Iata extends financial criteria D-day

ATA has agreed to extend
the implementation of its
new local financial criteria for
BSP ZA to March 1, following
concerns raised by Asata and
its members.
Last week, Iata announced
changes to its LFC, including a
minimum financial guarantee
for weekly, fortnightly and
monthly remittances (see
TNW November 18), effective
February 1.
“In its discussions with Iata,
Asata highlighted that, like
many Southern hemisphere
countries, South Africa enjoyed
an extended summer vacation
period that commenced midDecember
through to midJanuary,
which would leave
businesses with very little
time to properly assess the
implications of the changes
and to make arrangements
to have the required financial
guarantees in place by the
originally mandated February
1,” Asata said in a statement.
Iata will still undertake
its extraordinary financial
assessment, applying the
LFC against the current
audited financial statements,
as stated in its initial
communique to members.
The assessment will be
based on the 12-month sales
period between December
1, 2014 and November 30,
2015. “However, the March 1
extension gives members an
additional month to change
their processes accordingly,”
Asata said.