IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
The Investment Accounting unit (CNTIA) within the IFC Financial Reporting Division (CNTFR) within the IFC Controller’s Department (CNT) has overall responsibility for the accounting analysis, evaluation and implementation for IFC’s complex loan, equity and guarantee transactions, working extensively with IFC’s investment officers and other IFC staff in CNTFR and in CNT. This position reports directly to and assists the CNTIA Supervisor.
CNTIA is seeking a qualified accountant to join the team who will support the accounting implementation of complex loan, equity and guarantee transactions and work extensively with Investment Officers and CNT staff.
Under the immediate supervision of the Supervisor for Investment Accounting, the individual will work with colleagues in CNT and Investment Officers throughout IFC to assemble documents and information on projects selected for accounting review, perform an investment review summarizing the project and investment structure and comparing the legal agreement to the accounting standards and provide accounting conclusions relative to the applicable accounting treatment of the investment. The individual will also update the Investment Accounting procedures and provide regular updates to supervisors.
The individual will have technical accounting knowledge of US GAAP and/or IFRS guidance for loan/equity/guarantee investment, particularly with respect to Consolidation and Derivatives indicators. A self-starter, the candidate will be a highly disciplined individual with excellent accounting/auditing and strong interpersonal skills. S/he must be able to gain the cooperation of technical and business staff at all levels and across departmental boundaries.
Duties and Accountabilities:
The individual’s responsibilities will include:
On an ongoing basis, prepare and document the accounting treatment (including investment structures and background; accounting arguments and conclusions) of varying levels of complexity for IFC’s investment portfolio under the accounting guidance for Consolidation and Derivatives. This requires extensive discussions with Investment Officers and/or external clients to clarify information or obtain additional information.
Work with investment officers and other CNT staff to determine the appropriate accounting treatment for complex loan/equity/guarantee transactions.
Provide technical accounting guidance to IFC’s investment departments on proposed transaction structures and how they will be accounted for.
As needed, document and update the Investment Accounting procedures for monitoring and assessing “Significant Influence” factors, Consolidation, Debt Securities, Derivatives and/or other related accounting areas.
Work with the Accounting Policy team in CNT in formulating accounting policies for compliance with US GAAP and to ensure appropriate implementation into IFC’s books of record.
Regularly share key information on processes, timelines, responsibilities, expectations and potential problems with supervisors and team members and seek their input.
Perform other duties as assigned from time to time.
Selection Criteria
Minimum education: Masters degree in Accounting, Finance or related field and an internationally recognized professional accounting qualification (e.g. CPA, CA, ACCA or equivalent) is required.
Typically, the successful candidate will have had at least 5 years of relevant experience in similar or complementary roles within financial institutions and/or public accounting firms required.
Relevant technical accounting knowledge of the accounting for financial instruments under US GAAP (particularly with respect to Consolidation and/or Derivatives accounting) is required.
Excellent writing and data analysis skills, with an ability to convey effectively and precisely key messages.
Strong interpersonal skills and cultural awareness.
Excellent organizational, research, and analytical skills.
Experience within IFC and knowledge of its accounting systems is advantageous.
