International Financial Reporting Standard (IFRS) Consultant

The vision of ECX is to become a leading and dynamic African Exchange of choice. ECX has a mission to provide a modern, efficient, transparent, and reliable market platform and warehousing service through the adaptation of technology, excellence in innovation, and integrity. The ECX is a unique partnership of market actors, the Members of the Exchange, and its main promoter, the Government of Ethiopia. ECX represents the future of Ethiopia, bringing integrity, security, and efficiency to the market. ECX would like to recruit motivated and qualified applicants for the following positions.

Terms of Reference (TOR) to recruit an International Financial Reporting Standard (IFRS) Consultant

• Position Title: IFRS Consultant
• Location: Head Office
• Contract Type: Full-Time Contract-Based
• Reporting To: Chief Finance and Procurement Officer
• Duration: 6 months / with a possibility of extension/

1. Background

The Exchange adopted the International Financial Reporting Standards (IFRS) in 2017. Since IFRS implementation was new both to the Exchange and to the country an international consulting firm KPMG was engaged to support the conversion process. Early adoption of IFRS 1 started in 2015. Despite several challenges during the initial stages the Exchange successfully aligned its financial reporting with IFRS requirements and obtained clean audit opinions for the 2016/17 and 2017/18 financial statements. The 2018/19, 2019/20 and 2020/21 financial statements are also under the final stage remaining with the responses to the audit queries. The preparation and audit of the financial statements from 2021/22 to 2024/25 now represent the next phase of work for the General Accounts Division.

2. Purpose of the Position

The purpose of this position is to ensure the accurate, timely, and IFRS-compliant preparation of the Exchange’s outstanding and upcoming financial statements. The General Accounts Division is currently managing a significant backlog of financial reports, along with ongoing transaction recording and reporting obligations. Due to limited IFRS expertise within the team, there is a risk that these financial activities may not meet required standards, potentially impacting audit outcomes and regulatory compliance. This position is therefore established to provide the necessary technical capacity to clear the existing backlog, strengthen IFRS-based financial reporting, and support the Exchange in maintaining high-quality, credible, and audit-ready financial statements.

3. Objective of the Position

The Exchange seeks to hire an IFRS Consultant on a contractual basis to ensure the consistent application of IFRS and to facilitate effective knowledge transfer to the relevant staff. The specific objectives of this engagement include:

• Ensuring the timely closing of books of accounts and the preparation of financial statements in full compliance with IFRS requirements.
• Securing up-to-date, IFRS-compliant audited financial statements with clean audit opinions.
• Strengthening the IFRS capabilities of pertinent staff through structured knowledge transfer and practical guidance.
• Support the General Accounts Division in the timely closing of the books of accounts.
• Engage and support the finalization of the 2018/19, 2019/20 and 2020/21 financial statements to complete remaining tasks that raise audit queries.
• Engage and support the preparation and audit of the financial statements from 2021/22 to 2024/25 with the General Accounts Division.
• Review and advise relevant divisions on IFRS-related tasks and ensure the preparation of IFRS-compliant financial statements.
• Review and advise relevant divisions on IFRS-related tasks and ensure the preparation of IFRS-compliant financial statements.
• Complete the draft IFRS-Based Accounting Procedure Manual for the Exchange.
• Identify skill gaps related to IFRS tasks, provide close technical support, and deliver on-the-job training to the concerned staff.
• Assess the effectiveness of the division’s team and recommend approaches to strengthen coordination and operational efficiency.
• Perform any other related tasks as assigned, in consultation with the GAD Manager and the CFPO.

3. Scope of Work / Key Responsibilities

• Support the General Accounts Division in the timely closing of the books of accounts.
• Engage and support the finalization of the 2018/19, 2019/20 and 2020/21 financial statements to complete remaining tasks that raise audit queries.
• Engage and support the preparation and audit of the financial statements from 2021/22 to 2024/25 with the General Accounts Division.
• Review and advise relevant divisions on IFRS-related tasks and ensure the preparation of IFRS-compliant financial statements.
• Review and advise relevant divisions on IFRS-related tasks and ensure the preparation of IFRS-compliant financial statements.
• Complete the draft IFRS-Based Accounting Procedure Manual for the Exchange.
• Identify skill gaps related to IFRS tasks, provide close technical support, and deliver on-the-job training to the concerned staff.
• Assess the effectiveness of the division’s team and recommend approaches to strengthen coordination and operational efficiency.
• Perform any other related tasks as assigned, in consultation with the GAD Manager and the CFPO.

4. Reporting and Supervision

The IFRS Consultant will report to the CFPO. They will work closely with the Finance team, Human Resources, legal, procurement, and external stakeholders.

5. Duration and Working Conditions

This is a full-time position for a period of six months, with the possibility of extension as deemed necessary.

6. Deliverables

• IFRS-compliant financial statements for the backlog years and current reporting period.
• Monthly progress reports on IFRS implementation and identified issues.
• Finalized IFRS-Based Accounting Procedure Manual.
• Technical support in resolving audit queries.
• Recommendations to improve financial reporting processes and IFRS alignment.
• Final handover report summarizing outcomes and remaining gaps.

• B.A degree or MBA/ MSC in accounting and 10/8 years of experience at least 5 years of experience in IFRS minimum.
• At least 5 successful consultancy services to renowned firms (strong track record in the provision of advice on IFRS related tasks)
• Shall have a fundamental understanding and foundation in accounting or finance;
• Shall have a specialized IFRS Education with a professional Certification;
• Strong track record in the provision of advice on IFRS-related tasks;