Senior Cost Accountant

Job description / Role

Job Purpose:

The Senior Cost Accountant is responsible for the Development accounting and handles bookkeeping duties associated with CWIP for all business units in the country for CBU. He/she ensures that all Development transactions within the country are properly recorded according to the approved budget and are approved as per applicable DOA and processed in accordance with applicable MAFP and CBUs Policies and procedures.
This position maintains project budgets and updates project cost while ensuring the project payments are processed accurately on timely basis.
This person is a first line of control in Development and projects accounting ensuring the correctness and completeness of information recorded in the accounting system.

Key Accountabilities:

Business Insights & Support
Prepare Development Projects information to be distributed to all stakeholders in the business in relation to day to day activities
Provide required information for analysis related to Cost Model for each project as and when required
Assist in preparing and submit Paid-to-date report for each project on monthly basis
Support in preparing monthly development reporting pack and dash report including monthly consolidated financial key information related to Development area of CBU.

Financial Control & Stewardship
Practice and maintain the predefined Development related internal controls
Maintain the project plan through updating the cost model before making commitments and ensure budgetary control over individual line items
Ensure Development sub-ledger is reconciled with GL on monthly basis and resolve integrity issues
Withhold/release retentions in accordance with the contractual terms and that appropriate advance recovery has been obtained
Ensure payments are adjusted against accruals for the capitalized projects
Carry out budget transfer requests, according to the approvals, and update relevant Cost Models
Assist in implementing audit recommendations related to Development area on timely basis

Financial Reporting and Transaction Processing
Carry out day to day Development transactions with daily interaction with other departments and business units
Follow Development closing check list ensuring timely close on monthly, quarterly and annual basis
Maintain cost models with elementary budget breakdown, approved as per DOA for newly approved developments in the country
Prepare all contractor / consultant related invoices and payment certificates against contracts placed to ensure that billings are consistent with the agreed commercial terms, ensure compliance with MAFP and CBU policies and procedures, delegation of authority and that appropriate approval of respective project consultants have been obtained.
Process payment requests related to variations while ensuring they are approved as per DOA
Capitalize on monthly basis the direct overheads including staff costs and travel as well as borrowing costs
Withhold/release retentions in accordance with the contractual terms and that appropriate advance recovery has been obtained
Record necessary accounting entries related to recovery of tenant variations incurred through development cost
Obtain and record accruals on monthly basis related to projects underdevelopment
Liaise with external and internal auditors in all of their Development related requirements
Provide required assistance in implementation of new financial systems, interfaces, and/or system improvement as well as similar initiatives
Assist in other ad-hoc analysis, financial reporting and other various tasks related to areas of responsibility

Compliance
Ensure continues compliance with internal and external audit requirements
Ensure Development transactions of the region/country are in compliance with IFRS/IAS, local regulations, MAFP and CBU Policies and Procedures, authorized according to applicable DOA, and supported by required supporting documents

Requirements

Minimum Education Qualifications

Bachelors degree in Accounting or Finance.

Minimum years of On- The- Job Experience
Minimum of 3 years experience in maintaining and handling Developments and Projects Accounting

Complexity:

Understanding of IFRS/IAS and local regulations knowledge relating to Projects accounting area.
Knowledge of Real Estate, Property Development, and terminologies used in construction industry.
Initiative, control oriented and self-motivated team player with ability to work under minimum supervision.
Should possess excellent interpersonal and communication skills.
Should possess a high degree of efficiency and integrity.
Extensive knowledge in computer applications (especially MS Excel) and business solutions software skills.
Experience in working with Oracle is a plus.
Experience in working with Hyperion (HFM) is a plus.

About the Company

Majid Al Futtaim Properties is one of MENAs leading diversified property companies with operations across shopping malls, hotels and mixed-use communities.

The Shopping Malls Business Unit, an industry leader, owns, manages and develops mall destinations that provide memorable shopping, entertainment and social experiences for its customers. Majid Al Futtaim Properties has pioneered the regional face of retail, leisure and entertainment, since the launch of its first mall, Deira City Centre in 1995. The companys mall portfolio includes 17 shopping centres across UAE, Bahrain, Oman, Egypt and Lebanon with a combined gross leasable area (GLA) of over 1 million sqm, more than 2,800 tenants and an increasing footfall of over 160 million visitors in 2013.

The Hotel Business Unit develops and manages hotels and branded serviced apartments that are synergistic with the companys malls. Majid Al Futtaim owns nine hotels in the UAE and two in Bahrain. Their strategic proximity to the malls contributes to welcoming over 1.2 million guests annually.

The Communities Business Unit develops quality mixed-use projects anchored by residential housing. Majid Al Futtaim currently has three communities under development. The Wave, a joint venture with the government of Oman to develop Muscats largest ocean-front integrated community; Al Zahia, a joint venture with the Government of Sharjah, to build the Emirates first gated residential community with a regional mall in a prime growth corridor; The 250,000 sqm Waterfront City development in Beirut, Lebanon, a joint venture with Socit Joseph Khoury & Fils Holding SAL to build Beiruts premier mixed used community with one of the largest marinas in the Mediterranean.

Majid Al Futtaim Properties is recognised as a sustainability leader in the MENA region. According to the 2013 Global Real Estate Sustainability Benchmark (GRESB) survey, the company ranks No. 1 in MENA, second in the Asia-Pacific region and in the top 133 property businesses worldwide. In 2013, Majid Al Futtaim launched its new five-year sustainability strategy with the vision to enhance peoples lives through sustainable real estate. This commitment is reflected in Majid Al Futtaim Properties pioneering standards, prosperous communities and high performance assets.