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Form of workRequisition ID: 196543
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
The Director is responsible for coordinating the development and implementation of accounting policies and Procedures in response to constant changes to International Financial Reporting Standards (IFRS) and for specialized corporate transactions undertaken by the Bank, within the applicable accounting and regulatory frameworks. This involves analyzing and assessing the impact of proposed accounting changes by the International Accounting Standards Board (IASB), as well as, resolving accounting issues, and providing advice and counsel on specialized transactions which might include financing, business combinations and disposals etc. The Director's responsibilities also involve ensuring senior management is fully up to date on IFRS and regulatory changes that significantly impact the Bank within their area of expertise. To accomplish this, the incumbent must be on the leading edge of knowledge in their area of expertise. As IFRS change in their area of expertise, the incumbent must develop the Bank's responses, and work with industry committees as necessary, to promote the Bank's interests. Supervision and development of staff is an essential element of the job (and recruiting as necessary) in order to ensure the Bank has the expertise and resources it needs in a very complex area, both now and in the future. This position provides business line support to Canadian Banking and Wealth business lines, and supports strategic ESG initiatives.
Is this role right for you? In this role you will:
Guide the analysis and assessment of the impact of proposed changes, related to their area of expertise, of IFRS, as well as, changes in legislation and regulations affecting financial reporting (e.g., OSFI, OSC and SEC). This necessitates an always-up-to-date in-depth knowledge of current and proposed accounting standards and reporting requirements. The incumbent is expected to develop appropriate Bank-specific accounting policies and Procedures, and co-ordinate their bank-wide implementation. Such policies must also provide for meaningful and relevant management reporting information. In today's environment, this implementation may be required within a short time frame of the standard being finalized, as well as, different policies and Procedures for IFRS. This also involves advising executives of the proposed changes and the impact on the all-Bank and business line results, in order to change business behavior and practices, if necessary.
Plan and manage the development of corporate accounting policies for the Bank and its subsidiaries. As well, the incumbent is expected to manage and co-ordinate the final resolution of certain accounting issues arising from the business units. Further, the incumbent needs to ensure that the SOX documentation for their processes is updated and maintained on a regular basis.
Provide advice and counsel on business acquisitions and other complex transactions as it relates to their area of expertise to meet the the Bank's accounting and financial reporting objectives including securing external auditor concurrence on accounting and disclosure treatment.
Oversee the formulation of the Bank's official response to accounting changes proposed by IASB, FASB and Regulators (OSFI, OSC and SEC). These responses must represent and promote the Bank's interests and may involve working with peer Canadian Banks directly or through CBA subcommittees, as well as industry working groups.
Design and implement the necessary financial disclosure requirements for specific topic areas. This often involves taking a broad disclosure requirement and shaping it to meet the evolving needs of users of the financial statements. Disclosure requirements must consider applicable accounting and regulatory standards for both quarterly and year-end financial statements and where applicable related presentation within the Management Discussion & Analysis.
Maintain and update the accounting monograph/policies and implementation guidelines on a timely basis including training of users and implications of the new guideline.
Provide strong leadership to motivate both individual and team performance. As well, must recognize training and development needs of the direct reports with the objective of making the direct reports promotable into a more senior role, and to make sure the Bank has the skilled technical resources it will require going forward.
Do you have the skills that will enable you to succeed in this role? We'd love to work with you if you have:
CA CPA or equivalent CA designation is required
Expertise in IFRS GAAP
Working knowledge of core products/services of financial services industry (banking and capital markets)
Experience in researching and developing policies and practical guidance and related governance and oversight
Strong communication skills. Ability to write clear and concise memos, presentations and letters tailored to specific audiences with various needs.
Ability to develop strong working relationships with many groups across the Bank.
Strong supervisory skills and ability to develop staff.
Ability to manage multiple projects/initiatives/reiews at any given time, often with competing priority.
Good working knowledge of Microsoft Word, Excel and PowerPoint and the ability to learn to use the various reporting tools to extract and present information from the Bank's accounting records.
10+ years of industry related experience, including technical accounting experience
Some more information you might want to know:
Regulatory bodies and special requirements
Quarterly deliverables including review of wide disclosures (both routine and one-time transaction related)
Co-coordinating resources across various areas of the Bank in order to get the pertinent information to provide the proper accounting recommendations within tight time frames.
Flexible approach in dealing with issues and implementation of IFRS, taking into account alternative treatments, different viewpoints and practical aspects of implementation.
Liaise with shareholder's auditors, and internal audit.
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Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.
