Senior Specialist: Lease Accounting

2 weeks ago

Midrand, South Africa Liquid Tech (Pty) Ltd. Full time

**Role Purpose**

**Role Description**

MANAGE THE-TO-END LEASE ACCOUNTING PROCESS

Maintaining the IFRS 16 computation schedule for LIT SA contracts and ensuring all new qualifying leases are accounted for monthly. This includes ensuring expired leases are followed up with business to ensure timely renewals are done or processed accordingly. Ensuring payment reallocation from Profit & Loss to balance sheet are done accurately. Maintain a tracker of all leases with their respective termination dates and implement a business rule for identifying and renewing/cancellation of leases before they expire. Review, validate and approve all new leases in line with company strategy. Maintain a lease computation schedule for all expired leases that are on a month-to-month payment plan. Advise the business and finance around the impact of IFRS in relation to new lease rentals, budgets and forecasts.

REVIEW OF LEASE COMPUTATION AND PERFORMANCE OF COMPLETENESS TESTING

Conduct a quarterly completeness test for all active lease sites recognised as per IFRS 16 computation schedule and compare against live site report (site on air), follow-up and resolution of exceptions identified. Conduct a half-year payment completeness testing to identify leases that are being paid for but not accounted for on the IFRS 16 computation schedule, follow-up and resolution of exceptions identified. Compile lease computation schedule for all valid/active contracts (valid exceptions identified as per completeness testing exercise) i.e. month-to-month contracts in line with company strategy. Contribute towards proper ownership and management of lease contract management across LIT SA. This entails escalation of any expired or month-to-month lease contracts to business to initiate the contract renewal process or cancellation procedures.

FINANCE REPORTING AND AUDIT

Prepare monthly roll forward schedule for IFRS 16 lease accounting for both ROU asset and liability. Monthly reporting of short-term and long-term lease liability supported by a detailed and accurate lease maturity schedule. Prepare and submit monthly reconciliations for all lease accounting general ledger accounts by end of day working day 4 to Senior Manager: Technology Support Function Group reporting requirements including modelling of IFRS 16 impact. Review of P&L GL accounts for rental payment allocation to ensure that payment reclassification for capitalised leases has been posted to correct GL accounts. Liaison with internal and external auditors and ensure all audit schedules are accurate and timely. Prepare accounting position papers in relation to IFRS 16 for audit proposes.

MAINTAIN PROPER ACCOUNTING RECORDS AND SUPPORTING DOCUMENTATION

Compile a lease register for all capitalised lease contracts. Keep copies of all new lease contracts capitalised.Ensure updated IBR rates used for NPV calculation are aligned with group directives. Ensure all roll forward schedules are prepared and duly reviewed and authorised.Ensure proper support and evidence is maintained for audit purposed.

FINANCIAL SYSTEM SUPPORT

Lease maintenance and management system - assist the Senior Manager: Technology Support Function with sourcing and onboarding of a lease management system. Maintain, develop and implement internal controls particularly in relation to the end-to-end accounting process for leases. Implement policies and develop procedures for the management of leases. Implement constant improvement on current systems and procedures for internal efficiencies.

**Role Requirements**

Bachelor’s degree in Finance Essential

Prior exposure on IFRS 16 accounting standard Essential

Advance Microsoft excel Essential

5 years Understanding of IFRS Essential

5 years Financial modelling Essential

5 years Budgeting, Forecasting and Scenario analysis Essential

Knowledge of ERP systems i.e., SAP and Dynamics Essential

Microsoft Office i.e., Excel advance Essential

Technical Product and Services understanding in ICT sector Desirable

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