Question

What are the challenges a US based hotel may face in the Greece because of its accounting standards?

Answer 1

The recent studys revels that the country greece follws traditional accounting systems and meathods compared us in with greece for eg according to the GAAP( generaly accepted accounting principles) we follow or treat inventory valuation generally follws to meathods fifo and weighted avg meathod bt they follow 5 meathods 1-fifo, 2-weighted avg 3-lifo and unit cost meathods

So us company needs to upgrade their accounting system into tradditional level

And also in greece hotel enterprises have a high fixed cost structure and also high prportion of indirect costs

The presentation of financail statement is the major problem according to ifrs ( international financial reporting system ) companie needs to prepare balance sheet, income statement, cash flow, changes of statements in earnings bt there is an diffrence in greece they needs to additionaly prepare statements of earnings of distribution those are the major challanges faced by a us hotel in greece