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Estimation of Incremental Work Time in Hotel Accounts Department: Envisaging Prospective Hotel Real Estate Investment Trusts in Hong Kong

The Hong Kong Polytechnic University, hmwilco{at}polyu.edu.hk

Kevin Wong, PhD

The Hong Kong Polytechnic University, hmkevinw{at}polyu.edu.hk

The article identifies new features that are different from routine accounting practice by consulting and comparing with an updated consultation paper of the establishment of real estate investment trusts (REITs), existing accounting reports, and the latest version of uniform accounting for hotels. The study identified 28 reporting items that requires additional work time to deal with under the proposed REITs, spreading across 8 items in balance sheet, 12 items in income statement, 7 items in notes to account, and all items in net income reconciliation. An approach investigating the time additions during start-up and routine stages was used. It is estimated that 25 working hours are required to start up the new information set, and 7 additional hours are needed to generate extra information as required by the REIT office on a routine basis, suggesting significant implications for training and development needs that are discussed here.

Key Words: accounts • real estate investment trusts • REIT • reporting • trusts • work time

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