WHAT DOES A FINANCIAL REPORTING ACCOUNTANT DO?

Published: Apr 3, 2025 - The Financial Reporting Accountant handles timely responses to internal and external financial reporting queries, preparation and filing of local statutory financial statements, and liaising with internal staff and external auditors to ensure accurate and compliant reporting. This role involves ensuring adherence to all statutory requirements and internal policies, developing and implementing project plans that support organizational needs, and producing monthly, quarterly, and annual financial reports, including APRA returns and equity transaction accounting. The accountant also maintains internal control documentation, implements process improvements, and prepares documentation for audits to uphold high standards of financial integrity and compliance.

A Review of Professional Skills and Functions for Financial Reporting Accountant

1. Financial Reporting Accountant Duties

  • Asset Management: Manage leased assets in the CoStar system.
  • Partner Liaison: Main contact for intercompany partners on AP/AR reconciliation, documentation, and other matters.
  • Financial Reporting: Prepare weekly sales, cash balances, and inventory reporting.
  • Documentation Compliance: Regularly develop documentation for incoming and outgoing cross charges to comply with local legislation.
  • Audit Coordination: Responsibility for internal audit, serving as the main contact for auditors, providing them with full support.
  • International Collaboration: Interact with international colleagues on accounting, treasury, tax, and other matters.
  • Operational Support: Back up HFM/CMR submissions and other key responsibilities in the absence of the site controller.
  • Policy Review: Review accounting policies, support internal and external audit requirements.
  • Investor Reporting: Prepare quarterly financial reporting for investors.
  • Strategic Participation: Contribute, as part of a senior management team, to the development of markets in line with corporate objectives and the strategic vision of the organization.
  • Professional Development: Gain and update job knowledge to remain informed about novelties in the field.
  • Financial Control: Impose tight financial controls and ensure the growth of the company while working to tight timelines.
  • Confidentiality Maintenance: Protect operations by keeping financial information confidential.
  • Knowledge Maintenance: Maintain technical knowledge by attending educational workshops and reviewing publications.
  • Team Contribution: Contribute to the team effort by accomplishing related results.

2. Financial Reporting Accountant Details

  • Audit Management: Manage audit programs, project plans, and work papers.
  • Audit Collaboration: Partner with the audit team to inform them of progress and findings.
  • Audit Planning: Organize and communicate the audit plan scope, timing, and conclusions.
  • Risk Evaluation: Evaluate risks and controls to build awareness for the business.
  • Reporting: Prepare effective and concise audit reports.
  • Confidentiality Enforcement: Maintain confidentiality during fraud investigations and all testing.
  • Strategy Development: Build the company's strategy and core business.
  • Financial Reporting: Prepare financial results for entities, including IFRS and regulatory returns.
  • Account Preparation: Prepare monthly accounts and draft control accounts.
  • Consolidation Support: Assist in the preparation of quarterly consolidation of results, annual reports, and annual regulatory filings, including statutory notes and disclosures.
  • Balance Sheet Control: Assist with the control of key Balance Sheet accounts at a regional level during the month-end close.
  • Supplementary Reporting: Prepare quarterly and year-end supplementary reporting submissions for Corporate and the auditors.
  • Control Implementation: Implement and further develop controls for sample testing for the region's balance sheet reconciliations, in line with Internal Audits' recommendations and new policies.
  • Reporting Pack Maintenance: Support the maintenance of regional reporting packs.

3. Financial Reporting Accountant Responsibilities

  • Performance Management: Lead monthly feedback and performance reporting process with Group Finance Services (GFS).
  • Annual Reporting: Play a key role in the preparation and review of the Annual Report and 20-F.
  • Audit Coordination: Manage matters with PwC (external auditor) throughout the year to ensure a successful year-end audit.
  • SOX Compliance: Assist with activities relating to the SOX reporting timetable to ensure all key deadlines are met/work is performed.
  • Reporting Advisory: Advise on reporting treatment and provide other practical support as required by reporting units.
  • Process Improvement: Support GFR’s consolidation, continual improvement process, sharing best practices amongst the team and the wider finance community.
  • Financial Analysis: Prepare quality financial analysis and develop recommendations to remediate reporting errors and complexities.
  • Group Support: Support the Group Consolidation team with Financial Reporting and other Central Accounting requirements.
  • Business Analysis: Identify key business drivers related to overhead costs and revenues.
  • Strategic Reporting: Develop reporting to assist business managers in the execution of the strategic plan.
  • SEC Compliance: Prepare SEC filings including 10-K, 10-Q, and 8-Ks, in addition to XBRL requirements and press releases.
  • Audit Support: Assist in the coordination of quarterly reviews and annual audits.
  • Control Maintenance: Maintain internal controls over financial reporting and regulatory reporting.
  • Accounting Research: Research technical accounting issues and prepare accounting memos supporting the Company’s position, including the implementation of new accounting standards.

4. Financial Reporting Accountant Job Summary

  • Quarterly Statement Preparation: Assist in the preparation of quarterly financial statements, including footnotes and management’s discussion and analysis, for external stakeholders.
  • Regulatory Reporting: Provide financial information to regulatory agencies and senior management.
  • Reporting Tool Administration: Assist in the administration function of corporate reporting tools.
  • Compliance Assurance: Ensure that supporting work papers are clearly and concisely prepared, complying with controls over financial reporting.
  • Professional Development: Develop competence in assigned areas of technical accounting and knowledge of the organization's processes.
  • SEC Filings: Complete financial reporting associated with funds, including SEC “40 Act” filings.
  • Filing Oversight: Manage and review filings to ensure data is reasonable and appropriate.
  • Compliance Support: Supply assistance and support to financial compliance areas.
  • SEC Documentation: Produce SEC filings, including financial statements and related footnote disclosures.
  • Control Maintenance: Uphold appropriate financial controls and procedures, including monitoring BBH data.
  • Regulatory Filings: Prepare and review NPORT, NCEN, N-CSR, N30-D, 40-17G, and N-MFP filings.
  • Budget Support: Support the compilation of the annual budget, medium-term plans, and quarterly forecasts by liaising with business areas.
  • Process Improvement: Develop reporting processes in line with best industry practice, ensuring all processes are fully documented.

5. Financial Reporting Accountant Accountabilities

  • Management Accounting: Produce monthly management accounts and prepare timely and accurate analytical reviews.
  • Profit Forecasting: Prepare quarterly profit forecasts in coordination with other departments.
  • Audit Support: Assist in the preparation/collation of necessary information requested by group auditors by liaising with other departments.
  • Accounting Entries: Prepare and post various accounting entries accurately and in a timely manner.
  • Tax Compliance: Assist with tax compliance work, including tax returns, quarterly installment payments, transfer pricing, VAT, etc.
  • Regulatory Reporting: Assist in the preparation of Bank of England statistical returns /PRA returns for the Branch.
  • Statutory Accounts: Responsible for the preparation and submission of individual company statutory accounts for all IWG legal entities.
  • Account Finalization: Finalize accounts with auditors, file accounts at Companies House, and prepare XBRL submissions for HMRC.
  • Legal Compliance: Ensure that statutory accounts are prepared in accordance with Companies Act legislation, relevant GAAP, and IWG accounting policies.
  • Company Secretarial Duties: Responsible for company secretarial duties for the IWG legal entities, including annual returns and other forms, and updating records on internal systems (e.g., Blueprint).
  • Regulatory Knowledge: Build a strong working knowledge of APRA reporting requirements.
  • Reporting Enhancement: Continually develop regulatory reporting processes, enhance reporting controls, and ensure a strong risk framework exists.
  • System Design: Assist in the design of systems relating to finance and the creation of accounting processes.
  • Project Involvement: Assist in various projects and act as a Subject Matter Expert (SME) in projects.

6. Financial Reporting Accountant Functions

  • Reporting System Enhancement: Support a best-in-class reporting and control system by identifying and delivering improvements.
  • Financial Reporting: Prepare the month-end financial reporting process, including consolidated profit and loss, balance sheet, and cash flow reports.
  • Accuracy Checks: Examine financial records to check for accuracy.
  • Management Reporting: Assist in the preparation of insightful management reporting to the executive leadership team.
  • Working Capital Monitoring: Monitor working capital to assist with controlling expenditure and cash burn.
  • Audit Support: Support the company audit process and the preparation of year-end statutory accounts.
  • Compliance Management: Responsible for completion of compliance activities including Business Activity Statement (ATO), Withholding Tax (ATO), Fringe Benefit Tax (ATO), Payroll Tax (OSR).
  • Business Partnership: Drive a business partnering culture across the organization for effective decision-making.
  • Data Analysis: Collect and analyze data, which is then used in the preparation of weekly and monthly accruals.
  • Policy Maintenance: Maintain and update accounting and tax policies and procedures.
  • Team Environment: Create an environment that fosters effectiveness, cooperation, motivation, and professional growth.
  • Journal Entries and Reconciliations: Prepare month-end journal entries and reconciliations for accounts by GAAP.
  • Share Calculation: Calculate the monthly basic and diluted weighted average shares.

7. Financial Reporting Accountant Job Description

  • Query Response: Answer queries (internal and external) relating to financial reporting on a timely basis.
  • Statutory Compliance: Prepare and file local statutory financial statements within required timeframes.
  • Stakeholder Liaison: Liaise with internal staff and third parties (e.g., external auditors) promptly to ensure accurate and compliant financial reporting.
  • Regulatory Adherence: Ensure compliance with all statutory requirements as well as internal systems and policies.
  • Return Filing: Prepare and file statutory returns, including all Inland Revenue and Companies Office returns.
  • Policy Development: Develop and implement project plans and policies to ensure financial reporting practices support the organization's requirements.
  • Account Production: Produce monthly, quarterly, and annual accounts and implement new accounting standards.
  • Financial Statement Delivery: Responsible for the delivery of financial statements at both the group level and related entities.
  • APRA Reporting: Prepare monthly and quarterly financial APRA returns, quarterly intragroup reporting, and annual financial statements.
  • Equity Transaction Accounting: Perform accounting for various equity transactions, including stock option exercises, restricted stock awards/units, and stock repurchases.
  • Equity Reporting: Compile the quarterly Statement of Changes in Shareholders’ Equity and footnote disclosures for share-based compensation and weighted average shares.
  • Control Maintenance: Assist in the maintenance of internal control documentation.
  • Process Improvement: Identify and implement appropriate process improvements.
  • Audit Support: Prepare documentation in support of internal and external audits.

8. Financial Reporting Accountant Overview

  • Query Support: Support the Financial Reporting Manager with accounting queries.
  • VAT Management: Manage VAT returns for Raytheon Systems Limited, Raytheon United Kingdom, Raytheon Company, and Javelin Limited.
  • R&D Tax Claims: Run the Raytheon R&D tax claim each year with wider business support to ensure success.
  • Monthly Accounting: Manage monthly accounting, such as preparing journals, completing reconciliations, and supporting the wider function.
  • Quarterly Reporting: Handle Quarterly management reporting – Significant Judgements and Events (SJE), Currency Translation Adjustment (CTA).
  • Project Leadership: Lead ad hoc projects – acting as the Accounting Specialist in cross-functional project teams.
  • Balance Sheet Analysis: Analyze Accruals and Other Significant Balance Sheet Entries.
  • Process Optimization: Involved in Raytheon’s 6 Sigma projects to streamline reporting and drive efficiencies.
  • Entity Management: Manage Javelin Limited entity and its day-to-day activities, as well as quarterly invoicing and VAT returns.
  • Project Setup: Conduct project set-up and daily clearing checks to ensure projects are correctly set up.
  • Policy Communication: Interpret and communicate Accounting/Finance Policy changes.
  • Best Practices Advocacy: Champion best practices and look to improve systems and processes through liaison with wider finance teams.

9. Financial Reporting Accountant Details and Accountabilities

  • IFRS Project Involvement: Be a key member of the IFRS project team responsible for the successful implementation of new IFRS standards, particularly focusing on the impact analysis and implementation of IFRS 17, 9, and 16.
  • Regulatory Compliance: Stay up to date with all changes to Group and IFRS reporting and ensure full compliance with these standards.
  • Financial Reporting Support: Support accounting and financial reporting projects, including reviewing the chart of accounts to ensure compliance with Group accounting standards.
  • Performance Reporting: Own the development and delivery of NZTE's financial performance reporting to internal and external stakeholders, including the Lead team, Board, Treasury, and NZ Inc.
  • Decision-Making Support: Adept at tailoring relevant insights to aid decision-making and support growth through proactive and technically savvy dashboard report development, finance data integration, and generation of insights.
  • Reporting Duties: Responsible for the timely reporting of monthly and year-end reporting duties, including statements, timetables, schedules, balance sheet reconciliation reviews, verifying ledgers and accounts, and making corrections.
  • Process Improvement: Engage in accounting projects with the wider Finance and associated teams to improve processes and systems.
  • Financial Compliance: Responsible for covenant calculation and ONS surveys, group impairment modeling and papers in terms of IAS 36.
  • Efficiency Enhancement: Identify and propose improvements and efficiencies in existing processes.
  • IFRS Resolution: Work with the Head of Group Reporting and Business Finance teams on resolving IFRS accounting issues and judgments.

10. Financial Reporting Accountant Tasks

  • Statutory Compliance: Prepare statutory accounts for group companies, ensuring compliance with country-specific requirements.
  • Partner Collaboration: Work with local accounting partners on statutory filings, including Annual Accounts, confirmation statements, CIT, VAT, etc.
  • Audit Support: Assist with the audit process and VAT reconciliations.
  • Compliance Assistance: Work closely with other departments to assist with compliance-related matters, such as PSA.
  • Research Initiatives: Research finance-related matters for potential new territory entry.
  • Control Implementation: Assist in reviewing and implementing internal financial controls.
  • Integration Leadership: Lead on integration projects with local accounting packages and ensure regular updates.
  • Partner Relations: Develop relationships with accounting partners in the territories.
  • Financial Reporting: Led the preparation of keynotes for half-year and full-year group financial statements and managed external auditors in those areas.
  • Group Consolidation: Responsible for the preparation of monthly Group consolidation in the Group’s reporting system, liaising with finance teams of operating businesses and the shared service center.
  • CFO Reporting: Assist with the preparation of the monthly CFO reporting pack and related analysis of variances to the budget.
  • Budget Preparation: Assist with the preparation of the annual budget for the Balance Sheet, Cash flow, and items below EBITDA on the P&L.
  • Treasury Management: Responsible for treasury-related items, including debt, cash, interest, and intercompany processes across the group.
  • Asset Management: Responsible for acquired intangible assets.
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