Deloitte has issued a white paper aimed at chief financial and information technology officers, senior finance leaders and other corporate executives on the adoption of International Financial Reporting Standards (IFRS) for the tourism, hospitality and leisure industries.

Deloitte says that, developing a plan around IFRS implementation is becoming increasingly important for THL companies to effectively position themselves for the future.

The 'IFRS in Tourism, Hospitality and Leisure: More Than Just Accounting' report is designed to provide the THL industry with specific practical insights on IFRS, taking into account that THL companies often have operations and assets which span countries and continents, increasingly tapping into global capital markets.

It includes useful sections on challenges and opportunities facing hospitality companies, the potential implications of IFRS in relation to human resources; regulatory, tax, treasury, contract management, accounting and technology issues; valuating approaches to IFRS conversion; and planning for IFRS adoption.