The Financial Operations division (CFAFO) of the Controller’s - Accounting and Financial Operations Department (CFA) provides services related to transaction recording and reporting, settlement, control, custody management, and accounting services for all IFC Loan, Equity & Guarantee investment transactions, as well as Treasury Support. It provides operational support in the development of new business initiatives and products, and plays a key role in the review and development of corporate business processes, and systems that are supported by the unit.
CFAFO now seeks a qualified Associate Financial Officer to join its Investment Accounting team, supporting the accounting implementation for complex loan, equity and guarantee transactions and working extensively with investment officers and CFA staff. The individual will be part of a team dedicated to providing Investment accounting services.
Under the immediate supervision of the Supervisor for Investment Accounting, the individual will work with colleagues in CFA and investment officers throughout IFC to assemble documents and information on projects selected for accounting review, perform an investment review summarizing the project and investment structure and comparing the legal agreements to the accounting standards and provide accounting conclusions relative to the applicable accounting treatment of the investment. The individual will also update the Investment Accounting procedures and provide regular updates to supervisors.
The ideal individual will have technical accounting knowledge of US GAAP and/or IFRS guidance for loan/equity/guarantee investments, particularly with respect to Consolidation and Derivatives indicators. A self-starter, the candidate will be a highly disciplined individual with excellent accounting/auditing and strong interpersonal skills. S/he must be able to gain the cooperation of technical and business staff at all levels and across departmental boundaries.
Duties and Accountabilities:
• On an ongoing basis, prepare and document the accounting treatment (including investment structures and background; accounting arguments and conclusions) of varying levels of complexity for IFC’s investment portfolio under the accounting guidance for Consolidation and Derivatives. This requires extensive discussions with Investment Officers and/or external clients to clarify information or obtain additional information
• Work with investment officers and other CFA staff to determine the appropriate accounting treatment for complex loan/equity/guarantee transactions.
• Provide technical accounting guidance to IFC’s investment departments on proposed transaction structures and how they will be accounted for.
• As needed, document and update the Investment Accounting procedures for monitoring and assessing “Significant influence” factors, Consolidation, Debt Securities, Derivatives and/or other related accounting areas.
• Work with the Accounting Policy team in CFA in formulating accounting policies for compliance with US GAAP and to ensure appropriate implementation into IFC’s books of record.
• Regularly share key information on processes, timelines, responsibilities, expectations and potential problems with supervisors and team members and seek their input.
• Perform other duties as assigned from time to time.
• Bachelors or Masters in business or related field. CPA, ACA, or equivalent is required.
• Minimum of 5 years experience in similar or complementary roles within financial institutions and/or public accounting firms required.
• Detailed technical accounting knowledge of the accounting for financial instruments under US GAAP, particularly with respect to Consolidation (FIN46(R) – ASC 810) and Derivatives (FAS 133 – ASC 815) accounting is required.
• Experience within IFC and knowledge of its accounting systems is advantageous.
• Knowledge of WBG project documents (principally Legal Agreements & PDS-Documents) and typical investment structures (loans, quasi-equity, equity, etc) and terms (drag-along, tag-along, etc) is advantageous.
• Excellent written and verbal communication skills and the ability to communicate ideas effectively are essential. Knowledge of other languages is a plus.
• Strong interpersonal skills and cultural sensitivity.
• Excellent organizational, research, and analytical skills.
• Comfortable working in pressured environment with capacity to deliver high-quality outputs and results to tight deadlines.
Applications must be submitted online. Only those candidates selected for interviews will be contacted. Candidates can check the status of their applications by visiting www.ifc.org/careers.
IFC - 17 months ago
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries....