Travel & Tourism is a US$10.9 trillion sector employing 357 million people worldwide in 2024, accounting for 10% of worldwide GDP. But the sector is made complex by policy shifts, seasonality, foreign‐exchange risk, and revenue‐recognition problems.
As a worldwide professional qualification, ACCA brings technical competence in IFRS, ethics, and strategic finance to navigate the dynamics. ACCA‐designed accounting professionals are in demand in a wide range of positions—financial analyst to internal auditor—in rapidly developing markets in the Middle East and Maldives.
By learning why ACCA matters, the essential issues of finance, and the potential that is presented, both students and professionals in finance are able to manage finance within this dynamic market.
Overview
In 2024, the total US$ 10.9 trillion value added to the overall economy of the world was 10% of the world economy. In the same year, the industry was supporting nearly 357 million jobs, one job in every ten positions in the world.
Tourist spending in the domestic sector was US$ 5.3 trillion, 5.4% more than in 2023, and international spending increased 11.6% to US$ 1.9 trillion. Growth was robust in all regions but one, but market conditions can change rapidly with policy or external shocks; UK international spending fell by £2 billion in 2024 due to alterations to air passenger duty and charges related to electronic travel authorization. International arrival levels were at 122% of pre-pandemic levels in the Middle East, driven by mega-event and concentrated tourism investments.
Why is ACCA Important in Travel & Tourism
ACCA is the worldwide professional body of accountants with over 147,000 members and 424,000 students in 170 countries. Its curriculum blends intense IFRS, financial and risk analysis education with a compulsory course in ethics to equip professionals to manage sophisticated compliance and report requirements.
The purpose of the ACCA is to drive the profession of accountancy by opportunity and in the public interest, subjecting members to a high standard of ethics. Such ethical foundations are essential to the Travel & Tourism area, where openness, consumer protection and compliance (including GDPR and ATOL reporting) are paramount.
Major Financial Issues in Tourism and Travel
Revenue Recognition and Cost Allocation
Travel services have a lot of components (accommodation, tours, flights) and are rather complex to identify revenue properly under IFRS 15 and allocate each of the components’ cost appropriately.
Foreign Currency and Exchange Risk
Handling many different currencies, travel companies have to contend with foreign-exchange translation, hedging practices, and risk, with specific attention to FX exposures.
Seasonality and Cash Flow Management
The sector is highly seasonal, and this creates unstable cash flows that complicate budgeting, forecasting, and liquidity planning. Cash management has also been especially critical in the post-pandemic era with companies reconciling reopening expenses with uncertain demand.
The Regulatory and Tax Compliance
Working across multiple jurisdictions, travel businesses must contend with various tax laws—e.g., VAT, local taxes, and the UK Tour Operators Margin Scheme (TOMS)—and sector-specific laws like ATOL filing and data protection legislation.
What Value do ACCA Professionals Bring
ACCA members provide more advanced financial reporting and analysis capability to enable accurate budgeting, forecasting, and visibility in performance that are used to make better-informed strategic decisions.
Travel and tourism professionals gain more specific accounting treatment in the travel and tourism industries, should there be revenue recognition of packages and the handling of airlines and hotel firms’ perishable inventories.
Internal auditors that are members of ACCA also help tourism entities improve controls and risk management, with the possibility of practicing worldwide and coming under various regulatory requirements.
Prospects of ACCA to Travel & Tourism
ACCA Careers is recruiting over 120 leisure, travel, and tourism jobs that range from treasury managers and financial analysts to head of finance roles, illustrating demand for ACCA talent. New markets like the Maldives are now directly recruiting ACCA-qualified tourism, finance, and banking professionals, referencing the worldwide mobility and applicability of the qualification.
Beyond conventional careers, there are also strategic development areas like sustainable tourism finance, digitalization projects, and economic impact research—mirroring WTTC priority areas of resilience and innovation. With this understanding, ACCA members and professionals are able to position themselves as integrated finance professionals in a dynamic travel and tourism sector.
