Financial Consolidation and Reporting Specialist

Role Summary:

Financial Consolidation Specialist ensures the accuracy and integrity of a company's financial data and reports. The position plays a critical role in ensuring accurate financial reporting and analysis for a Company with multiple subsidiaries and associates.

The primary responsibility of this position is to consolidate financial data from various entities within a Group to present a comprehensive and accurate picture of the Group’s financial performance and position. The role requires ensuring that financial reports are accurate and comply with accounting standards and regulations as a publicly-listed conglomerate.

This position collects and review financial data from various sources, including subsidiary companies and departments, consolidate the data into a single report or financial statement, and analyze it for accuracy and completeness. The position also prepares financial reports for management, investors, and regulatory bodies, ensuring compliance with accounting standards and PSE/SEC rules. The position also implements and maintains financial consolidation and publication software systems, develop and implement financial policies and procedures related to consolidation, and provide training and support to other finance team members on financial consolidation processes and procedures.

Outcomes Expected and Responsibilities:

• Collection and review of financial information

  • The Specialist collects financial statements, reports and other relevant financial information from various sources submitted across the Group, such as subsidiary companies, joint ventures, associates and departments.

  • The Specialist reviews the collected financial statements, reports and other relevant financial information for accuracy, consistency and compliance with accounting standards and Company policies.

• Consolidation

  • The Specialist performs consolidation of financial data into a single report or financial statement in accordance with accounting consolidation standards which involves among others: elimination of intercompany transactions, equity adjustments in relation to business combination, treatment of non-controlling interests, translation of foreign currency amounts into a common reporting currency and alignment of accounting policies.

• Data Analysis

  • The Specialist performs analysis of financial data for accuracy and completeness, and resolving any discrepancies. The Specialist ensures that financial statement line items tie up with the relevant schedules and disclosures.

• Preparation of financial reports

  • The Specialist in collaboration with the other BU accounting and finance team prepares the Group consolidated financial statements including Balance Sheet, Income Statement, Cash Flow Statement, Notes to Financial Statements and other financial reports for investors, management, and regulatory bodies. This also covers the preparation of Group financial reports for intermediate conso entities such as Therma Power, Aboitiz Renewables SPVs and the requirement of other layers and cross-ownerships.

• Ensuring compliance with accounting standards and regulations

  • The Specialist ensures compliance with accounting standards and regulations as to the specific disclosure requirements in the notes to FS and SEC supplementary schedules.

• Identifying trends and variances

  • The Specialist identifies trends, variances and irregularities and makes necessary recommendations. The Specialist provides explanations for significant fluctuations or anomalies.

• Collaboration with other departments across the Group

  • The Specialist collaborates with other departments, such as Accounting Operations, Finance, Tax, Treasury and BU SPOCs to ensure accuracy and completeness of financial data.

• Audit Support

  • The Specialist assist external auditors during the quarterly and year-end audit process by providing necessary documentation and explanations related to the consolidation process.

• Implementing and maintaining financial consolidation and publishing systems

  • The Specialist assists in implementing and maintaining financial consolidation and publishing systems such as metadata update, account and segments mapping, updates of consolidation rules and other formula.

  • The Specialist develops and implement financial policies and procedures related to consolidation.

  • The Specialist provides training and support to other finance team members on financial consolidation processes and procedures.

• Accounting Standards Champion

  • Ensures the compliance of Renewables group to accounting standards and organizes trainings and cascades to disseminate knowledge, templates and guidelines.

  • Ensures the alignment of the group to the accounting policies of the Parent company and harmonize the accounting treatment of all AP BUs to that of the Parent.

  • Manages the championing of selected standards across the group (e.g. Leases, Pension, Service Concession, Hedge etc.)