During the Covid-19 global pandemic, some governments have decided to support industries with significant revenue losses and offer wage grants/subsidies to keep workers employed during the crisis. To help guide users, the USALI Global Finance Committee came together to collaborate and issue their recommendations for how to record these wage subsidy programs.
The committee prepared this new guidance through their expert interpretations of accounting principles and considerations of existing guidance in the USALI in order to assist users in the determination of the most appropriate classification for revenue and expenses. This guidance has been vetted and offered for comment to the entire committee – a diverse group of HFTP and AHLA Financial Management Committee members employed as owners/asset managers, operators, brands and more. The brand representatives on committee have all been supportive of this guidance.
Please note: The guidance that was originally published on HFTP Connect is now a supplemental resource exclusive to those who purchase the USALI digital subscription. To access the committee guidance on government-sponsored wage subsidy programs and grants during the Covid-19 pandemic, please refer to the USALI digital subscription page on the HFTP website to learn more and subscribe today.
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