Economic Importance Of Tourism

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An asset is recognized when it is probable that the future economic benefits or potential service provision will flow to Council and the asset has a cost or value that can be reliably measured (Tisdell, 2013). For example there are infrastructural assets, community assets and heritage assets. Infrastructure assets are defined as any asset that is part of a network of similar assets. Such as roads, water reticulation schemes, sewerage purification and trunk mains, transport terminals and car parks. Community assets are defined as any asset that contributes to the community’s well-being. Such as parks, libraries and fire stations. Heritage assets are defined as culturally significant resources. Such as works of art, historical buildings and statues (Rigall & Torrent, 2008). According to the European Financial Reporting Advisory Group (2007) an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. For the purpose of this study, the researcher is…show more content…
Normally, a tourism destination has different assets such as natural, historic-architectural, socio-cultural, gastronomic, infrastructural (sports systems, congress buildings, and so on) and their combination makes the holiday more attractive and interesting (Cernat & Gourdon, 2007). In relation to the above definition of tourism assets, East London contains a lot of municipal assets that can be used for growing tourism in the city. But these assets are inadequately and ineffectively used for tourism, such as the City Hall which is also one of the top ten attractions of the city but it seems not to attract tourists but a popular meeting spot for municipal strikes which leaves behind damages to the garden and the monuments such as Desmond Tutu`s statue and the war memorial

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