The Director is responsible for coordinating the development and implementation of accounting policies and procedures in response to constant changes to International Financial Reporting Standards (IFRS) and for specialized corporate transactions undertaken by the Bank, within the applicable accounting and regulatory frameworks.
This involves analyzing and assessing the impact of proposed accounting changes by the International Accounting Standards Board (IASB), as well as, resolving accounting issues, and providing advice and counsel on specialized transactions which might include financing, business combinations and disposals etc.
The Director’s responsibilities also involve ensuring senior management is fully up to date on IFRS and regulatory changes that significantly impact the Bank within their area of expertise. To accomplish this, the incumbent must be on the leading edge of knowledge in their area of expertise.
As IFRS change in their area of expertise, the incumbent must develop the Bank's responses, and work with industry committees as necessary, to promote the Bank’s interests.
Supervision and development of staff is an essential element of the job (and recruiting as necessary) in order to ensure the Bank has the expertise and resources it needs in a very complex area, both now and in the future.
To guide the analysis and assessment of the impact of proposed changes, related to their area of expertise, of IFRS, as well as, changes in legislation and regulations affecting financialreporting (e.g., OSFI, OSC and SEC).
This necessitates an always-up-to-date in-depth knowledge of current and proposed accounting standards and reporting requirements.
The incumbent is expected to develop appropriate Bank-specific accounting policies and procedures, and co-ordinate their bank-wide implementation.
Such policies must also provide for meaningful and relevant management reporting information.
In today's environment, this implementation may be required within a short time frame of the standard being finalized, as well as, different policies and procedures for IFRS.
This also involves advising executives of the proposed changes and the impact on the all-Bank and business line results, in order to change business behavior and practices, if necessary.
To plan and manage the development of corporate accounting policies for the Bank and its subsidiaries. As well, the incumbent is expected to manage and co-ordinate the final resolution of certain accounting issues arising from the business units. Further, the incumbent needs to ensure that the SOX documentation for their processes is updated and maintained on a regular basis.
To provide advice and counsel on business acquisitions as it relates to their area of expertise.
This may involve advice on structuring of a transaction to meet the Bank's accounting and financialreporting objectives, or advice on the impact of various complex transactions and investments entered into by the target.
This may include taking an active part in due diligences for prospective acquisitions, which may require foreign travel.
To oversee the formulation of the Bank's official response to accounting changes proposed by IASB, FASB and Regulators (OSFI, OSC and SEC).
These responses must represent and promote the Bank's interests and may involve working with peer Canadian Banks directly or through CBA subcommittees and its like, as well as industry working groups.
Design and implement the necessary financial disclosure requirements for specific topic areas.
This often involves taking a broad disclosure requirement and shaping it to meet the evolving needs of users of the financial statements.
Disclosure requirements must consider applicable accounting and regulatory standards for both quarterly and year-end financial statements and where applicable related presentation within the Management Discussion & Analysis.
Maintaining and updating the accounting monograph and implementation guideline on a timely basis including training of users and implications of the new guideline.
To provide strong leadership to motivate both individual and team performance.
As well, must recognize training and development needs of the direct reports with the objective of making the direct reports promotable into a more senior role, and to make sure the Bank has the skilled technical resources it will require going forward.
The incumbent must possess a solid financial acumen and strong analytical and problem solving skills.
Requisition ID: 5466.