Impact assessment of contemporary international and national accounting standards adoption: evidence from Greek hotels
ISSN: 0263-7472
Article publication date: 1 June 2021
Issue publication date: 4 October 2021
Abstract
Purpose
This paper aims to offer new insights on how the adoption of contemporary international accounting standards can affect the financial performance of a hotel. It provides significant input for strategic decision making in property management, especially in countries where hotels properties are given a choice between different accounting standards.
Design/methodology/approach
Data was collected from 3-, 4- and 5- star hotels in Greece, through primary research with questionnaires, filled by hotel financial managers. Greece was selected because hotels can choose between national and international accounting standards; therefore, the research could focus on actual factors beyond mandatory adoption.
Findings
Microeconomic factors such as category or legal form of the hotel in combination with other factors can affect the perceived benefits of the selected accounting standards. Macroeconomic factors such as the overall tourism development of the destination also affect the perceived impact.
Research limitations/implications
The research was targeted at hotel executives with knowledge and participation in decision making regarding accounting standards. This requirement limited the sample since all hotels do not have a financial manager position.
Practical implications
The new knowledge can be utilized in property management as an element of hospitality strategic planning for improved assessment of anticipated effects resulting from the adoption of specific accounting standards.
Originality/value
The research fills a gap in existing knowledge by introducing elements not previously examined; additionally, it expands previous knowledge from other sectors to hospitality and tourism, while verifying or rejecting past findings.
Keywords
Citation
Koufodontis, N.I., Zounta, S. and Papagiouvanni, M. (2021), "Impact assessment of contemporary international and national accounting standards adoption: evidence from Greek hotels", Property Management, Vol. 39 No. 5, pp. 670-685. https://doi.org/10.1108/PM-12-2020-0086
Publisher
:Emerald Publishing Limited
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