Manager - Fixed assets & Inventory Control
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Key skills for this role
About the Role
AD Ports Group is seeking a Manager for Fixed Assets and Inventory Control in Abu Dhabi. The role involves overseeing fixed asset accounting, capital work-in-progress tracking, inventory management, and ensuring compliance with IFRS/IAS.
Key Skills for This Role
Responsibilities
- Execute day to day activities for timely and accurate closing, consolidation and reporting of Fixed Assets register, Capital work in progress and inventory register.
- Monitor and track all capital project spending against approved budgets.
- Lead the capitalization process, transferring assets from CWIP to PPE or IP upon commissioning.
- Record fixed asset acquisitions, disposals, transfers, and impairments.
- Calculate and record monthly depreciation and amortization expenses.
- Prepare monthly, quarterly, and annual roll forward schedules for PPE, IP, and CWIP.
- Plan and execute periodic physical verifications of fixed assets.
- Coordinate and support internal and external audit requests regarding capital expenditures.
Requirements
- Bachelor’s degree in Accounting, Finance, or a related field
- 5+ years of progressive accounting experience
- At least 1 year dedicated specifically to fixed assets, CWIP, and capital project accounting
- Knowledge of ERP, preferably Oracle financials
- Good analytical and interpersonal skills
- Written and spoken English is a must
- Knowledge of Arabic is an added advantage
Full Job Posting
Job Description
- Responsible for executing day to day activities to ensure timely and accurate closing, consolidation and reporting of the Fixed Assets register, Capital work in progress and inventory register in accordance with Abu Dhabi Port’s policies and procedures, and in conformity with IFRS/IAS.
Core Responsibilities
- Monitor and track all capital project spending against approved budgets.
- Review purchase orders and vendor invoices to ensure accurate coding to CWIP accounts.
- Conduct monthly reviews of aging CWIP projects; collaborate with project managers to determine asset completion dates.
- Lead the settlement or capitalization process, transferring assets from CWIP to PPE or IP upon commissioning.
- Record fixed asset acquisitions, disposals, transfers, and impairments.
- Maintain an accurate and up to date Fixed Asset Register (FAR).
- Calculate and record monthly depreciation and amortization expenses.
- Consolidate PPE/IP records across all subsidiaries and update FCCS records.
- Distinguish between Fixed Assets and Investment Property and apply appropriate accounting treatments.
- Reconcile records across all ERPs and subledgers.
Checks and Verifications
- Check and verify the posting batches from all subsystems.
- Perform monthly reconciliations between the PPM, Fixed Asset sub ledger and the General Ledger.
- Check and review all proposed monthly adjustments from other subsystems or at the GL level before posting.
- Review Asset module entries, additions, deletions & monthly depreciations.
- Check completeness, accuracy of FAR related transactions on a timely basis.
- Prepare monthly, quarterly, and annual roll forward schedules for PPE, IP, and CWIP.
- Assist in the preparation of financial statement disclosures related to capital assets.
- Ensure full compliance with relevant accounting standards (IFRS 16, IAS 16, IAS 40).
- Coordinate and support internal and external audit requests regarding capital expenditures.
Reconciliation
- Plan and execute periodic physical verifications of fixed assets across various locations.
- Investigate and resolve variances between physical counts and the asset register.
- Ensure proper tagging and tracking of physical assets.
- Co ordinate on the reconciliation of control account with sub modules.
Auditor Interface
- Coordinate and prepare required notes to Financial Statements for audits as and when required.
- Liaise with internal, external and government auditors.
- Provide auditors with all required General Ledger and subsystems financial data.
- Lead year end audit as assigned by the management for capital expenditure sections.
Qualifications
- Bachelor’s degree in Accounting, Finance, or a related field.
- Knowledge on ERP, preferably Oracle financials.
- Good Analytical interpersonal skills.
- Professional competencies and flexible approach.
- Written and spoken English is a must. Knowledge of Arabic will be an added advantage.
- 5+ years of progressive accounting experience, with at least 1 year dedicated specifically to fixed assets, CWIP, and capital project accounting.
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