FDFM – IFRS Change Programme recruitment

Key Responsibilities:

You will sit within the IFRS Change Programme which is responsible for implementing the numerous IFRS updates announced by the IASB in 2011. The IFRS Change Programme is a strategic priority for Group Finance with a mandate to comply, implement and globally embed the many significant mandatory changes to the International Financial Reporting Standards (IFRS) by their effective dates. The new accounting standards could significantly change the size and constitution of the balance sheet, as well as timing of PL recognition and the complexity and volume of notes to the financial statements.

Our client must meet the schedule of effective dates currently being finalised by the International Accounting Standards Board (IASB). A crucial part of Group Finance’s role is to proactively partner with front office to help them adopt the new accounting treatments for existing trades, advise them on remediation options to existing and new trades and enable them to take action before the standards become effective.

You will focus on the new consolidation standards (IFRS 10, 11 12) in 2011 2012 which are final and have an effective date of 1.1.2013. Tasks involved in the implementation of new standards covering consolidation include:

• Stratification of entity population.
• Review existing trade write ups and source documentation for structured trades / SPVs to reach an opinion as to whether to consolidate in simple cases escalate as appropriate.
• Reach out to necessary stakeholder groups to gather information required to confirm consolidation decision.
• Liaise with APAG (Accounting Policy Advisory Group) on ''grey'' entities, flagging issues and working on resolution of consolidation decision.
• Advise the business on remediation options.

In later years the project will implement the remaining changes relating to leasing, revenue recognition and hedge accounting.

The role will allow you to become a subject matter expect in the implementation of the new IFRS standards.

You will:

• Be a qualified accountant
• Have a high level of accounting experience particularly in consolidation.
• Have a high level of investment banking experience particularly performing the accounting analysis on structured trades and funds.
• Experience of reading trade write ups and trade source documentation.
Strong communication skills, both written and verbal