Ref.
2024/GEOCFS/11451
Job offer type
Experts
Type of contract
Service contract
Activity sectors
Public resource mobilisation, management and accountability ; Economic and financial governance
Deadline date
2024/07/28 16:11
Duration of the assignment
Long term
Contract
Freelancer
Duration
20 months
Greek expert on Consolidated financial statements (M/W)
Département Gouvernance - GOUV > Pôle Transparence, Gestion et Redevabilité
Published on : 2024/07/05
CONTINENTAL EUROPE
GREECE
Mission description
Scope of action of the expert referent in accounting standards
Main activity: Support for consolidation policies regarding the implementation of the accounting reform in Greece
Sub-activity: Provision of advisory services on consolidated financial statements to the Ministry of Finance of Greece
Objectives:
The expert on consolidated financial statements will ensure technical coordination and definition of activities related to the accounting reform in Greece in close collaboration with the accounting standards expert. Their main role will be to provide strategic and technical advice to support the development of the first consolidated financial statements of the government of the Hellenic Republic.
Description of the Action:
The consolidated financial statement advisory services will be provided to the Greek Deputy-Minister of Finance for Fiscal Policy. The advisor will be supported by and work directly with the Secretary General for Fiscal Policy, the management and staff of GAO’s General Government Accounting Directorate.
To carry out this sub-activity the adviser will:
· Provide specialized expertise in preparing, analyzing, and interpreting consolidated financial statements.
· Assist in implementing accounting policies for consolidation.
· Evaluate inter-entity transactions and the challenge of consolidation.
· Support GAO in preparing consolidated financial reports in accordance with applicable accounting standards.
· Ensure compliance with accounting regulations.
· Provide strategic advice to enhance transparency and quality of consolidated financial statements.
· Monitor the GOV-ERP system
Outputs:
The financial consolidation advisor will compile regular progress reports and, when necessary, ad-hoc reports, culminating in a final report addressed to the relevant authorities. In the final report, the advisor will include:
· An overview of the progress made in the financial consolidation process.
· Advice and recommendations provided to enhance the consolidation process.
· Identification of outstanding issues, along with recommendations on how to address them in subsequent phases of the consolidation effort.
The draft final report will undergo validation by the Secretary General for Fiscal Policy, the management, and staff of GAO’s General Government Accounting Directorate. The advisor will consider any reasonable comments and suggestions made in the final version of the report, aligning them with professional judgment
Project or context description
Context
Greece is currently undergoing a significant reform in its financial accounting practices, transitioning to a new accrual-based framework aligned with International Public Sector Accounting Standards (IPSAS). This initiative, mandated by a Presidential Decree in 2018, involves the introduction of a Unified Chart of Accounts and new classification structures for all General Government entities.
The reform is a national priority and is integral to Greece's commitment to the Recovery and Resilience Plan (RRP), with key milestones set for Q4 2025. The aim is to achieve full compliance with accounting standards by 2025, including the issuance of the first consolidated financial statement for the Hellenic Republic.
To facilitate this transition, the General Government Accounting Framework (GGAF) must be established by the end of 2025, requiring the integration of accounting and reporting requirements into the Gov ERP system.
The current governance of the reform is led by the General Accounting Office (GAO) of the Greek Ministry of Finance, with key stakeholders including the Ministry of Finance and various public entities. Training programs targeting officers in Central Administration will be implemented to support the reform and address change management challenges.
While challenges persist, including data collection for consolidated financial statements and aligning with Public Sector Accounting Standards, the project aims to achieve essential outcomes to support Greece's accounting reform.
Objective
The general objective of this Project is to contribute to the General Accounting Office (GAO) efforts in implementing accounting reforms in accordance with international accounting standards. These efforts could encourage investment, increase competitiveness, and assist in achieving sustainable economic and social convergence, resilience and recovery. This should also strengthen their institutional and administrative capacity, including at regional and local levels, to facilitate socially inclusive, green and digital transitions, to effectively address the challenges identified in the country-specific recommendations and to implement Union law.
The specific objective(s) of this Project is:
to support the Ministry of Finance in Greece and especially General Accounting Office (GAO) to implement its national recovery and resilience plan pursuant to Regulation (EU) 2021/241.[1]
[1] Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility, OJ L 57, 18.2.2021, p. 17–75. http://data.europa.eu/eli/reg/2021/241/oj
Required profile
Professional Experience:
- Demonstrated expertise in financial consolidation processes and accounting reforms, preferably in governmental or ministerial contexts.
- Previous experience in providing advisory services on consolidated financial statements, ideally within the scope of similar reforms as those being implemented in Greece.
Key Skills:
- In-depth knowledge of international accounting principles, particularly in the context of public sector accounting standards (IPSAS).
- Proven ability to provide strategic and technical advice to support the development of consolidated financial statements.
- Strong analytical skills to evaluate inter-entity transactions and address challenges related to consolidation.
- Familiarity with accounting regulations and the ability to ensure compliance with relevant standards.
- Excellent communication and interpersonal skills to effectively collaborate with stakeholders and provide strategic advice.
- Knowledge in information systems for accrual accounting.
- Ability to compile progress reports and draft comprehensive final reports addressing the progress, recommendations, and outstanding issues in the financial consolidation process.
Education:
- University degree in finance, accounting, economics, or a related field. A professional qualification in accounting (CPA, ACCA, etc.) would be an asset.
Languages:
- Excellent command of both Greek and English is essential, both orally and in writing, to facilitate communication with local and international stakeholders.
Additional information
Expert contribution
The focal expert must be available during the calendar period specified below. The number of person/days indicated may be consumed in part or in full during this period and according to the needs defined in the Terms of Reference (TDR) of the various project activities, which will result in the issuance of purchase orders.
Period: August 2024 to January 2026 (17 months)
Number of person/days (p/d): 120
Selection criteria for applications
The selection process for candidates will be based on the following criteria :
- Candidate’s skills linked with the expert mission
- Candidate’s experiences linked with the expert mission
- Candidate's knowledges related to local context (country or region intervention)
- Candidate’s understanding of cooperation project stakes
Deadline for application : 2024/07/28 16:11
File(s) attached : TDR Referent Expert-on consolidated financial statements.DOCX
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