Manager - Fixed assets & Inventory Control

Role Overview

Manager - Fixed Assets & Inventory Control at AD Ports Group. The role executes 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 Ports policies and procedures and in conformity with IFRS/IAS.

Role Purpose

Deliver accurate accounting, reporting, and tracking of Property, Plant, and Equipment (PPE), Investment Property (IP), Capital Work-in-Progress (CWIP), and Inventory. Supervise general ledger functionalities, ensure periodic book closing, maintain compliance with accounting standards, and collaborate with project managers and subsidiaries to facilitate capital asset management and financial reporting.

Key Responsibilities

Capital Work-in-Progress & 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 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 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, including Cost Model versus Fair Value Model.
• Reconcile records across all ERPs and subledgers.

Financial Reporting & Consolidation

• Prepare regular Management Information System reports.
• 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 accounting and posting are in line with Abu Dhabi Ports policies and procedures.

Checks & Verifications

• Check and verify posting batches from all subsystems.
• Perform monthly reconciliations between the PPM, Fixed Asset sub-ledger, and the General Ledger.
• Check and review all proposed monthly adjustments from other subsystems or at the GL level before posting.
• Review Asset module entries, additions, deletions, and monthly depreciations.
• Check completeness and accuracy of FAR-related transactions on a timely basis.
• Ensure full compliance with relevant accounting standards (IFRS 16 Leases, IAS 16 PPE, IAS 40 Investment Property, or equivalents).

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.
• Coordinate reconciliation of control accounts with sub modules.
• Maintain and reconcile FAR and PPM records periodically.

ERP Systems & Document Controls

• Support all ERP sub-modules on document controls.
• Supervise general ledger functionalities to ensure all accounting and reporting are accurate from FAR and PPM modules.

Audit 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 management for capital expenditure sections.
• Coordinate and support internal and external audit requests regarding capital expenditures.

Qualifications & Experience

• Bachelor's degree in Accounting, Finance, or a related field.
• 5+ years of progressive accounting experience.
• At least 1 year of dedicated experience in fixed assets, CWIP, and capital project accounting.

Skills & Competencies

• Knowledge of ERP, preferably Oracle Financials.
• Good analytical and interpersonal skills.
• Professional competencies and flexible approach.
• Written and spoken English is required. Knowledge of Arabic is an added advantage.