Study on the Accounting System and Practices of UAE Hospitality Industry : A Case Study on Hilton Hotels, RAK, UAE

Abstract

This Research paper study the accounting and financial operation system followed by Waldorf Astoria based on UAE, RAK. The study explored and analyzed several accounting and financial aspects which were impacts of IFRS application on the company financial performance, analysis of revenue recognition method selected by the company, analyzed the treatment of fixed assets (PPE), explored the importance of intangible assets in the financial statements of the company, examined the financial disclosures, examined foreign exchange rate risks and management of other risk factors that influence the company performance. The research methodology used was the company's five year's annual reports covering financial performance analysis aspects of the study. Major findings of the study include evaluating strategy followed for applying IFRS and its impacts on the financial performance and the complex issues connected with fixed asset management and financial health monitoring in the hospitality industry. There is no doubt that the company is facing international market challenges and at the same time they are well-managing their resources and performance and continue to be one of the world popular leading brands in hospitality industry.