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ACCOUNTING PRACTICES IN TOURISM AND HOTEL SERVICE PROVIDERS:
EVIDENCE FROM UZBEKISTAN
Sul ano Ma lonjon Tu sunbaye ich,
Depa men Economics and inance,
Andijan s a e uni e si y
Abs ac
The ou ism and hospi ali y indus y has become one o he mos signi ican con ibu o s o
Uzbekis an’s economic di e si ica ion. Howe e , he accoun ing and inancial epo ing p ac ices o
ou ism and ho el se ice p o ide s emain inconsis en and o en ail o mee in e na ional s anda ds.
This s udy in es iga es he s uc u e, challenges, and p ac ical applica ions o accoun ing sys ems in
Uzbekis an’s ou ism en e p ises. The pape combines a li e a u e e iew o in e na ional and na ional
accoun ing s anda ds wi h a case-based analysis o jou nal en ies applied in hospi ali y ope a ions.
The esea ch iden i ies ou majo accoun ing issues: inconsis en e enue ecogni ion, inadequa e
cos classi ica ion, absence o s anda dized accoun ing policies, and insu icien s a aining. To
add ess hese, he s udy p oposes a se o model accoun ing en ies—co e ing ad ance paymen s,
se ice e enue ecogni ion, ope a ing expenses, dep ecia ion, and ax obliga ions—aligned wi h he
Na ional Accoun ing S anda ds o Uzbekis an and IFRS 15 (“Re enue om Con ac s wi h
Cus ome s”).
Keywo ds: Accoun ing p ac ices, Tou ism se ices, Hospi ali y indus y, Uzbekis an, Financial
epo ing, Ac i i y-Based Cos ing, IFRS 15, Jou nal en ies.
1. In oduc ion
Tou ism is one o he mos dynamic sec o s o he global economy, di ec ly con ibu ing o
employmen , g oss domes ic p oduc (GDP), and sus ainable de elopmen . Accoun ing p ac ices in
ou ism and ho el se ice p o ide s play a c ucial ole in ensu ing anspa en inancial epo ing, cos
con ol, and p o i abili y measu emen . In ecen yea s, Uzbekis an has made subs an ial p og ess in
de eloping i s ou ism sec o , posi ioning i as a s a egic d i e o economic di e si ica ion.
Acco ding o he S a e S a is ics Commi ee o Uzbekis an (2025), ou ism se ices gene a ed
app oxima ely USD 927 million in he i s qua e o 2025 alone, ma king a 12% inc ease compa ed
o he p e ious yea (Kun.uz, 2025).
Howe e , despi e his apid g ow h, he inancial managemen and accoun ing sys ems o ou ism and
hospi ali y o ganiza ions in Uzbekis an emain unde de eloped. Many en e p ises ace di icul ies in
applying uni o m accoun ing s anda ds, classi ying cos s, and ecognizing e enues in compliance
wi h na ional and in e na ional egula ions. The challenge is pa icula ly acu e among small and
medium-sized ou ism ope a o s, which o en lack ained accoun ing pe sonnel and a s anda dized
cha o accoun s ailo ed o se ice-o ien ed ac i i ies.
Accu a e and anspa en accoun ing in his sec o is essen ial o se e al easons. Fi s , i enables
e ec i e manage ial decision-making by p o iding in o ma ion on he cos o se ices, e enue
s eams, and p o i ma gins. Second, i ensu es compliance wi h ax and inancial epo ing
egula ions, os e ing us among in es o s and s akeholde s. Thi d, accoun ing da a a e c i ical o
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mac oeconomic analysis, as ou ism is an in eg al componen o Uzbekis an’s na ional de elopmen
s a egies (Wo ld Tou ism O ganiza ion, 2023).
This pape aims o analyze he accoun ing sys ems used by ou ism and ho el se ice p o ide s in
Uzbekis an, iden i y he majo challenges in inancial epo ing, and p opose model accoun ing
en ies (jou nal en ies) and bes p ac ices. The s udy con ibu es o he li e a u e by combining
heo e ical ounda ions, na ional accoun ing s anda ds, and eal-wo ld examples o accoun ing
ansac ions.
2. Li e a u e Re iew
The accoun ing p ac ices o ou ism and hospi ali y o ganiza ions ha e been widely examined ac oss
coun ies due o he sec o ’s complex na u e—combining angible (accommoda ion, ca e ing) and
in angible ( ou packages, en e ainmen ) se ices. Ne e heless, empi ical esea ch ocusing
speci ically on Uzbekis an’s ou ism accoun ing emains sca ce.
2.1. Global con ex
Globally, he ou ism and hospi ali y indus y ollows he gene al p inciples o acc ual-based
accoun ing and he In e na ional Financial Repo ing S anda ds (IFRS). Howe e , he iming o
e enue ecogni ion and he alloca ion o indi ec cos s ha e been a eas o deba e (Smi h, 2019).
Acco ding o Ko as and Me sham (2021), hospi ali y accoun ing di e s om manu ac u ing because
se ice p o ision and consump ion occu simul aneously, making cos measu emen and con ol mo e
di icul .
The Uni o m Sys em o Accoun s o he Lodging Indus y (USALI), de eloped in he Uni ed S a es,
se es as a benchma k o many ho el chains. I p esc ibes a de ailed classi ica ion o e enues and
expenses by depa men s ( ooms, ood and be e age, adminis a ion, ma ke ing) and has in luenced
accoun ing p ac ices globally (Schmidgall & Dami io, 2017). Howe e , i s adop ion in pos -So ie
economies, including Uzbekis an, emains limi ed due o di e ences in legal and iscal sys ems.
2.2. Regional and pos -So ie s udies
Se e al s udies ha e analyzed he adap a ion o accoun ing sys ems in Cen al Asian ou ism.
Baimukhano a (2022) ound ha in Kazakhs an, ou ism en e p ises s ill ely hea ily on s a e-
egula ed cha s o accoun s ha limi manage ial lexibili y. Simila ly, in Ky gyzs an and Tajikis an,
esea che s no ed challenges in aligning local accoun ing s anda ds wi h IFRS due o ansla ion and
aining gaps (E gashe a, 2020).
In Uzbekis an, Shyngyso a (2017) highligh ed ha accoun ing in he ou ism sec o emains
agmen ed, wi h inconsis en ecogni ion o ad ance paymen s and se ice obliga ions. The au ho
p oposed ha e enue should only be ecognized upon se ice deli e y, aligning wi h IFRS 15
(“Re enue om Con ac s wi h Cus ome s”). Ano he s udy by Tu ae a and Khay ullae a (2021)
examined cos accoun ing in ou ism and anspo se ices, emphasizing he need o include
anspo - ela ed cos s in he o al cos o ou ism p oduc s o e lec eal p o i abili y.
Meanwhile, Abdug‘aniye (2022) in es iga ed he applica ion o he Ac i i y-Based Cos ing (ABC)
me hod in Uzbek ou ism companies, inding ha i signi ican ly imp o es cos aceabili y and
suppo s manage ial decisions. This me hod, howe e , emains unde used due o limi ed awa eness
and implemen a ion capaci y among accoun an s.
2.3. Theo e ical ounda ions
Tou ism accoun ing is g ounded in se ice accoun ing heo y, which ocuses on ma ching cos s and
e enues o e he se ice p o ision pe iod (Ho ng en e al., 2020). The main ea u es include:
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• Recogni ion o ad ance eceip s as liabili ies un il se ices a e ende ed;
• Classi ica ion o di ec and indi ec expenses based on hei ela ion o se ice p o ision;
• Dep ecia ion o ixed asse s (such as u ni u e, anspo , and equipmen ) used in ou ism
ope a ions;
• Regula calcula ion o ope a ing income pe se ice ype ( ooms, ou s, meals, e c.).
These heo e ical bases a e ele an o Uzbekis an, whe e ou ism businesses mus comply wi h he
Law on Accoun ing (2020 e ision) and he Na ional Accoun ing S anda ds o Uzbekis an (NAS).
NAS in eg a es se e al IFRS elemen s bu main ains speci ic equi emen s o documen a ion and
accoun numbe ing. Fo example, p epaymen s ecei ed om cus ome s a e eco ded unde accoun
411 “De e ed income,” while se ice e enues a e ecognized unde accoun 901 “Main ac i i y
income.”
2.4. Accoun ing challenges in Uzbekis an’s ou ism sec o
Despi e egula o y imp o emen s, se e al key p oblems pe sis :
1. Inconsis en e enue ecogni ion: Many ou ism ope a o s eco d income upon eceip o
paymen , e en i se ices ha e no ye been ende ed, con adic ing acc ual p inciples (The
Economics Jou nal, 2022).
2. Insu icien cos classi ica ion: Cos s such as anspo , cleaning, and u ili ies a e o en
agg ega ed unde gene al expenses, making p o i abili y analysis di icul (Abduganiye , 2022).
3. Lack o s anda dized accoun ing policies: Small en e p ises a ely de elop in e nal accoun ing
policies o use uni o m cha s o accoun s, leading o disc epancies in inancial epo s (Shyngyso a,
2017).
4. Limi ed s a aining: Many accoun ing s a lack amilia i y wi h IFRS and compu e ized
accoun ing sys ems, pa icula ly in egional ou ism businesses (Tu ae a & Khay ullae a, 2021).
2.5. Resea ch gap and con ibu ion
While p e ious s udies ha e discussed heo e ical and me hodological aspec s o accoun ing in he
ou ism sec o , ew ha e p esen ed p ac ical accoun ing en ies and eal-wo ld examples based on
Uzbekis an’s con ex . Mo eo e , he e is limi ed esea ch linking cos accoun ing, se ice e enue
ecogni ion, and na ional accoun ing egula ions in o a cohe en analy ical amewo k.
The e o e, his pape seeks o ill ha gap by:
• Mapping he accoun ing cycle o ou ism and hospi ali y p o ide s in Uzbekis an;
• P o iding model jou nal en ies o ypical business ansac ions (ad ance paymen s, cos
ecogni ion, dep ecia ion, and ax obliga ions);
• Analyzing he consis ency be ween local p ac ices and IFRS p inciples;
• O e ing policy and manage ial ecommenda ions o imp o e accoun ing accu acy and
anspa ency.
3. Me hodology
3.1 Resea ch design
This s udy adop s a desc ip i e-analy ical design o examine accoun ing p ac ices in Uzbekis an’s
ou ism and hospi ali y sec o . Bo h quali a i e and quan i a i e app oaches a e applied: quali a i e
o e iewing na ional s anda ds and heo e ical amewo ks, and quan i a i e o illus a ing p ac ical
accoun ing en ies and inancial ansac ions in he o m o model jou nal en ies.
3.2 Da a sou ces
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The s udy elies on mul iple sou ces o da a:
• P ima y da a: ield obse a ions and in e iews wi h accoun an s and manage s in h ee ho el
and a el agencies in Tashken , Sama kand, and Bukha a (conduc ed 2024–2025).
• Seconda y da a: published epo s, egula o y documen s (e.g., Law on Accoun ing o he
Republic o Uzbekis an, 2020), Na ional Accoun ing S anda ds (NAS), IFRS 15, and p e ious
academic s udies (e.g., Abdug‘aniye , 2022; Shyngyso a, 2017).
3.3 Analy ical amewo k
The accoun ing p ocess in ou ism se ice p o ide s was analyzed in ou main s ages:
S age
Accoun ing
Objec i e
Example o T ansac ion
Expec ed Ou pu
1
Re enue ecogni ion
Ad ance paymen s o ho el
bookings
De e ed income un il se ice
ende ed
2
Cos classi ica ion
Room cleaning, ca e ing,
anspo
Alloca ion o cos cen e s
3
Asse managemen
Pu chase o u ni u e,
ehicles
Capi aliza ion and dep ecia ion
4
Tax and epo ing
VAT and p o i ax
calcula ion
Compliance wi h NAS & IFRS
The s udy also uses he Uni o m Sys em o Accoun s o he Lodging Indus y (USALI) as a
benchma king ool o s uc u ing e enues and cos s, adap ed o Uzbekis an’s na ional accoun ing
amewo k.
3.4 Accoun ing model and assump ions
To illus a e inancial ope a ions, a model ho el- ou ism en e p ise named “SilkRoad Hospi ali y
LLC” was cons uc ed. The model assumes:
• The en e p ise uses double-en y bookkeeping in acco dance wi h he Cha o Accoun s o
Uzbekis an (2020 edi ion).
• Se ices include accommoda ion, ood, and guided ou s.
• VAT a e is 12%.
• All amoun s a e in Uzbek soums (UZS).
The analysis ocuses on i e ypical accoun ing scena ios:
(1) cus ome ad ance paymen s; (2) se ice p o ision and e enue ecogni ion; (3) cos accumula ion;
(4) dep ecia ion; and (5) ax obliga ions.
4. Resul s
4.1. Accoun ing o ad ance paymen s and e enue ecogni ion
In ou ism and hospi ali y en e p ises, cus ome s equen ly make ad ance paymen s o u u e
se ices (ho el bookings, ou packages). Acco ding o IFRS 15 and NAS 9 o Uzbekis an, such
paymen s a e eco ded as liabili ies un il he se ice is p o ided.
Example 1 – Ad ance paymen o ho el se ice.
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T ansac ion
Debi
C edi
Amoun
(UZS)
Desc ip ion
Cus ome pays
3,000,000 UZS in
ad ance o a 3-nigh
ho el s ay
51 “Bank
accoun s”
411 “De e ed income
(ad ance ecei ed)”
3,000,000
Reco d ad ance
paymen
Se ice is p o ided
(gues checks ou )
411 “De e ed
income”
901 “Re enue om
co e ope a ions”
3,000,000
Recognize
se ice e enue
This p ocess ensu es ha e enue is ecognized only when he se ice obliga ion is ul illed,
main aining compliance wi h acc ual-based accoun ing.
4.2. Accoun ing o ope a ing cos s
Tou ism and ho el se ices in ol e a wide ange o di ec and indi ec expenses—such as cleaning,
u ili ies, s a sala ies, and consumables. P ope cos classi ica ion is i al o p o i abili y analysis.
Example 2 – Reco ding ope a ing expenses
T ansac ion
Debi
C edi
Amoun
(UZS)
Desc ip ion
Cleaning ma e ials
pu chased
201 “P oduc ion cos s
(se ices)”
601 “Supplie s and
con ac o s”
1,200,000
Cleaning ma e ials
used
Sala ies o
housekeeping s a
201 “P oduc ion cos s
(se ices)”
671 “Wages
payable”
5,000,000
Mon hly sala ies
acc ued
U ili y bills
(elec ici y, wa e )
261 “Adminis a i e
expenses”
601 “Supplie s and
con ac o s”
2,500,000
Adminis a i e
o e head
Paymen o supplie
in oices
601 “Supplie s and
con ac o s”
51 “Bank accoun s”
3,700,000
Paymen
se lemen
This classi ica ion helps in dis inguishing di ec se ice cos s ( oom cleaning, ca e ing) om
adminis a i e o e heads, suppo ing de ailed cos analysis.
4.3. Accoun ing o asse acquisi ion and dep ecia ion
Tou ism and ho el companies ely hea ily on long- e m asse s such as u ni u e, anspo ehicles,
and equipmen . These a e capi alized and dep ecia ed sys ema ically.
Example 3 – Acquisi ion and dep ecia ion o ixed asse s
T ansac ion
Debi
C edi
Amoun
(UZS)
Desc ip ion
Pu chase o ho el
u ni u e
081 “Fixed asse s
unde acquisi ion”
601 “Supplie s”
45,000,000
Capi al in es men
Fu ni u e pu in o
ope a ion
011 “Buildings and
u ni u e”
081 “Fixed asse s
unde acquisi ion”
45,000,000
Commissioning
Mon hly
dep ecia ion
cha ge
902 “Ope a ing
expenses”
131 “Dep ecia ion o
ixed asse s”
750,000
Dep ecia ion o 1
mon h
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This en y s uc u e ollows NAS 4 (Fixed Asse s Accoun ing), ensu ing accu a e acking o asse
u iliza ion and expense alloca ion.
4.4. Accoun ing o axes and manda o y paymen s
Ho el and ou ism o ganiza ions in Uzbekis an a e subjec o se e al axes: Value Added Tax (VAT),
p o i ax, and p ope y ax. Accoun ing en ies o VAT and p o i ax a e c ucial o compliance.
Example 4 – Tax calcula ions
T ansac ion
Debi
C edi
Amoun
(UZS)
Desc ip ion
VAT on sales
(12%)
901 “Re enue”
641 “VAT
payable”
360,000
VAT liabili y on
3,000,000 UZS sale
P o i ax acc ued
(15%)
991 “P o i and
loss”
681 “P o i ax
payable”
450,000
P o i ax ecogni ion
Paymen o he
budge
681 “P o i ax
payable”
51 “Bank
accoun s”
450,000
Tax se lemen
Such eco ds ein o ce compliance wi h he Tax Code o Uzbekis an (2023), while keeping inancial
s a emen s anspa en o audi and epo ing pu poses.
4.5. Summa y o accoun ing en ies
Ca ego y
Typical Accoun s Used
Key P inciple
Re e ence S anda d
Re enue
51, 411, 901
Recognize e enue upon se ice deli e y
IFRS 15 / NAS 9
Cos s
201, 261, 671, 601
Ma ch cos s wi h ela ed e enues
NAS 3
Asse s
011, 081, 131
Capi alize and dep ecia e sys ema ically
NAS 4
Taxes
641, 681, 991
Acc ual-based ax ecogni ion
Tax Code (2023)
The esul s con i m ha a s anda dized cha o accoun s and consis en applica ion o acc ual-based
p inciples signi ican ly imp o e inancial accu acy and anspa ency ac oss he ou ism and
hospi ali y indus y.
5. Discussion
5.1 In e p e a ion o indings
The esul s o his s udy demons a e ha accoun ing in Uzbekis an’s ou ism and hospi ali y sec o
emains pa ially aligned wi h in e na ional p inciples, bu se e al c i ical gaps pe sis in p ac ice. The
accoun ing jou nal en ies p esen ed in he esul s sec ion show ha en e p ises gene ally ollow he
double-en y sys em and use s anda dized accoun s. Howe e , inconsis en iming o e enue
ecogni ion, weak in e nal con ol, and limi ed manage ial accoun ing applica ion con inue o
unde mine epo ing quali y.
The ecogni ion o ad ance paymen s as de e ed income (Accoun 411) and hei subsequen ans e
o ope a ing e enue (Accoun 901) once se ices a e ende ed complies wi h IFRS 15: Re enue om
Con ac s wi h Cus ome s. None heless, many small ou ism businesses s ill ecognize e enue a he
poin o cash eceip a he han se ice deli e y, which can dis o p o i ma gins and mis ep esen
inancial pe o mance (Shyngyso a, 2017).
The alloca ion o cos s unde Accoun s 201 (“Se ice p oduc ion cos s”) and 261 (“Adminis a i e
expenses”) is consis en wi h Na ional Accoun ing S anda d (NAS) 3: Cos Accoun ing, bu mos
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companies ail o use cos alloca ion me hods such as Ac i i y-Based Cos ing (ABC). Acco ding o
Abdug‘aniye (2022), applying ABC in ou ism imp o es anspa ency in de e mining se ice
p o i abili y by acing indi ec cos s—such as anspo , cleaning, and s a supe ision— o speci ic
se ice ac i i ies.
Dep ecia ion and ax accoun ing en ies ollow NAS 4 and he Tax Code o Uzbekis an (2023);
howe e , di e ences be ween accoun ing dep ecia ion and ax dep ecia ion a es o en complica e
econcilia ion du ing audi s. Mo eo e , ou ism ope a o s in egional ci ies equen ly main ain
manual eco ds ins ead o compu e ized sys ems, inc easing he isk o human e o .
5.2 Policy implica ions
To enhance inancial anspa ency and compa abili y wi h in e na ional s anda ds, se e al policy
ecommenda ions a e p oposed:
1. In eg a ion wi h IFRS
Uzbekis an’s Na ional Accoun ing S anda ds should be ully ha monized wi h IFRS 15 and IFRS 16
(Leases) o cla i y he iming and classi ica ion o se ice e enues. Regula o s should de elop an
upda ed Tou ism and Hospi ali y Accoun ing Manual consis en wi h in e na ional bes p ac ices,
simila o USALI (Schmidgall & Dami io, 2017).
2. Capaci y building and aining
Con inuous p o essional educa ion o accoun an s and audi o s in he ou ism indus y is essen ial.
T aining p og ams should emphasize se ice cos analysis, acc ual accoun ing, and compu e ized
accoun ing sys ems.
3. S anda dized in e nal accoun ing policy
Each ou ism en e p ise should es ablish a o mal accoun ing policy documen ou lining me hods o
e enue ecogni ion, expense alloca ion, dep ecia ion, and axa ion. This policy should be e iewed
annually in line wi h egula o y upda es.
4. P omo ion o manage ial accoun ing ools
The in oduc ion o Ac i i y-Based Cos ing (ABC) and pe o mance dashboa ds can enable be e
p icing decisions and cos con ol, enhancing compe i i eness in he hospi ali y sec o .
5. Digi al ans o ma ion o accoun ing
Adop ion o accoun ing so wa e such as 1C: Buxgal e iya o cloud-based ERP sys ems will educe
e o s, acili a e ax epo ing, and in eg a e inancial da a ac oss b anches and depa men s.
5.3 Compa ison wi h in e na ional li e a u e
The s udy’s indings a e consis en wi h global li e a u e emphasizing he impo ance o acc ual-based
accoun ing in he hospi ali y sec o (Ko as & Me sham, 2021). Simila o obse a ions by Smi h
(2019) in Eu opean ho el chains, Uzbek ou ism i ms ace challenges in dis inguishing be ween
se ice and p oduc componen s o e enue. Mo eo e , he need o ABC adop ion mi o s
conclusions om esea ch on cos op imiza ion in de eloping economies (Ho ng en e al., 2020).
Howe e , Uzbekis an’s egula o y en i onmen di e s om Wes e n con ex s due o i s eliance on a
go e nmen -manda ed cha o accoun s, a legacy o he So ie sys em. This makes manage ial
lexibili y and adap a ion o IFRS slowe . The e o e, localized solu ions—such as upda ing he Model
Cha o Accoun s o Se ice Indus ies—a e mo e ealis ic sho - e m e o ms han ull IFRS
adop ion.
5.4 Limi a ions
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This s udy is limi ed in scope o selec ed en e p ises in Uzbekis an’s majo ou is ci ies. B oade
empi ical esea ch using su ey da a o inancial s a emen analysis om a la ge sample would
imp o e he gene alizabili y o esul s. Addi ionally, he absence o longi udinal da a p e en s
assessmen o long- e m impac s o accoun ing e o ms.
6. Conclusion
The esea ch concludes ha accoun ing p ac ices in Uzbekis an’s ou ism and hospi ali y indus y a e
g adually imp o ing bu emain cons ained by s uc u al and ins i u ional challenges. By analyzing
eal-li e accoun ing en ies and aligning hem wi h na ional and in e na ional s anda ds, his pape
demons a es how acc ual-based accoun ing p inciples can be p ac ically applied wi hin he sec o .
Key indings include:
• The need o ecognize e enues only upon se ice deli e y (in compliance wi h IFRS 15).
• The impo ance o dis inguishing di ec se ice cos s om adminis a i e expenses.
• The necessi y o s anda dize accoun ing policies and imp o e in e nal con ol mechanisms.
P ac ical ecommenda ions in ol e ha monizing he Na ional Accoun ing S anda ds wi h IFRS,
de eloping a uni ied Tou ism Accoun ing Guide, and expanding p o essional aining. Implemen ing
digi al accoun ing ools and cos managemen sys ems will enhance he e iciency, accu acy, and
anspa ency o inancial epo ing.
In conclusion, imp o ing accoun ing p ac ices is no me ely a echnical equi emen bu a s a egic
necessi y o sus ainable g ow h o Uzbekis an’s ou ism and hospi ali y sec o . Reliable accoun ing
in o ma ion os e s in es o con idence, acili a es ax compliance, and suppo s manage ial
decisions—ul ima ely con ibu ing o he coun y’s b oade economic de elopmen .
REFERENCES
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2. Baimukhano a, D. (2022). Accoun ing and epo ing challenges in he hospi ali y sec o o
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