Closing Date 2024/10/01
Reference Number LAN240919-4
Division Land Bank Insurance Company
Unit LBIC
Job Type Classification Permanent
Location - Country South Africa
Location - Province Gauteng
Location - Town / City Centurion
ABOUT
(Land Bank) is South Africa’s only specialist agricultural bank established in 1912, the bank’s sole objective is to serve South African commercial and emerging farmers and bring specially designed financial services within their reach. These services enable farmers to finance land, equipment, improve assets and obtain production credit. The Land Bank provides financial services that have moved with the times and continues to provide services to agri-business and constantly reviews its offerings to ensure that they match the needs of an industry. As change has swept across the sector in South Africa the socio-economic makeup of agriculture has altered, bringing new entrants from historically disadvantaged backgrounds on to the land, these new farmers, facing the challenges of establishing sustainable agri-businesses across the agricultural value chain, Land Bank has been a commercial lifeline offering appropriately designed financial products that facilitate personal and commercial viability in a sector that is vital to the sustainability of South Africa and its people.
MAIN PURPOSE OF THE JOB
To provide technical accounting support and operational expertise in order to provide relevant and reliable information for business decision making through the design, implementation and maintenance of effective financial processes, procedures and policies for Land Bank Insurance
KEY PERFORMANCE AREAS
Provide technical accounting support to the finance team, relating to all line items of the Managament Accounts as well as the Statement of Financial Position and Statement of Profit & Loss
General
1. Provide quality assurance relating to each line item on the Balance Sheet as well as Profit & Loss
2. Review monthly manangement accounts to ensure accounting recognition, measurement, classification and disclosures are correct
3. Perform analytical review of month to month movements mainly in terms of insurance contract assets, insurance contract liabilities as well as re – insurance contracts, accounts payable and receivable, etc
4. Provide technical input to Board and Sub – committee packs
5. Assist in general ledger maintenance (eliminate legacy items, rectify naming descriptions, etc)
6. Assist with VAT queries
IFRS 17 Insurance Contracts specific (monthly):
1. Facilitate communication between Finance, Operations and Actuarial (specifically month - end and year – end)
2. Ensure reporting timelines are met by engaging Operations and Actuarial teams
3. Facilitate financial data between Finance, Operations and Actuarial
4. Review risk intergrity output and engage Operations/ Actuarial if any anomolies
5. Ensure journals from Risk Integrity are posted correctly in SAP GL
6. Perform high level review of the input data going into risk integrity
7. Ensure expense allocation in terms of IFRS 17 is up to date and in line with accouting policy
8. Ensure insurance contract liablities and assets are based according to IFRS 17, accouting policies and accounted correctly
Adhoc
1. Respond to queries from Actuarial team reading quarterly and annual returns to the Prudential Authority
2. Investigate IFRS and Tax legislation changes that affect the Insurance entities.
3. Assist with correspondence to be provided to external stakeholders such as Land Bank, National Treasury, Prudential Authority etc…
4. Provide guidance in procurement matters by referencing the PFMA as well as procurement policy.
Annual Financial Statements and Corporate Plan budget
Annual Financial Statements
1. Perform quality assurance of each line item and ensure mapping is accurate and correct
2. Provide quality assurance on disclosure such as:
1) Investments - Liase with investment consultant to ensure classification of assets are correct, e.g. Listed/ Unlisted assets are disclosed as such and in line with IFRS 9
2) Insurance contract asset and liability notes are disclosed according to IFRS 17
3) Accounting policies are consistent and relevant
3. Provide advise on the technical updates in the disclosure of their AFS
4. Assist the Land Bank, if required, with the group consolidation
5. Liase with external auditiors and facilitate responses to audit queries
Corporate Plan budget
1. Assist in assumption setting, ensuring assumptions are relevant and realistic
2. Liase with relevant business within LBI to understand their budget assumptions
3. Assist head of finance in drafting budget, by providing technical inputs taking future accounting and tax changes into account
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