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HEAD, GROUP FINANCIAL REPORTING STANDARDS DEPARTMENT

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Position Title: Head, Group Financial Reporting Standards Department

 

Job Summary:

  • Responsible for ensuring the bank’s compliance with the existing and new accounting standards.  Monitors developments of international accounting standards and evaluates the applicability and impact of such standards to the bank.  Monitors implementation of the new accounting standards and assesses their continued relevance to the bank.
  • Ensures that all regulatory reports required by Securities & Exchange Commission (SEC), Philippine Stock Exchange (PSE) and SGV & Co. are prepared in compliance with the applicable accounting standards and existing rules and regulations and submitted within the prescribed deadline.

Role Exposure:

  • Ensures that the bank is abreast of new/revised international accounting standards
    • Monitors development of international accounting standards that apply to banks
    • Undertakes studies to identify accounting standards that should be applied by the bank
    • Coordinates with the Tax Management Department to determine the tax implications of the accounting standards proposed to be applied
    • Evaluates the impact of accounting standards that are proposed to be applied and forward recommendations to the Controller through the Head of Institutional Accounting Division.
  • Ensures the alignment of the accounting standards of the Bank with that prescribed by regulatory agencies
    • Facilitates the interpretation of directives and implementing guidelines for new accounting standards
    • Actively communicates to Bank Management through the Controller, the international accounting standards that will be applied by the Bank.
  • Monitors implementation of international accounting standards to assess their continued relevance to the Bank.
  • Evaluates issues that may arise from the accounting standards applied by the Bank and propose recommendations to resolve these.
  • Monitors and assesses the adequacy of the systems and processes that will ensure Bank’s compliance to prescribed international accounting standards.
  • Recommends changes to accounting policies, procedures and entries based on studies conducted.
  • Supervises review of bank contracts
    • Verifies existence of embedded derivatives and evaluate whether these require bifurcation
    • Endorses contracts that require bifurcation to Risk Management Group for valuation.
  • Reviews proposed new products from various Groups and determines the applicable accounting standards.
  • Reviews and recommends accounting entries for new products/transactions in accordance with the requirements of the relevant accounting standard.
  • Coordinates with external auditors and other units of the Bank regarding requirements for annual financial audit.
  • Reviews audited financial statements to ensure compliance with Philippine Financial Reporting Standards
  • Coordinates with subsidiaries and associates on matters affecting compliance of consolidated financial statements with accounting standards and financial reporting standards.
  • Performs other related functions that may be assigned from time to time

 

Qualifications:

  • Bachelor’s Degree in Accountancy
  • Must have at least more than 10 years of experience
  • Preferably Certified Public Accountant

 

Other Details:

Rank: Junior Officer

Unit: Financial & Control Sector / Controllership Group / Institutional Accounting Division / Group Financial Reporting Standards Department
Location: Metrobank Center BGC, Taguig City

 

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