ASC 606 revenue recognition for franchise and management contracts, tourist development tax exposure, brand-standard reporting, and multi-property consolidation for Florida hotels, resorts, and lodging operators.
Several years into ASC 606, Florida resort and hospitality operators are still finding that the revenue-recognition standard reaches into more of their financials than they initially expected.
Read postThe revenue recognition standard reaches further into hospitality than many operators expect. Franchise fees, management contracts, loyalty programs, and resort-fee arrangements all require analysis of performance obligations and timing, and they are recurring focus areas in resort and hotel audits.
Tourist development, or bed, taxes are collected on behalf of the county and remitted, so they are tested as liabilities and remittances rather than as revenue. Auditors confirm that collections, returns, and remittances reconcile and that any exposure is properly disclosed.
Multi-property operators face consolidation, intercompany, and brand-standard reporting questions. The audit addresses how properties roll up, how management and owner entities interact, and whether brand or franchise reporting requirements are met.
Initial conversations are confidential and free of charge. Tell me about your organization and the engagement you’re considering.
Request a Consultation