Team Leader, Statutory Accounting & Finance Operations

Masdar (Abu Dhabi Future Energy Company); Abu Dhabi; On-site; USD 70,000 - 120,000; Full time

Job summary

A leading company in the field of renewable energy is seeking a Financial Accountant to provide comprehensive financial and accounting support. This role involves ensuring compliance with IFRS, maintaining financial records, and supporting auditing processes. Ideal candidates should have a Bachelor’s in finance, significant experience in accounting, and possess strong analytical and communication skills. Join a company dedicated to sustainability and innovation in renewable energy.

Qualifications

• At least 8 years of experience in accounting with exposure to statutory accounting.
• Experience in the power sector with knowledge of IFRIC 12, IFRS 16, and IAS 16.
• Big 4 experience preferred.

Responsibilities

• Perform financial transactions and ensure compliance with IFRS.
• Prepare forecasts and monthly management accounts.
• Support in quarter and year-end audit processes.

Skills

Communication

Analytical Skills

Attention to Detail

Planning and Organizing

Education

Bachelor’s degree in accounting/finance

Qualified accountant CA, ACCA, CIMA

Tools

Excel

Word

PowerPoint

Job description

Company Description

Masdar is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.

Job Description

To provide financial and accounting support and ensure the integrity of internal control and reporting in full compliance of IFRS. This includes formulating business plans, forecasting, reporting financial results, monitoring the progress in business plan execution, cost management, and implementation of financial policies & procedures.

Responsibilities :

• Perform financial transactions related to business units under assigned responsibility (Masdar plus all its subsidiary & associated companies) and enter them in the GL correctly by legal entity, business unit and project in base (Foreign) currency, in full compliance with IFRS and Masdar financial policies and procedures.
• Assist with the review of the monthly trial balance of balances related to Masdar and ensure these are compliant with both IFRS and Masdar’s accounting policies.
• Maintain the transactions in the GL periodically to ensure accuracy of the GL and its compliance with relevant policies and procedures.
• Prepare and update all types of journal entries/vouchers include those required for adjustments, allocations, accruals / and provisions ensuring that all amounts are supported by appropriate documents / workings.
• Provide finance support to a number of the support services responsibility centres. Ensuring that expenses are correctly recorded in the relevant responsibility centres and correct provisions are made. For legal in particular, ensure that accruals are made for all legal costs to projects tracking those with the legal team.
• Process all sub-ledgers inputs (Asset Management, Accounts Receivable, Accounts Payable, and Project Accounting) prior to month end deadlines.
• Maintain appropriate accounting entries such as amortization, adjustments, accruals, depreciations, etc. as well as verify entry of transactions to ensure they are generated accurately and thoroughly entered in the system.
• Review of intracompany revenue and expenses for month end purposes and posting journal entries, as necessary to reconcile.
• Review the P&L, balance sheet, performance management reports (financial components) and other reports on a periodic basis and ensure accuracy of the reported numbers based on forecasts/estimates
• Prepare forecasts, monthly management accounts, project reports, divisional reports ensuring that they are developed in an accurate and timely basis. Support in the preparation of quarterly rolling forecasts, annual budgets for the business plan of the business unit, including P&L and CAPEX for projects. Validate and document information received and finalize the budget with the division for sign off prior to upload into the system.
• Monitor the monthly costs for the BU/Responsibility centre and on certain projects by the activity code. Prepare reports on cost versus budget and meet the BU for explanations on variances to budget and prepare detailed variance analysis
• Support in quarter and year end audit process including (i) prepare supporting documents/schedules/information & reconciliations with justifications and necessary workings
• Support in preparation of Consolidated Financial Statements of the Masdar including notes to the financial statements
• Support in coordination and discussions with both internal and external auditors
• Monitor, advise and track any recharges/cost recoveries to be made for the unit and ensure accounting information on revenue is correctly entered into Oracle for all.
• Review any revenue contracts for the unit to ensure that AR are raising invoices and collecting funds in accordance with the provisions of the contract. Liaise and follow up on AR matters related to divisions.
• Ensure understanding of the technical accounting matters for revenue recognition compared to what was generated by Oracle. Prepare a log and workings to be compliant with IFRS and on a monthly basis generate the required entries to be made in Oracle.
• Prepare all required GL entries for the 2 separate legal entities to record monthly transactions
• Reconcile the third party loans, accrued interest and charges each month. Review the derivative hedge valuation report and create the journals to recognize the movement on the overall balance as well as effective and ineffective legs of the movement
• Reconcile the fixed asset sub ledger to GL and run/import capitalization as well as deprecation entries for the month.
• Close the monthly accounts for each legal entity
• Prepare the monthly TB and upload a copy directly to DEWA
• Prepare the quarterly reporting pack for DEWA and upload to DEWA as required
• Liaise directly with the Shuaa auditors for quarterly review of the packs as well as for the annual audit requirements managing all auditor queries.
• Manage the accounts for Emirates Solar Power Company, taking the required share of results through the company, hedge reserves and investment balance. Liaise with the EDF team as required. Manage the annual audit of the Company and deal with matters related to the annual audit.
  
  

Qualifications

Preferred Qualifications:

• Bachelor’s degree in accounting/finance or relevant discipline
• Qualified accountant CA, ACCA, CIMA
• Big 4 or similar experience
• Power sector experience preferred with strong knowledge in IFRIC 12, IFRS 16 and IAS 16
  
  

Preferred Experience:

• At least 8 years of experience in accounting involving similar responsibilities and activities and gaining exposure to all aspects of statutory accounting or an equivalent experience
  
  

Job-Specific Skills:

• Excellent communication and interpersonal skills
• Excellent computer literacy, with strong background in Excel, Word, Power Point
• Strong analytical skills
• Attention to detail
• Planning and organizing
  
  

Additional Information

Masdar is one of the world’s fastest growing renewable energy companies and a green hydrogen leader, placing the UAE at the forefront of the energy transition.

As a pioneer in advancing the clean energy sector and a key enabler of the UAE’s vision as a global leader in sustainability and climate action, Masdar has developed projects in more than 40 countries across six continents and has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion.

Masdar unites the UAE’s three energy champions – Mubadala, ADNOC and TAQA – and will utilize their combined expertise to fulfill its purpose as a global clean energy pioneer across renewables and green hydrogen.

Promoting innovation in solar, wind, energy storage, waste-to-energy, and geothermal energy, Masdar has a proven record of delivering pioneeringprojects using cutting-edge clean energy technologies, that are commercially viable and bankable.

As part of the application process, we will collect, store and process personal information about you.

Masdar will use your personal information in accordance with our Candidate Privacy Notice, which provides details on the purposes for which your data is processed.