IFRS Technical and Accounting Policy Manager PBB

Background
The Standard Bank Group (SBG) reports its financial statements in terms of the requirements of International Financial Reporting Standards (IFRS). SBG has a significant presence in the Corporate and Investment Banking space as well as a number of operations internationally, both in Africa and in London. .

The Group has a dedicated and centralised IFRS Technical Advisory and Business Solutions Team (iTABS) in Johannesburg, South Africa.

Job purpose
The candidate will be a part of the Group Finance IFRS Technical Advisory and Business Solutions Team (iTABS) and will assist in providing technical accounting advisory services with respect to IFRS, primarily to the group’s South African Corporate and Investment Banking operations, hereafter referred to as CIB (SA), as well as the provision of technical hedge accounting advisory services to the Group and practical application of hedge accounting to group hedges.

Key responsibilities
Key responsibilities include (note that many of the responsibilities below will also be fulfilled by working with other team members):

•Provide technical accounting support and advice to CIB (SA) (this will include advice on various structured trades);

•Provide technical hedge accounting support and advice to the Group (this will include advice on compliance as well as operational hedge accounting requirements, operationalisation and maintenance of various group related hedges and an understanding of the group’s hedge accounting system (REVAL));

•Assist in the resolution of technical accounting issues (from both an individual operation/subsidiary perspective as well as from a Group perspective);

•Be proactive in identifying technical accounting issues;

•Provide technical accounting input into special projects (e.g. system development, restructures etc);

•Monitoring compliance with accounting policies and prepare and maintain internal policies as and where applicable;

•Roll out group accounting policies into CIB (SA);

•Preparation of technical accounting memoranda and papers outlining the nature and background of the technical accounting issue; the relevant accounting pronouncements; the application of the technical accounting requirements to the accounting issue and the suggested conclusions and recommendations;

•Providing technical accounting guidance and support to CIB’s New Product Committee (NPC) – this includes participation in technical discussions in the NPC;

•Formulating the impact of changes in accounting standards and interpretations on CIB (SA) (new standards and interpretations);

•Developing and presenting technical accounting material (IFRS presentations) to CIB (SA). (finance groups, special interest groups, e.g. credit teams)

•Training and up-skilling of in-country finance teams on latest accounting standards and on topics requested by countries;

•Part of the relationship management and liaison point for technical accounting issues between Group Finance and CIB (SA);

•Maintaining technical knowledge of self and, indirectly, colleagues as issued from time to time by:

oThe International Accounting Standards Board (IASB);
oThe International Financial Reporting Interpretations Committee (IFRIC); and
oThe South African Institute of Chartered Accountants (SAICA);

•Liaison with external auditors on technical accounting issues – this includes discussing, concurring, receiving sign off and audit of the findings of technical accounting research and advice;

•Participate in external discussion groups on accounting related issues – including:
oSAICA technical sub-committee meetings; and
oBanking Association (SA) technical meetings.

•Assist the group with special projects that require technical accounting expertise such as business combinations, restructuring transactions etc.


Key performance measure
•Proactive participation in and contribution to the technical advisory process in assisting CIB (SA) with their technical accounting requirements;

•Preparation of articulate, well constructed and understandable documents for internal use that succinctly set out the understanding of the issue and the recommended accounting requirements. The advice provided should be fully backed up with references to IFRS requirements and be in line with group accounting policy;

•Providing ad-hoc technical accounting advice that is on time, responds to the specific accounting issue and is in accordance with IFRS requirements and group accounting policy;

•Preparation and presentation of understandable, relevant and high impact presentations on technical requirements to CIB (SA). The understanding of the material by the audience presented to will reflect the effectiveness and quality of the presentation;

•Technical and audit sign off of technical accounting recommendations;

•Enhancements and improvements to existing group accounting policies;

•Maintenance of technical accounting expertise necessary for the successful performance of the role – i.e. reduced need to consult externally on matters;

•Governance of hedge accounting relationships within the Group to ensure compliance with accounting standards, and accurate disclosure;

•Development, maintenance, effectiveness and compliance of group hedges with IFRS requirements (feedback and input from external audit will also be a key measure here); and

•Maintenance of the group’s hedge accounting system, assisting users in the use of the system and monitoring compliance with group hedge accounting standards and requirements.
IFRS Technical and Accounting Policy Manager PBB