Financial evaluation of licencees

The following parties must meet the requirements for adequate financial status:

• Airline operators

• Flight school license holders

• Air navigation license holders

• Air traffic controller training license holders

AOC holders must submit the following data to the Icelandic Transport Authority annually for the purpose of assessing their financial situation. The general deadline is June 30:

• Financial statements. The audited financial statements must be submitted no later than six months after the relevant financial year ends. The annual accounts shall consist of a detailed income statement, balance sheet and cash flow. Annual accounts without the signature of a certified public accountant are not considered satisfactory

• Operational and financial plan. The operating plan for the next fiscal year must have itemized income and expenses and in a comparable form with the annual accounts. The plan must also include a liquidity plan for the coming operating year and be broken down by month. The given calculation assumptions and all operational changes from the previous year must be reported separately. A financial assessment cannot be performed unless these presentation requirements are followed.

The icelandic Transport Authority evaluates the data in consultation with an expert on behalf of the organization and the costs are paid by the license holder according to the tariff list of the Icelandic Transport Authority. All financial information is treated as confidential.

Rules and regulations

• Icelandic aviation act No. 48/2012 on common rules for air operations and air services within the EEA

• Regulation EC 1008/2008