Impact assessment of contemporary international and national accounting standards adoption : evidence from Greek hotels

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.