ATOL Reporting Accountants

On April 1st 2016, The Association of Chartered Certified Accountants (ACCA) introduced a new requirement ATOL certificate holders. Whereas prior to that, accounts could be signed off by any accountants, they must now be signed off by a firm with accreditation in the field. We can confirm that at LFM we are members of the ATOL Reporting Accountants Scheme.

The main point of difference in the work is that the ATOL reporting accountants are required to confirm that the revenue arising from their clients’ licensable operation in the period. That is, to verify that figures indicated in the licensable revenue report are fairly presented in accordance with Civil Aviation Authority (CAA) regulations and guidance.

This is a vital compliance requirement. Underlying the report is the amount of “bond” paid to ATOL so the figures need to be correct so as not to have a negative effect on your working capital. It’s also a necessary requirement for continuing to hold your ATOL license so as to be able to provide ATOL registered services to your customers.