IFRS Consultant (Phase 2)

Job Description

1. BACKGROUND: Enterprise Partners

Enterprise Partners (EP) is part of the 7-year programme known as the Private Enterprise Programme Ethiopia (PEPE) focused on wealth-creation, funded by Department for International Development (DfID) and implemented by DAI-Europe (UK) along with its consortium partners.

EP follows the Making Markets Work for the Poor (M4P) approach, which emphasizes correcting market failures that constrain the poor, promotes deep understanding of incentives of actors in the sectors as well as those stakeholders playing a supporting role.EP emphasizes intervening at the level of the support markets to enable market change to be scalable and sustainable.

EP pillars are:

• The Finance Group is expected to achieve the outcome of increasing investment levels in the Ethiopian economy, particularly for growth-oriented small and medium enterprise. This will include funding of green technologies where appropriate.EP de-risks innovation and spurs industry coordination among providers of financial services and their supporting markets to increase financial inclusion.In addition, EP will be providing technical assistance to The Development Bank of Ethiopia (DBE) and participating financial institutions to the World Bank Small and Medium Enterprise Finance Project expected to start in the second half of 2016.
• The Agro-Industrial Group is expected to achieve the outcome of increasing returns on investment (productivity) and investment levels in the identified sectors of cotton/textiles, livestock/leather and horticulture, in order to achieve the impact of creating jobs and raising household incomes. Additionally this pillar will incorporate the promotion of climate change awareness and addressing women’s economic empowerment.

Background specific to this assignment

In January 2015, Accounting and Auditing Board of Ethiopia (AABE) was established pursuant to Financial Reporting Proclamation No. 847/2014. AABE prepared an IFRS Implementation Roadmap requiring all financial institutions and public enterprises to implement IFRS commencing July 1, 2017, and to make adequate preparations during the period covering May 2016 through June 2017.

DBE recognizes and expects that a proper implementation of IFRS would result in far reaching benefits to its overall operations. Among areas that would be impacted would be the bank’s core banking system, accounting and control systems, contractual agreements, and human resources operations. DBE also acknowledges that it does not have the expertise required to implement full IFRS across its operations. Hence, DBE requested the support of EP in acquiring the appropriate IFRS expertise to assist the bank in implementing IFRS and activities related to the implementation of IFRS.

In late October 2016, EP hired an IFRS expert to conduct Phase I of the assignment to assist DBE in proper implementation of full IFRS activities arising from IFRS conversion process. Phase 1 assignment, clarified the current gaps to reach IFRS and provided DBE with plans to become IFRS complaint by July 2017.

About DBE

DBE is a specialized financial state-owned institution established to support the development agenda of the country. It plays a pivotal role in financing viable projects from the priority sectors of the government by mobilizing funds from domestic and foreign sources while ensuring its sustainability.

2. PURPOSE

The overall purpose of this assignment is to guide and assist DBE in proper implementation of full IFRS and related activities arising from IFRS conversion process. As Phase 1 of the assignment was concluded in late November 2016, Phase 2 will begin immediately. Phase 2 assignment will require the consultant’s technical guidance and support to DBE in the implementation of the end-to-end process of IFRS conversion, including facilitating knowledge transfer.

3. SPECIFIC TASKS

The consultant is expected to bring his/her international experience, judgement and best banking skills to complete this assignment related to pragmatic application of IFRS conversion at DBE. In addition, the consultant should align with the IFRS roadmap developed by the Accounting and Auditing Board of Ethiopia (AABE) in undertaking the following tasks and activities:

1. Review and adjust, if necessary, DBE’s IFRS Conversion Strategy and Process, and Conversion workplan, as developed in Phase I of the assignment.
2. Develop risk mitigation and change management plans for the conversion process.
3. Assess the impact of IFRS at DBE.
4. Guide and support the Bank in analysing the present and defining future impact of IFRS on Accounting and reporting, system, process, control, business model, people and IT requirements.
5. Guide and support the Bank in reviewing and analysing the present financial statements, account and balances to ensure compliance with the accounting standards and methodology of IFRS.
6. Guide and assist the Bank in mapping and reclassifying the accounts and balances in accordance with IFRS.
7. Review and validate the new IFRS accounting treatment.
8. Guide and assist the Bank
9. Regularly update/report IFRS to Implementation committee, Accounting Committee and other appropriate senior management on progress of the conversion project.
10. Guide and support the Bank in the ongoing documentation process
11. Guide and support the Bank in the final review process by DBE senior management, internal audit and external audit

NB Look at the attached file for details on the specific tasks.

4. DELIVERABLES AND TIMEFRAME

The timeframe for this assignment will be through end of October 2017 with 140 working days.

Please look at the attached document for details of deliverables of the assignment.

The assignment will begin as soon as possible, but no later than January 16, 2017.

5. WORKING ARRANGEMENTS

The Consultant will be based at DBE Head Office, working closely with the Director of the Finance and Accounts Management Directorate (FAMD), the IFRS Accounting Committee, the IFRS Implementation Committee and other pertinent directors, in a more collaborative, proactive and interactive manner.

In addition, reports and presentation will be expected to be submitted to the Bank’s management at different echelons, including the Board of Management, and the external auditors as well, at regular intervals.

At Enterprise Partners, the Consultant will also report to the SME Finance Lead.

6. CONSULTANT REQUIREMENTS

A Consultant is required to closely work with DBE in the implementation of the end-to-end process of IFRS conversion.

Senior-Level Expert in International Financial Reporting Standards

• Minimum of 10 years relevant international experience, especially at first time adoption of IFRS in the banking context.
• Highly specialized accounting capability supported by relevant accounting professional qualifications/certificates such as ACCA, CPA and IFRS.
• Experience working with financial institutions and IFRS globally.
• Experience in developing a technical assistance plan for financial institutions at first time adoption of IFRS.
• Competencies required include:
  • Fluent in spoken and written English.
  • Excellent writing and presentation skills.
  • Excellent workplan developing skills.
  • Ability to work under pressure and meet tight deadlines.
• Knowledge of the Ethiopian financial sector is an asset.
• Ability to provide the required services will be assessed through submission of:
  • Detailed CVs of consultants.
  • References on previous similar work.

7. APPLICATION PROCESS

Application Deadline: January 3, 2016, 1PM Addis Ababa time, (GMT +2)

Interested applicants should email their CV and a cover letter to the following email address: EPJobs@Enterprisepartners.org

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