Manager - Fixed assets & Inventory Control, Abu Dhabi, UAE

This job is OPEN to APPLY for ALL Nationalities, unless otherwise specified.

Job Description

Responsible for executing day-to-day activities to ensure timely and accurate closing, consolidation and reporting of the Fixed Assets register, Capital work in progress and inventory register in accordance with Abu Dhabi Port’s policies and procedures, and in conformity with IFRS/IAS. 

Job objectives include:

Accurate accounting, reporting, and tracking of Property, Plant, and Equipment (PPE)

Accurate accounting, reporting, and tracking of Investment Property (IP)

Accurate accounting, reporting, and tracking of Capital Work-in-Progress (CWIP)

Accurate accounting, reporting, and tracking of Inventory

Support all ERP sub modules on document controls.

Supervise the general ledger functionalities to ensure all accounting and reporting are accurate from FAR and PPM modules.

•     Ensure accounting and posting are in line with Abu Dhabi Ports policies and procedures.

Ensure periodic book closing is done as per management directions

•     To ensure that correct Financial Accounting Practices & Procedures, requisite checks and verifications are done and reconciliation effected.

•     Maintain and reconcile FAR and PPM records periodically 

Prepare regular MIS reports

You will ensure compliance with relevant accounting standards (IFRS/IAS), manage capitalization processes, and collaborate with project managers, subsidiaries Clusters to monitor and facilitate your tasks

Responsibilities

Core Responsibilities:

Capital Work-in-Progress (CWIP) & Project Tracking

Monitor and track all capital project spending against approved budgets.

Review purchase orders and vendor invoices to ensure accurate coding to CWIP accounts.

Conduct monthly reviews of aging CWIP projects; collaborate with project managers and end users to determine asset completion dates and project status.

Lead the "settlement" or capitalization process, transferring assets from CWIP to PPE or IP upon commissioning.

Maintain records  of owned assets and assets developed for subsequent sales or recovery from authorities

PPE & Investment Property (IP) Management

Record fixed asset acquisitions, disposals, transfers, and impairments in the accounting system.

Maintain an accurate and up-to-date Fixed Asset Register (FAR)

Calculate and record monthly depreciation and amortization expenses according to company policy and accounting standards.

Consolidate PPE/IP records across all subsidiaries and update FCCS records

Distinguish clearly between Fixed Assets (operational use) and Investment Property (held for capital appreciation or rental income) and apply appropriate accounting treatments (e.g., Cost Model vs. Fair Value Model).

Reconcile records across all ERPs and subledgers

Checks and verifications

Check and verify the posting batches from all subsystems.

Perform monthly reconciliations between the PPM, Fixed Asset sub-ledger and the General Ledger (GL).

Check and review all proposed monthly adjustments from other subsystems or at the GL level before posting.

Reviewing Asset module entries , additions, deletions & monthly depreciations

Check completeness, accuracy of FAR related transactions on a timely basis.

Prepare monthly, quarterly, and annual roll-forward schedules for PPE, IP, and CWIP.

Assist in the preparation of financial statement disclosures related to capital assets.

Ensure full compliance with relevant accounting standards (IFRS 16 Leases, IAS 16 PPE, IAS 40 Investment Property, or equivalents).

Coordinate and support internal and external audit requests regarding capital expenditures.

Reconciliation

Plan and execute periodic physical verifications of fixed assets across various locations.

Investigate and resolve variances between physical counts and the asset register.

Ensure proper tagging and tracking of physical assets. 

Co-ordinate on the reconciliation of control account with sub modules

Auditor Interface

Coordinate and prepare required notes to Financial Statements for audits as and when required

Liaise with internal, external and government auditors

Provide auditors with all required General Ledger and subsystems financial data as and when required.

Lead year-end audit as assigned by the management for capital expenditure sections

Qualifications

Educational and Technical Qualifications:

Bachelor’s degree in accounting, Finance, or a related field

Knowledge on ERP, preferably Oracle financials

Good Analytical interpersonal skills

Professional competencies and flexible approach

 

Language Skills:

Written and spoken English is a must. Knowledge of Arabic will be an added advantage

Years of Experience:

5+ years

Nature of Experience:

Progressive accounting experience, with at least 1 year dedicated specifically to fixed assets, CWIP, and capital project accounting.

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