Accounting & Reporting Specialist (IFRS)

Islamic Development Bank

JOB PURPOSE

This role holder is responsible for assisting Manager, Finance in ensuring compliance with IFRS 17 standards and providing accurate financial reporting and analysis. In addition, this role is responsible for preparing financial reports and analyses in order to facilitate Senior Management decision making.

KEY ACCOUNTABILITIES

Implementation and Compliance:

• Leads or supports the enhancement of post implementation integration of IFRS 17 standards within the organization.
• Enhancement of alignment of financial reporting processes and systems with IFRS 17 requirements.
• Monitors changes in IFRS 17 regulations and assess their impact on financial reporting practices.

Financial Reporting:

• Assigned duties on preparation and analysis of financial statements, in accordance with IFRS.
• Assigned roles to ensure accuracy and completeness of IFRS 17 related financial data and disclosures.
• Consolidates financial data from various sources to support production of consolidated financial statements.

Data Management and Analysis:

• Gathers and analyses financial data.
• Performs detailed data reconciliations and validations to support financial reporting.
• Identifies and investigates discrepancies or variances in financial and non-financial data.

Auditing and Assurance:

• Conducts internal reviews to verify compliance with IFRS 17 standards and internal controls.
• Assists external auditors during audits and provide necessary documentation and explanations.
• Prepares audit schedules and supports audit findings.

Cross-functional Collaboration:

• Works closely with other departments such as actuarial, IT and legal to ensure comprehensive understanding and implementation / enhancement of IFRS 17 requirements.
• Collaborates with stakeholders to address issues and improve processes.

KEY ACCOUNTABILITIES

Monthly / Quarterly/ Annual Closing

• Fills in IFRS 17 data forms, from underlying operational and reporting systems, for uploading into IFRS 17 engine.
• Downloads results from IFRS 17 reporting engine and make entries into GLs and TB.
• Finalizing the IFRS 17 based TB for review by line manager.

Reconciliation of IFRS 4 vs IFRS 17 financials.

• Assists the Principal Accountant / Manager Finance in ensuring that the book accounts are updated at all times in order to facilitate accurate report generation for the Management decision making.
• Assists the Principal Accountant / Manager Finance in finalizing quarterly and annual financial statements in a timely and accurate manner.

Book-keeping and General Ledger Management:

• Maintains and reconciles general ledger accounts.
• Provides support in recording financial transactions and ensures entries are posted correctly and on time.

Audit Support:

• Assists in the preparation for and coordination of internal and external audits.
• Provides audit schedules, documentation, and explanations as required.
• Supports addressing the audit findings and implementation of recommendations.

Documentation and Reporting

• Maintains documentation of accounting policies and procedures.
• Prepares and presents reports on IFRS 17 enhancement project progress and compliance status to management.
• Prepares monthly reconciliations.

Continuous Improvement:

• Recommends and implements improvements to financial reporting processes and systems to enhance efficiency and accuracy in IFRS 17 reporting.
• Stay updated with emerging trends and developments in IFRSs and Takaful accounting.

Special Projects:

• Works with external consultants and internal stakeholders for enhancing integration between IFRS 17 reporting engine, underlying insurance engine (currently IIMS) and SAP (GL and TB).
• Participates in ad-hoc projects and initiatives as assigned by management.
• Contributes to process improvements and organizational growth.

Other Responsibilities

• The role holder will also perform duties pertinent to the Department/Division as assigned by his line manager.