Principal Financial Accounting

Job title

Principal Financial Accounting

Grade

Stream

Finance  

Function

Finance Control & Tax

Location

Oman – Muscat

Budget control

*OPEX and/or CAPEX and/or Revenue amount as relevant*

Reporting to

Head of Financial Accounting

Direct Reports

-

Job purpose

Under the direction and supervision of the Head of Financial Accounting, performs a wide variety of complex, professional-level accounting work in the analysis, maintenance and auditing of accounts at OQ SAOC with high quality and in compliance with IFRS Standards. The role involves delivering technically complex accounting activities, supporting group-level financial consolidation, and ensuring compliance with IFRS and internal reporting standards. It plays a key role in preparing consolidated financial reports, resolving complex accounting matters (e.g., impairments, restructurings, and fair value assessments), and supporting non-standard transactions. The position requires strong technical judgment, the ability to work independently within a multi-entity environment, and ensures outputs are accurate, compliant, and aligned with the Group’s strategic and reporting objectives.

The position will act in accordance with the Group’s Mission, Vision, Values & Strategies, as well as, policies, guidelines and international standards, supported by IT Technology platform, HSE standards, Omani government & other legal justifications, and best international practices in consonance with national objectives.

Main tasks and responsibilities

• Support the preparation of consolidated financial statements in accordance with IFRS, ensuring accuracy and completeness across multi-entity structures.
• Run the IFRS disclosure checklist on Group consolidated financial statements to ensure full compliance with IFRS and robust, high-quality disclosures.
• Design the Management Discussion and Analysis (MD&A) as part of the financial reporting package, ensuring it reflects key business drivers, risks, and financial results.
• Assist in the execution and accounting of complex transactions such as asset impairments, fair value assessments, corporate restructurings, and divestments. This includes advise on complex accounting matters such as IFRIC-12, IFRS-16, IFRS-9, Derivative Accounting etc. within the Group.  
• Review and interpret financial regulations, IFRS standards, and internal policies to ensure correct accounting treatments and disclosures.
• Perform technical analysis and prepare accounting memos for non-standard transactions, including goodwill, intangible assets, forex, and investment properties.
• Contribute to the design and execution of group-wide accounting close and consolidation processes, including monthly, quarterly, and annual reporting cycles.
• Ensure compliance with internal governance and external audit requirements, supporting timely resolution of audit queries.
• Coordinate with Treasury, Strategy, Legal, and other Finance functions to ensure integrated treatment of financial reporting and accounting matters.
• Assists in training staff in the application of new or amended accounting standards.
• Maintain oversight of general ledger integrity, ensuring accounting entries reflect underlying economic events and comply with policy and control frameworks.
• Support the enhancement of financial reporting systems and tools, including SAP-BPC, to streamline consolidation and reporting processes.
• Lead the update and revision of the Group Accounting Policy Manual in response to new and amended IFRS standards, ensuring alignment with group-wide practices.
• Perform and document WACC (Weighted Average Cost of Capital) calculations for all key assets within the Group to support impairment testing and investment assessments.
• Review the financial statements of Group subsidiaries and provide feedback to ensure consistency with Group accounting policies and IFRS compliance.
• Executes Non-Standard Accounting practices which include:
  • • Accounting for asset impairments & impairment reversals, including review of impairment models, preparing impairment handbooks to have proper records for impairment assessments
    • Accounting for acquisitions and divestments
    • Accounting for Common Control Transactions within the Group
    • Accounting for general intangible assets, in particular Goodwill
    • Accounting for fair value and other revaluations
    • Forex Journals
    • Property Investments

Key interactions

Internal: OQSAOC Streams, Assets, Subsidiaries  

External: Staffing specialized Contractors, Vendors & Suppliers

Notable Working Conditions. Office environment, intensive computer screen use, sporadic visits to operation site.

Education requirements

• Minimum qualification required is a college graduate degree in Accounting, Administration, with Master or any other qualification is a plus.
• Certified Public Accountant (CPA) or Certified Management Accountant designations (CA/ACCA/CTA/CTP) or equivalent professional qualification required.

Language

Excellent knowledge of written, read, and spoken English (required)

Background and experience

Competencies and skills

• Minimum of 10-12 years of relevant experience
• Experience in Non-Standard Accounting.
• Oil and Gas / Energy industry experience essential (including Upstream and Downstream exposure) upstream and downstream exposure).
• Deep working understanding of financial reporting and analysis.
• Strong experience in the following areas:

1. Finance and Accounting Services & Standards

• • Expertise in implementing and managing financial accounting processes across global entities, ensuring compliance with IFRS, US GAAP, and local GAAP.
  • Skilled in maintaining robust internal controls and governance frameworks for accurate financial data and successful audits.

2. Consolidation and Management Reporting

• • Extensive experience in group-level financial consolidations, integrating data from subsidiaries, associates, and joint ventures.
  • Proficient in external reporting, statutory financial statements, and regulatory disclosures.
  • Skilled in leveraging tools like BPC and SAP for accurate and efficient reporting.

3. Leadership in Financial Reporting and Complex Accounting Matters

• • Successfully led financial reporting and consolidations.
  • Experience in guiding teams through complex financial projects like mergers, acquisitions, and divestitures.

4. Knowledge of Accounting Standards and SEC Requirements

• • Strong understanding of IFRS, US GAAP, local GAAP, and SEC reporting requirements.
  • Expertise in regulatory compliance and aligning accounting policies with evolving standards.

Soft:

Perform responsible accounting work requiring the use of independent judgment and initiative.

Read, interpret, and explain laws, rules and regulations.

• Coordinate, organize, schedule and perform responsible and complex accounting procedures within governmental compliance constraints and laws.
• Communicate effectively orally and in writing.
• Work harmoniously in a multiethnic environment.
• Excellent business and technical report writing skills
• Demonstrated success in leading and driving solutions involving multiple layers of management, and multiple simultaneous deliverables
• Thrives when facing ambiguity and complexity; willingness to explore multiple solutions to a problem
• Ability and willingness to quickly adapt in a rapidly changing environment

Technical:

• Strategic Advisory: Expertise in M&A, process optimization, and cross-functional collaboration.
• Communication: Skilled in preparing Board presentations and training teams
• Accounting Standards: Expertise in IFRS, local GAAP, and non-standard accounting (impairments, divestments, goodwill etc.).
• Consolidation: Proficiency in group financial statement consolidation and intercompany reconciliations.
• Financial Systems: Advanced skills in SAP, BPC, and financial reporting tools.
• Regulatory Knowledge: Deep understanding of tax and legal documentation, statutory reporting, and compliance.
• Risk Management: Ability to assess and mitigate financial and compliance risks.