Key Responsibilities of a Project Accountant:
1. Revenue Recognition & IFRS 15 Compliance
- Apply POC accounting in compliance with IFRS 15 , ensuring revenue is recognized in line with contract performance obligations.
- Coordinate with finance and project teams to determine transaction prices, allocate performance obligations, and assess progress toward completion.
- Maintain documentation supporting contract modifications, change orders, and performance milestones.
2. Cost Control & Budget Management
- Prepare, monitor, and manage detailed project budgets and forecasts for pre-offer at tendering stage and final offer at project kick-off stage.
- Track actual costs vs. budgeted/forecasted amounts, and report on variances with root cause analysis.
- Update estimated cost-at-completion and revenue forecasts based on project progress and scope changes.
3. Project Planning Integration
- Align cost tracking with project milestones such as major material receipts, FAT, delivery, engineering documentation, commissioning and handover.
- Integrate project schedules and progress reports into POC calculations.
4. Financial Reporting & Audit Support
- Prepare monthly project financial reports to ensure monthly correlation of data to deliver report on financial status of project and its profitability in cooperation with the overall project manager: Revenue and margin recognition (based on POC %); Cost-to-complete and EAC; Cash flow forecasts and billing milestones
- Support internal and external audits by maintaining proper records for revenue recognition and contract performance.
5. Change Management & Risk Mitigation
- Support formulation and impact of change notes within the projects that have a financial impact due to contract variations and scope changes.
- Update revenue forecasts and cost allocations accordingly.
- Flag and document risks or delays that affect revenue recognition or project profitability.
6. Cross-functional Collaboration
- Work closely with Project Managers, Finance, Procurement, and Engineering to ensure financial alignment with operational status.
- Participate in project kick-off, review, and close-out meetings to ensure financial objectives are met.
- Support commercial teams in structuring contracts to ensure revenue recognition aligns with IFRS 15 guidelines.
Required Skills & Qualifications:
- Bachelor’s degree in accounting or finance.
- 6-7 years of experience in project accounting or project control, ideally in marine/offshore or industrial equipment projects.
- Strong working knowledge of IFRS 15 and Percentage of Completion (POC) revenue recognition.
- Experience with ERP and project control tools (e.g., SAP, MS Dynamics, Oracle)
- Advanced Excel
- Strong communication, organizational, and analytical skills.
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