Technical Accounting Specialist
Absa · Sandton
Empowering Africa’s tomorrow, together…one story at a time.
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Belonging at Absa
Absa is committed to creating an inclusive workplace where everyone can thrive. We are an equal opportunity employer and welcome applications from suitably qualified individuals from diverse backgrounds. In support of our Diversity, Equity, Inclusion and Belonging (DEIB) commitments and Employment Equity objectives, preference may be given to candidates from underrepresented designated groups, including persons with disabilities. We encourage applicants who may require reasonable accommodation during the recruitment process to let us know so that appropriate support can be provided.
Job Summary
The main purpose of the Technical Advisory Group role is to provide technical accounting and regulatory support on complex transactions originating from a variety of Absa businesses in South Africa and rest of Africa. Overall job responsibilities include:Determining appropriate accounting policies for Absa businesses.
Providing practical assistance in implementing accounting or regulatory policies and treatment.
Assess the impact of new accounting developments on the business unit and manage the implementation thereof by preparing technical accounting opinions.
Engaging with a wide variety of stakeholders to provide accounting treatment for new transactions and/or providing regulatory treatment for new transactions
Involvement with the development of new products and transactions from an IFRS accounting or regulatory policy perspective.
Write up of accounting and regulatory treatments for new product sign-off and other transaction approval forums.
Job Description
Accountability: Changes in accounting standards & accounting issue
- Stay up to date with accounting guidance and developments by subscribing to International Accounting Standards Board ("IASB"), South African Institute of Chartered Accountants ("SAICA") etc and communication of these upfront to the Business Units.
- Inform the relevant Group Financial Reporting ("GFR") note owner of accounting changes that might affect their notes disclosures in the annual financial statements (AFS) to enable them to critically assess the impact on their notes for accuracy and compliance with IFRS.
- Identify possible accounting issues within the business units which may result in inaccurate financial reporting and actively drive the process in resolving these issues by continuous communication with the business units and assisting the business unit in finding practical solutions to address these.
- Perform thorough and detailed assessments on any technical accounting matters identified to limit the time required from the auditors on investigating transactions potentially incorrectly accounted for in terms of IFRS and group accounting policies.
- Stay up to date and liaise with Regulatory bodies such as SAICA and the Banking Association on any industry related matters pertaining to accounting standards to ensure Absa's view is taken into account by these bodies when taking decisions on the development of accounting standards and related matters.
- Communicate proactively and continuously with business to discuss issues and concerns that might arise to ensure potential incorrect accounting for transactions in terms of IFRS and group accounting policies are addressed.
- Respond to queries from business in a timely manner on i.e. accounting treatment queries to ensure potential accounting issues are resolved within a reasonable period.
- Inform business of any International Financial Reporting Standards ("IFRS") related issues that might affect them by staying up to date on any accounting developments by monitoring the communications from the IASB and SAICA to ensure these are appropriately taken into account by business for financial reporting purposes.
- Resolve any business related issues within respective clusters which note owners/GFR experience.
- Minimise any issues that clusters experience for year-end by following up and resolving issues identified on a timely basis and reviewing list of outstanding technical accounting issues as logged on SharePoint.
- Set up periodic meetings with Business Chief Financial Officers ("CFO") to identify any accounting issues to be addressed to be able to address and resolve these pro-actively.
Accountability: Accounting support including new product developments
- Provide guidance to the business unit on completing supplementary schedules required by Group Financial reporting for financial statement note disclosure. Also review these schedules for accuracy and completeness.
- Provide support to disclosure note owners on any technical accounting matters encountered.
- Assist business units in drafting separate company financial statements for group subsidiaries and assist in completing and submitting to Group Secretariat within 6 months from the year-end.
- Act as point of contact between Financial Control and the business unit for any reporting related and technical queries
- Collate information relating to new products, prepare technical accounting opinion and assist the business unit with the implementation thereof
- Provide technical accounting support that is practical by relying on own technical accounting expertise and knowledge.
- Keep updated with any developments on new products launched based on products coming through the New Product Approval Process and ensure timeous accounting assessment of new products.
- Enhance knowledge and understanding of business and product offerings to be able to provide relevant technical accounting support by continuously liaising with relevant stakeholders i.e. Business Unit CFO, product owners etc.
- Obtain and understanding of how the product /technical issue affects other business units in the bank (i.e. interdivisional entries that should net off on consolidation).
- Liaise with the consolidations team and the respective note owners concerning problems that might occur, so that they are aware of potential issues, which should be escalated and resolved.
Education and skills:
- BCom Financial Sciences
- CA(SA)
- 3-5 year's experience in a technical accounting role
- Experience working in a Financial Services environment advantageous
Education
Bachelor`s Degrees and Advanced Diplomas: Financial Sciences (Required)