1. Position Summary

Own the integrity of the financial statements of a multi-vertical EPC business along with precast manufacturing plant and foreign shareholding. The role is accountable for the accounting close and statutory reporting under IGAAP today, for leading the transition to Ind AS, for contract revenue recognition and project accounting discipline, for direct and indirect taxation, for FEMA and foreign-investor reporting, and for the internal financial control framework reported to the Audit Committee and Board.

This is a controllership role, not FP&A.; It carries independent standing to challenge project margins, estimates-at-completion, provisioning and cut-off, including against commercial pressure.

2. Key Responsibilities.

2.1 EPC Contract Accounting

- Own revenue recognition across all live contracts: AS 7 / AS 9 on the current IGAAP basis, and Ind AS 115 on transition percentage-of-completion / over-time measurement, input method, and the integrity of the underlying cost-to-complete data.
- Own accounting for joint ventures, consortia and unincorporated JVs / AOPs share of assets, liabilities, income and expenditure; reconciliation to the JVs own books; and alignment with the JVs tax position and the partners share allocation.
- Own receivable recoverability against government, PSU, ULB and authority clients — ageing, dispute and arbitration status, provisioning policy under IGAAP now and an ECL model under Ind AS 109 on transition.
- Own project-wise P&L; and cash flow that reconciles to the books without adjustment, and working capital by project — unbilled ageing, retention recovery, advance amortisation, DSO.
- Set and enforce site accounting SOPs: measurement-book to RA-bill to revenue linkage, subcontractor bill certification, material issue and reconciliation, cut-off at period end.

2.2 Financial Reporting and Close

- Own the monthly, quarterly and annual close calendar across corporate, plant, divisions, project sites, SPVs and joint arrangements, with documented cut-off.
- Prepare standalone and consolidated financial statements under Schedule III, own Schedule II useful-life policy.
- Own the accounting manual, chart of accounts, group accounting policies, and their consistent application across units.
- Manage consolidation — subsidiaries, associates, joint arrangements, inter-company reconciliation and elimination, including elimination of unrealised margin on precast supplied to in-house projects.
- Draft technical accounting position papers for new, unusual or judgemental transactions and take them through the auditors and the Audit Committee.
- Deliver the annual report financial section: statements, notes, related-party disclosures, segment reporting, contingent liabilities, and inputs to the Directors’ Report.
- Prepare the periodic reporting pack for the foreign shareholder on the statutory basis (IGAAP now, Ind AS post-transition) and reconcile it to the statutory books.

2.3 Foreign Shareholding — FEMA and Cross-Border

- Own FDI reporting compliance: FC-GPR on allotment, FC-TRS on transfer, downstream-investment reporting, and the annual FLA return — filed through the RBI’s FIRMS / Single Master Form portal within the prescribed timelines, with the AD Bank.
- Own transfer pricing compliance for all international and specified domestic transactions: intra-group services, management fees, royalty, guarantees and funding — with the transfer pricing study and Form 3CEB certification procured from an external specialist.
- Own withholding on foreign remittances: section 195 determination, DTAA application and beneficial-rate substantiation, Form 15CA and coordination of Form 15CB, and Tax Residency Certificate / Form 10F collection.
- Maintain sectoral cap, entry-route and any bordering-country approval position for the shareholding structure,



and beneficial-ownership declarations (BEN-1 / BEN-2) on the register.
- Account for foreign currency exposure on imported plant, moulds and technology, and any ECB or foreign-currency borrowing, including hedge documentation.

2.4 Taxation (Direct and Indirect)

- Own direct tax: advance tax, current and deferred tax provisioning, tax audit and Form 3CD, income tax return, ICDS reconciliation (particularly ICDS III on construction contracts), regime election, assessments, appeals and litigation tracking with external counsel.
- Own GST: works-contract treatment and rate positions across roads, railways, water and sewerage scopes; multi-state registrations and place of supply; RA-bill and mobilisation-advance treatment; LD deduction and credit notes; input tax credit eligibility and reversals; e-invoicing and e-way bills; GSTR-1/3B/9/9C; refunds; departmental audits and notices.
- Own TDS/TCS across sections 194C, 194Q, 206C(1H), 195 and others relevant to the business, including subcontractor and site-level compliance.
- Maintain a tax risk register and litigation schedule feeding contingent-liability disclosure.
- Engage external advisors for opinions, TP study, and representation; do not build in-house what should be bought.

2.5 Internal Control, Governance and Risk

- Own the Internal Financial Controls over Financial Reporting framework: risk and control matrices, control owners, design and operating-effectiveness testing, deficiency logging and remediation tracking, supporting management’s assertion and the auditor’s section 143(3)(i) reporting.
- Maintain the financial and contract risk register: bid and contract risk, commodity price exposure (steel, cement, admixtures, bitumen), forex, bank guarantee and performance-security exposure, and covenant risk.
- Govern related party transactions — identification, arm’s-length substantiation, section 188 approvals, Audit Committee process and disclosure — with heightened rigour given foreign shareholding.
- Operate the fraud risk framework: fraud risk assessment, whistleblower case support, and the section 143(12) reporting protocol; specific focus on site cash, stores, scrap and subcontractor billing.
- Manage the outsourced internal audit relationship — annual plan and scoping input, information access and site coordination, management responses, agreed remediation actions with owners and dates, and closure tracking reported to the Audit Committee.

2.6 Precast Plant — Review and Consolidation Level

- Review and approve inventory valuation — absorption basis, treatment of abnormal loss, and non-absorption of fixed overhead at sub-normal capacity.
- Own PPE and capital WIP accounting for the plant: componentisation, helpful lives, capitalisation triggers, borrowing cost capitalisation, and impairment assessment at CGU level.
- Own the inter-unit transfer pricing basis between plant and EPC divisions — documentation, margin elimination on consolidation, and consistency with the tax position.
- Review standard-cost variances and their period-end disposition; challenge unexplained absorption movements.
- Support cost records and cost audit, applicable under section 148.

2.7 Ind AS Transition (Time-Bound Mandate) – Added advantage if any experience. Not mandatory.

- Own the Ind AS convergence programme end to end: applicability confirmation, transition date and first reporting period, project plan, and Board / Audit Committee reporting on progress.




- Deliver the GAAP difference and impact assessment — quantified, contract by contract and line by line — with the accounting policy choices recommended and approved.
- Apply Ind AS 101: transition-date opening balance sheet, elected exemptions and mandatory exceptions, restatement of comparatives, and the required reconciliations of equity and total comprehensive income.
- Manage the restatement of live contracts from AS 7 to Ind AS 115 — the single largest transition exposure in this business — including retention, advances, claims and variable consideration.
- Assess and manage collateral impacts: deferred tax, lender covenant definitions and headroom on restated numbers (renegotiate before the numbers move, not after), MAT/tax provisioning, dividend and distributable-profit capacity, and KPI and incentive-scheme definitions.
- Drive system readiness in SAP for dual-basis reporting during the comparative period, including ledger design, revenue accounting configuration, and the Schedule III Division I Division II migration.
- Extend the transition across the group: subsidiaries, SPVs, joint ventures and associates transition on the same date, requiring aligned policies, aligned system readiness and aligned auditor engagement at each entity. Include unincorporated JVs and AOP-based consortia, where the share-of-results basis must be restated and agreed with the JV partners.
- Engage the statutory auditor early on every judgemental position; obtain agreement in writing before the first reporting period, not during the audit.

2.8 Systems — SAP S/4HANA

- Act as finance process owner for SAP S/4HANA: FI, CO, PS (Project System), MM, SD and FSCM, with WBS-level cost and revenue integrity as the central control.
- Own period-end mechanics: result analysis and WIP settlement, project settlement rules, cost centre / profit centre / internal order architecture, and the close cockpit.
- Ensure revenue measurement is system-generated at WBS level rather than spreadsheet-derived, and drive the configuration required for Ind AS 115 on transition.
- Own finance master-data governance, EBS bank reconciliation, GST and e-invoicing integration, and automation of reconciliations.

2.9 Team

- Build and lead a controllership team spanning corporate accounts, taxation, plant finance and site accounting.
- Standardise site accounting through documented SOPs, periodic site visits, and a rotation that prevents any project’s accounting from resting on one person’s memory.

3. Qualification and Experience

Essential

- Chartered Accountant, in good standing.
- 13–15 years post-qualification, with the majority in EPC / infrastructure / construction contracting. Construction contract accounting is the non-negotiable core.
- Demonstrated ownership of contract revenue recognition at scale — percentage-of-completion under AS 7, EAC governance, claims and variations, LDs, and foreseeable-loss provisioning.
- Working knowledge of Ind AS with specific exposure to a first-time adoption or convergence exercise — Ind AS 101 mechanics and Ind AS 115 restatement of contracts. Candidates who have only studied Ind AS should be tested hard on this.
- Ownership of full statutory close, consolidation and audit closure under IGAAP.
- Hands-on SAP S/4HANA in FI/CO with working knowledge of PS in a project-driven business.
- Direct experience of both direct and indirect taxation ownership, including GST on works contracts.
- Experience of an IFC/ICFR framework and of presenting to an Audit Committee.

Desirable

- Experience in a company with foreign shareholding — FEMA reporting, transfer pricing, and reporting to an overseas parent or investor.
- Joint operations / consortium / AOP accounting in road or railway projects.
- Building-materials or precast costing exposure.

Diploma in IFRS / Ind AS; CMA or CS as a second qualification.

📌 DGM - Financial Reporting Controllership (EPC Projects) (Ahmedabad)
🏢 Fuji Silvertech Concrete Private
📍 Ahmedabad