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Radu-Daniel Loghin

SEA - Practical Application of Science, 2016, issue 11, 213-218

Abstract: In recent years the tourism industry has seen a rise in scope and influences both in the political and economic arenas. The industry has become exposed to risks such as money laundering and fraudulent reporting, demanding the use of International Financial Reporting Standards (IFRS) to reduce differences in financial reporting and increase the attractiveness of the sector for investors. For the purpose of this paper, a sample of 611 equities in the tourism and hospitality business was used in order to understand the state of financial reporting in the sector with an emphasis on the relevance of financial information and other issues such as timeliness and the adherence to a true and fair presentation. The research reveals the enhanced relevance obtained from the use of the IFRS as well as risks for the financial management of the companies.

Keywords: Tourism; Financial reporting; Relevance; Equity markets (search for similar items in EconPapers)
JEL-codes: L83 M41 M42 (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:cmj:seapas:y:2016:i:11:p:213-218