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Manager - Fixed assets & Inventory Control

Abu Dhabi ports
Abu Dhabi, UAE
Full Time
Manager
2 weeks ago
Fixed Asset AccountingIFRSOracle FinancialsERPFinancial ReportingReconciliation
Free

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Fixed Asset AccountingIFRSOracle Financials
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Job Overview

  • 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

  • Accurate accounting, reporting, and tracking of Property, Plant, and Equipment (PPE)
  • Accurate accounting, reporting, and tracking of Investment Property (IP)
  • Accurate accounting, reporting, and tracking of Capital Work in Progress (CWIP)
  • Accurate accounting, reporting, and tracking of Inventory
  • Support all ERP sub modules on document controls.
  • Supervise the general ledger functionalities to ensure all accounting and reporting are accurate from FAR and PPM modules.
  • Ensure accounting and posting are in line with Abu Dhabi Ports policies and procedures.
  • Ensure periodic book closing is done as per management directions
  • Maintain and reconcile FAR and PPM records periodically
  • Prepare regular MIS reports

Capital Work in Progress (CWIP) & Project Tracking

  • 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 and end users to determine asset completion dates and project status.
  • Lead the 'settlement' or capitalization process, transferring assets from CWIP to PPE or IP upon commissioning.
  • Maintain records of owned assets and assets developed for subsequent sales or recovery from authorities

PPE & Investment Property (IP) Management

  • Record fixed asset acquisitions, disposals, transfers, and impairments in the accounting system.
  • Maintain an accurate and up to date Fixed Asset Register (FAR)
  • Calculate and record monthly depreciation and amortization expenses according to company policy and accounting standards.
  • Consolidate PPE/IP records across all subsidiaries and update FCCS records
  • Distinguish clearly between Fixed Assets (operational use) and Investment Property (held for capital appreciation or rental income) and apply appropriate accounting treatments (e.g., Cost Model vs. Fair Value Model).
  • 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 (GL).
  • Check and review all proposed monthly adjustments from other subsystems or at the GL level before posting.
  • Reviewing 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 Leases, IAS 16 PPE, IAS 40 Investment Property, or equivalents).
  • 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 as and when required.
  • 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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