stockholder's equity. USALI requires the presentation of the statement of stockholder's equity only in cases where significant changes in equity accounts occurred in the period. All required information are harmonized with IAS 1 requirements. Table 3 presents the statement of stockholders’ equity for the Hotels’ Corporation. Table  SEQ Table \* ARABIC 3. Statements of Stockholders’Equity Model based on Hotels’ Corporation (in millions, except per share amounts)Convertible Preferred StockCommon stockAdditional Paid-in CapitalRetained EarningsOtherTreasury sharesBalance, December 31, 1998-4942732-2-169Exercise of stock options---2-1-15Cumulative translation adjustment, net of deferred tax----1-Unrealized loss on marketable securities, net of deferred tax benefit-----5-Net income---122--Dividends ($.03 per share)----58--Balance, December 31, 1999-494-795-6-154Exercise of stock options----1-12Cumulative translation adjustment, net of deferred tax benefit-----1-Net income---173--Dividends ($.03 per share)----58--Balance, December 31, 2000-494-909-7-142Exercise of stock options-----31Bally acquisition151331,735---Cumulative translation adjustment, net of deferred tax ----6-Realized loss on marketable securities, net of deferred tax ----5-Deferred compensation--10---Net income---82--Dividends ($.03 per share)----60--Balance, December 31, 200115 1,7459314-111Source: (14; 5; 6; 2; 8; 12; 15; ) Comparing the presented report with the format prescribed for Croatian hotel companies, it can be seen that variations result from the difference in classification of stockholders’ equity items in the balance sheet. The Croatian statement of stockholders’ equity follows equity classification in the prescribed balance sheet format. The USALI format follows US GAAP provisions for equity presentation. This format is more complex and informative because it shows how a particular event changes a particular item of stockholders’ equity. As it has been emphasised earlier, most of the Croatian hotel companies still do not present this statement, although such obligation results from Accounting Law. Among those which prepare the statement, 62% base them on the IAS 1 format and provisions, and the rest use the Croatian Accounting Board recommendations. Statement of Cash Flows The statement of cash flows focuses on the causes for the change in the cash position from the preceding year and explains the various sources and uses of cash that have occurred during the year, dividing the cash activity into three main segments: operating activities, investing activities and financing activities. This statement is prepared on the cash basis and not on the accrual basis of accounting, as a balance sheet and income statement. The content and layout of this statement is regulated by IAS 7: Cash Flow Statement, from 1992 (9) and SFAS 95 (4): Statement of Cash Flow, from 1988. EU- Accounting Directives do require reporting on cash flow. USALI provisions for cash flow statement are the same as US GAAP, on which USALI is based. Because this report is relatively new in accounting practice variances in provisions of different regulatory bodies are very small. The cash flow statement can be prepared using the direct or indirect method. Both IASB and FASB have expressed a preference for the direct method, because it is easier to understand and "gives information useful for predicting future cash flows" (9). Nevertheless, the indirect method is used more often, because it is easier and simpler. In the Croatian hotel industry accounting practice direct and indirect method are equally used (42% of observed companies use the direct, and 47% the indirect method). The income statement of the Hotels’ Corporation is presented in table 4. Table  SEQ Table \* ARABIC 4. Statements of Cash Flow Model based on Hotels’ Corporation (in millions) Year Ended December 31,199920002001Operating Activities Net income82173122Adjustments to reconcile net income to net cash provided by operating activities:  Extraordinary loss on extinguishment of debt74-- Depreciation and amortization178142133 Non-cash charges23-- Amortization of debt issue cost111 Change in working capital components:  Inventories23-11-37 Accounts receivable-34-41-73 Other current assets-1925-23 Accounts payable and accrued expenses971131 Income taxes payable434-1 Change in deferred income taxes-221-21 Change in other liabilities20-148 Distributions from equity investments in excess of earnings33306 Gain from property transactions-5-1-1 Other41-8Net cash provided by operating activities438380253Investing activities Capital expenditures-242-186-265Additional investments-104-98-157Decrease in long-term marketable securities-163Change in temporary investments83139-119Payments on notes and other211761Acquisitions, net of cash acquired-288--Net cash used in investing activities-530-127-417Financing Activities Change in commercial paper borrowings and revolving loans1,041189-113Long-term borrowings4921170Reduction of long-term debt-1,457-192-32Issuance of common stock311112Cash dividends-60-58-58Net cash provided by (used in) financing activities47-49-21(Decrease) Increase in Cash and Equivalents-45204-185Cash and Equivalents at Beginning of Year433229414Cash and Equivalents at End of Year388433229Source: (14; 5; 6; 2; 8; 12; 15) If comparing the presented format (using the indirect method) with the format used by Croatian hotel companies, there is no difference. That is because Croatian companies use the IAS 7 format which is completely harmonised with SFAS 95. The only difference is that the presented USALI format shows changes in the last three years, what considerably contributes to the quality of reporting, because users can analyse the trend. Notes to Financial Statements IAS 1 requires disclosing in the notes description of items, or detailed analysis of amounts from financial statements, in a manner which respects all company’s and industry’s specific quality. Croatian accounting law does not regulate notes to financial statements, but completely takes over IAS 1 provisions, requiring such order of notes which is helpful to users in understanding financial statements, that is (9): disclosure of compliance with IAS, summary of accounting policies, additional information about items presented in each financial statement, contingencies, other liabilities and other financial disclosure, as well as non-financial disclosure. USALI also does not specifically regulate content and order of the notes, but along with explanation of items in financial statements specifies which information should be disclosed in the notes. Disclosure of adopted and applied accounting policies is of great importance for reporting quality. Namely, different accounting policies have a different influence on elements of the financial statements and on the disclosed financial result (e.g. inventory valuation methods, depreciation methods). Therefore, disclosing accounting policies enables users' the correct understanding of financial statements, as well as evaluating their relevance and reliability. An additional element, which contributes to the quality of reporting, precisely financial statements’ transparency is numeration of notes and its connection with the statements, disclosing the note’s number near the referred item in the financial statement. By comparing financial statements of Croatian hotel companies, it can be concluded that the described rules and guidance are respected. The following table presents the most frequent content of the notes to balance sheet and income statement. Only one of observed hotel companies prepares notes to the statement of shareholders’ equity, although it is just a statement which needs to be explained in more detail. The reason for that lies in fact that categories like corporation, partnership and sole proprietorship are relatively new for Croatian companies and the general public. So qualitative explanation of changes in categories of ownership is necessary. 49% of the chosen sample does not prepare notes to the cash flow statement. In the other 51% of hotel companies the content of the notes to cash flow varies from quotation of definitions from Accounting Law or IAS, to explanation of reasons for presented results. Table 5. Content of the Notes to Balance Sheet & Income Statement CONTENT OF THE NOTES TO BALANCE SHEET% tabular statement of property and equipment, showing production or purchase cost, accumulated depreciation and net value57,89%tabular statement of intangible assets, showing production or purchase cost, accumulated depreciation and net value 31,58%detailed list of all financial assets categories42,11%detailed structure of investments in related companies and of other investments in securities 36,84%detailed structure of cash categories21,05%review of shares issued, par values and ownership structure52,63%review of long term credits, maturity dates and other credit terms47,37%detailed structure of short-term liabilities 42,11%structure of earnings 15,79%CONTENT OF THE NOTES TO INCOME STATEMENT% structure of sales revenues68,42%structure of other operating revenues73,68%structure of extraordinary revenues42,11%structure of costs of material and labor costs63,16%structure of other operating expenses78,95%structure of net financial investments, or separately structure o financial revenues and financial expenses57,89%structure of extraordinary expenses52,63%income structure31,58%income taxes42,11%Source: Sample analysis Only 63% of the reviewed hotel companies disclose a summary of the adopted and applied accounting policies, in the first part of the notes. The number of disclosed accounting policies varies significantly, depending on management decisions. From the group of other financial disclosure Croatian hotel companies disclose only contract liabilities (16,67%) and contingencies (33,33%). Connecting of the notes numbers to the relative item in financial statement apply 84% of the selected sample of Croatian hotel companies. CONCLUSION The purpose of the presented research was to assess the accomplished development stage of financial statements preparation and disclosure in the Croatian hotel industry, as well as to find out to what degree are they harmonisated with the practice of European and world standards, and specific industry requirements. Increase of financial reports usefulness for numerous of external users, and easier access to international capital flows is possible only with removing of the weak points in financial reporting practice of the Croatian hotel industry. Generally, it can be concluded that, besides a few less important variances, the quality of the financial statements of the Croatian hotel industry companies meets the requirements of IASs, US GAAP and USALI. The main condition for listing on European and world capital markets is satisfied by the adoption of IAS. Moreover, a few Croatian companies are already listed in the European capital markets, but neither one from the hospitality industry. Admission to the world capital markets is of huge importance for the majority of hotel companies, because of the need for service quality improvement and rise of occupancy rates. The application of USALI is the prerequisite condition for the entrance of world hotel chains in our hospitality industry. They want to bring decisions based on standardised and reliable information. Although a larger number of Croatian hotel companies apply USALI, that fact cannot be seen from their financial statements, because they are prepared according to Croatian accounting law. It is still not sufficiently appreciated that financial statements also can be a method of hotel promotion, as well as capital attracting, because through them are presented, not only the financial results, but also the educational level of employees, the acquaintance and usage of modern business tools and techniques. One reason for this is the age of the management, and especially accountants, insufficient knowledge of market economy and the importance of capital market. A solution to this problem can be found by actions of professional bodies, as well as using consulting services of universities and other institutions. REFERENCES Annual Reports for year 2000 of following Croatian hotel companies: Adriatic d.d., Split, Arenaturist d.d., Pula, Cresanka d.d., Cres, Hotel Dubrovnik d.d., Zagreb, Hotel Holiday d.d., Zagreb, Hotel Lero d.d., Dubrovnik, Hotel Lapad d.d., Dubrovnik, Hoteli Njivice d.d., Njivice, Hotel Opera d.d., Zagreb, Hoteli Punat d.d., Punat, HTP Matija Gubec d.d., Stubi ke Toplice, Ilirija d.d., Biograd na moru, Imperial d.d., Rab, Istraturist Umag d.d., Umag, Jadran Hoteli d.d., Rijeka, Jadran-turist Rovinj, d.d., Rovinj, Liburnia Riviera Hoteli d.d., Opatija, Plava Laguna d.d., Pore , Riviera Holding d.d., Pore . Born, K.: Rechnungslegung International Konzernabschlüsse nach UAS, US GAAP, HGB und EG Rechtlinien, 2. Auglage, Schöffer-Poeschel Verlag, Stuttgart 1999. Cairns, D.: Waving a different flag, Accountancy, September, 2000. Delaney, P.R., Epstein, B.J., Nach, R., Budak, S.W.: GAAP 2002, Interpretation and Application of Generally Accepted Accounting Principles 2002, John Wiley & Sons, Inc., New York, 2001 Harris, P.: Accounting and Finance for the International Hospitality Industry, Butterworth Heinemenn;  HYPERLINK "http://www.aliedhotels.com/i/pdf/ahp-ar2000pdf" http://www.aliedhotels.com/i/pdf/ahp-ar2000pdf; http:www.bh.com ; http:www.nald.ca/Province/Bc/Lbc/anreport/ar96-97/Ar96-97pdf Jarnagin, B. D.: 2000 U.S. Master GAAP Guide, CCH Incorporated, Chicago, 1999. Jones, P. L.: Hospitality Research  The State of the Art, Pergamon, International Journal of Hospitality Management, Oxford, 1998 Meunarodni ra unovodstveni standardi 2000, prijevod s engleskog jezika, Hrvatska zajednica ra unovoa i financijskih djelatnika, Zagreb, 2000. Pacter, P., Why Global Standards-Seven reasons why the world needs IASs, Accountancy 7/1998 Perai, M., Tur i, M.: Informacije upravlja kog ra unovodstva u funkciji poveanja uspjeanosti u hotelijerstvu, Proceedings "Ra unovodstvo, revizija i financije u suvremenim gospodarskim uvjetima", HZRFD, Zagreb, 2001. p. 163-183 Prachner,D; Prachner,G; Schmatzer,H.: Accounting and Auditing in the US and Austria  A Contrasitive English-German Analysis, MANZ Verlag, Wien, 1991 MRS 1, Prezentiranje financijskih izvještaja, NN 3/99. Schmidgall, R. S: Hospitality Industry Managerial Accounting, Educational Institute of the American Hotel & Motel Association, East Lansing, Michigan, 1997 Siegel,G, Sorensen, J.E.: Counting More, Counting Less – Tranformations in the Management Accounting Profession, Institute of Management Accountants, 1999 Uniform System of Accounts for The Lodging Industry, Ninth Revised Edition, Educational Institute of the American Hotel & Motel Association; East Lansing, Michigan, 1996 World Wide Hotel Industry Zakon o ra unovodstvu, NN br.90/92. 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$$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_‡kŠk‹k‘k•k™kkžk¦k¬k²køkö€Lzööö€lzööö$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ $$Ifa$ øk¹kækĆkĒkĖk‰Lƒzzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’'„’’’’’’’’'„’’’’’’’’ö6ööÖ’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ĖkĢkŽkākękźkėkņkökśkžk’k/l5l;l‰|ƒzzz‰Pƒzzz‰ ƒzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_;lAlBlTlWlZl]l^lglmlslylö€pzööö€pzööö$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ $$Ifa$ ylzl‹ll“l—l‰xƒzzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’'„’’’’’’’’'„’’’’’’’’ö6ööÖ’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_—l˜lµløl»l¾lælŠlŌlŲlÜlŻl mmm‰œƒzzz‰xƒzzz‰šƒzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_mmmJmNmRmVmö€ųzööö$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’'„’’’’’’’’’’’’'„’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ $$Ifa$VmWmrmvmzm}m‰œƒzzz $$Ifa$$Ifu$$If–l”ŸÖ\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_}m~m•m—m™m›m‰xƒzzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_›mœm½mĮmÅmÉm‰øƒzzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’'„’’’’’’’’’’’’'„’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ÉmŹm nnnn‰,ƒzzz $$Ifa$$Ifu$$If–l”ØÖ\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_nn n#n'n+n‰\ƒzzz $$Ifa$$Ifu$$If–l”¾Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’'„’’’’’’’’’’’’'„’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_+n,n@nBnCnDn‰dƒƒƒƒ$Ifu$$If–l”„Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’'„’’’’’’’’’’’’'„’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_DnEnfnjnnnrn‰øƒzzz $$Ifa$$Ifu$$If–l”§Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_rnsnµnŗn¼n¾n‰0ƒzzz $$Ifa$$Ifu$$If–l”“Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_¾nænŌnŲnÜnąn‰ˆƒzzz $$Ifa$$Ifu$$If–l”ŖÖ\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ąnįnoo¹riv}y~y¢y£y„|g~‰ƒ~uuusnhuu„Ä^„Ä & F*$„Ä`„Äa$$a$„Ä`„Äu$$If–l”’Ö\ó’Äü€'Ń’’’’’’’’’’’’’’’’'8’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’'„’’’’’’’’’’’’’’’’ö6ööÖ’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’’’’Ö’’’’’’’’’’’’’4Ö4Ö laö_ ąnįnoČo–p q¹r}y£yn{8|9|B€C€I€J€_€`€a€b€c€©€>Yt‚‚^ƒyƒŅ„ķ„…'…€ˆ›ˆ“ŠUŽVŽ\Ž]ŽrŽsŽtŽu޳ŽėŽ"H'’÷šé÷é÷éįéŌĮ鹳س؞س™„„„„šéį|隳س؞ؙ„„CJ\mH sH 5CJ\aJmH sH CJaJmH sH mH sH 5mHnHsH uj5UmH sH  5mH sH 5CJmH sH %B*CJOJQJ^JaJmH ph333sH B*CJaJmH ph333sH 5CJmH sH  CJmH sH  CJmH sH CJaJmH sH 0g~¦~Ž~B€C€©€Ń€ķ€ś€'-=÷÷÷īģāÜ˾¾¾¾µ $$Ifa$ $„”’$If^„”’a$$„H„”’$If]„H^„”’a$$If „Š„0ż^„Š`„0ż$„Š`„Ša$$ & F2a$ 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