Tashriq Allie CA(SA)
Chartered Accountant |Technical Banking Accounting Advisory Manager| Financial Services IFRS Technical Specialist | Ex-IPSASB Standards Development & Technical Projects
London
Summary
- Tashriq has over 8 years’ accounting experience, with 5 years in technical accounting in South Africa, United Arab Emirates, and the United Kingdom, specialising in IFRS in the financial services sector. Prior to joining KPMG UK, Tashriq spent time in both external audit and technical accounting at the leading South African banking groups and asset managers for 6 years, which has provided him with valuable industry insight and experience.
- Tashriq is currently a Manager in the KPMG UK FS Accounting Advisory practice, which entails developing market propositions and thought leadership on accounting and finance for financial services entities including banks and asset managers. He currently leads the Blockchain and Digital Assets proposition for his practice.
- Tashriq has specialist experience in various complex areas of accounting such as IFRS 9/IAS 32 financial instruments including derecognition and debt/equity classification, IFRS 3 business combinations, IFRS 10 control assessments, IFRS 2 share-based payments, IFRS 13 fair value, and IFRS 15 revenue.
- He has a broad range of general accounting advisory experience including technical opinions, financial reporting, training and on-call advisory services and currently provides advisory support to various UK large and challenger banks, and other financial services entities including asset managers.
- Tashriq spent a year as a senior manager responsible for standards development and technical projects at the International Public Sector Accounting Standards Board (IPSASB). In his position, Tashriq provided technical support to the IPSASB’s projects and initiatives and worked closely with Task Forces and IPSASB members to execute the IPSASB’s work program. He assisted in developing a public sector equivalent standard of IFRS 13, Fair Value.
Overview
7
7
years of professional experience
2
2
Languages
Work History
Technical Banking Accounting Advisory Manager
KPMG UK
04.2023 - Current
- Technical Banking Accounting Advisory:
- Leading the delivery of live accounting advisory client engagements and leading technical accounting work streams of larger multi-disciplinary engagements.
- Providing subject matter expertise on technical accounting as well as practical implications relating to new accounting standards.
- Responding to clients' ongoing ad-hoc accounting queries.
- Leading analysis of client transactions or structures and detailed technical accounting analysis, including formal accounting opinions where required, e.g. structured transactions or deal accounting.
- Providing clients with advice on technical accounting issues and broader impacts of new accounting standards and regulatory changes.
- Assisting clients in their implementation programme for new accounting change or development and post-implementation review programme through delivering client workshops/training, direct assistance in performing the assessment and/or review of clients' assessment, review of technical accounting and risk interpretations prepared by clients e.g. IFRS 9.
- Writing and reviewing client reports based on analytical exercises (e.g. review of clients' technical accounting decisions, stakeholder interview) to present findings and recommendations.
- Leading client and internal workshops and training.
- Driving the identification of business development opportunities, client targeting, developing KPMG's client propositions and thought leadership collateral. and responding to client proposals, with a primary focus on Financial Services (in particular, Banking clients).
- Managing and mentoring junior engagement team members, including taking on a performance manager role for junior team members within the the team.
- Leading aspects of practice management.
- Researching relevant technical and industry developments, participating in and facilitating internal and external technical training and knowledge sharing sessions.
Standards Development & Technical Projects
International Public Sector Accounting Standards Board (IPSASB)
01.2022 - 01.2023
- Standards Development:
- Developing and maintaining IPSAS and other high-quality financial reporting guidance for the public sector.
- Raising awareness of IPSAS and the benefits of accrual adoption.
Managing the progression of public sector accounting projects as directed by the IPSASB and the Program and Technical Director. - Conducting project research, including liaising with national standard setters and IFAC member bodies and associates around the world.
- Developing agenda papers, including consultation papers, exposure drafts, and proposed IPSAS, for the consideration of the IPSASB and/or task forces or other groups, such as the IPSASB Consultative Advisory Group.
- Evaluating constituent responses to consultation papers and exposure drafts and incorporating comments raised, to progress the IPSASB project.
- Managing the effective operation of taskforces to incorporate taskforce member expertise, while progressing projects.
- Presenting agenda papers at public IPSASB meetings and other meetings as appropriate, and participating in discussions.
- Supporting governance arrangements, including arranging meetings, agenda management, and liaising with members.
- Making presentations on the IPSASB’s activities and/or projects at seminars and conferences and assisting the IPSASB members with their presentations.
IFRS Technical Accounting Manager
BDO South Africa
09.2020 - 12.2021
- Financial Reporting Advisory:
- Reviewed annual and interim financial statements ensuring compliance with IFRS, the South African Companies Act, and the JSE's Proactive Monitoring Feedback.
- Pioneered and developed an automated financial statement review application, using machine learning techniques, improving the efficiency of the review process fivefold.
- Researched and prepared technical accounting opinions on the application of IAS 1, IAS 8, IAS 10, IAS 12, IAS 19, IAS 20, IAS 21, IAS 24, IAS 29, IAS 33, IAS 36, IAS 38, IFRS 1, IFRS 2, IFRS 3, IFRS 4, IFRS 7, IFRS 9, IFRS 10, IFRS 12, IFRS 13, IFRS 15, IFRS 16, IFRS 17, IFRIC 16, and IFRIC 23.
- Provided insight on existing accounting policies, and prepared new accounting policies, based on industry standards and best practices.
- Reviewed the client's Expected Credit Loss methodology for compliance with IFRS 9, and alignment to the supervisory guidance from the Basel Committee on Banking Supervision.
- Prepared internal technical accounting white papers in respect of loan modifications, shortfall guarantees, complex financial instruments, compound financial instruments, hyperinflation accounting, cryptoassets, and net investments in a foreign operation.
- Researched and developed IBOR Reform implementation guidance for C-level executives of listed companies, within the South African Financial Services sector.
- Developed thought leadership publications in respect of the COVID-19 impact on the South African Banking sector, cryptocurrencies as an alternative to volatile African currencies, and the issuance of ESG bonds as an alternative source of capital.
- Represented BDO on a working group, developed by the Financial Sector Conduct Authority, reviewing and critically analysing regulation declaring cryptoasssets as a financial product.
- Researched and provided input to the compilation of firm-wide views in respect of complex IAS 32, IFRS 7, and IFRS 9 technical accounting matters, as well as IFRS 17 implementation challenges, faced by a global network of audit firms.
- Performed an IFRS 17 gap analysis, to identify the differences between the client's current accounting treatment applied in terms of IFRS 4, and those required by IFRS 17.
- Provided virtual IFRS 17 training to over 250 internal firm members, in respect of the principles for the recognition, measurement, and presentation and disclosure of insurance contracts.
- Provided bi-weekly virtual training on complex technical accounting matters, and IFRS updates and amendments, to over 250 internal firm members.
- Provided customised IFRS training updates to C-level executives of the firm's largest clients.
- Monitored, analysed and provided an interpretation of new and proposed accounting pronouncements under IFRS to assist key stakeholders in assessing financial, operational and reporting implications.
- Developed and forged strong business relationships with advisory clients, by providing best practice and current industry insights in respect of complex technical accounting matters, securing an additional USD0.9 million in technical accounting revenue.
Senior Associate
PricewaterhouseCoopers Middle East
01.2020 - 07.2020
- Financial Reporting Advisory:
- Provided expertise to the client's Board of Directors on the transitional and technical implementation of IFRS 15 and IFRS 16, at both an operational and financial level.
- Researched and interpreted amendments to IAS 1, IAS 8, IAS 16, IFRS 3, and IFRS 16, and recommended relevant changes to be implemented by the business to remain in compliance.
- Developed financial models and scenario analysis, to assess the business impact of COVID-19 on the entity, and prepared IAS 10, IFRS 9, IFRS 15, and IFRS 16 reporting guidelines thereon.
- Critically reviewed a client's hedge documentation and risk management strategies in order to reduce profit or loss volatility in accordance with IFRS 9 Hedge Accounting principles.
- Prepared a technical advisory memorandum setting out the IFRS 3, IFRS 9, IFRS 10, IFRS 15, and IFRS 16 effects on the business combination accounting of a prospective Group acquisition.
- Equipped with a detailed understanding of the technical intricacies of blockchain technology and cryptocurrencies, researched and developed an accounting policy and disclosure template, for a client's prospective application of Bitcoin as a medium of exchange.
Chartered Accountant Articleship
Ernst And Young South Africa
01.2017 - 12.2019
- Financial Reporting Advisory:
- Supervised the preparation of IFRS-compliant consolidated and separate annual financial statements, including all required accounting policies and note disclosures.
- Developed an IFRS 15 revenue recognition model for an asset management client which entailed a thorough review of the management and performance fees methodology.
- Researched and prepared IFRS 13 disclosures for a client's multiples valuation of an unlisted investment holding company, boutique wine producer, and an art collector.
- Researched and answered financial reporting queries in accordance with IFRS 3, IFRS 7, IFRS 9, IFRS 12, IFRS 13, IFRS 15, IFRS 16, IAS 10, IAS 12, IAS 29, IAS 33, and IFRIC 23.
- Prepared and presented, high-quality and technically-sound financial reporting advisory consultation memorandums, for EY Professional Practice Group Director approval.
- Stayed up to date with developments in both local standards and IFRS through internal research and involvement on local topic teams and market interest groups.
- External Audit:
- Performed client acceptance/continuance and engagement risk mitigation procedures.
- Analysed company performance to identify key trends and red flags in order to perform risk assessments, and accordingly design audit strategies to respond to the risks identified.
- Performed valuations of Corporate Bonds, Inflation Linked Bonds, Money Market Instruments, Interest Rate Swaps, and Zero Coupon Inflation Swaps for IFRS 13 Fair Value assessments.
- Reviewed annual financial statements for compliance with IFRS and International GAAP.
- Empowered and led culturally-diverse teams of five to fifteen junior and senior associates, ensuring optimal efficiency and compliance with policies and procedures.
- Improved productivity and efficiency of the audit process, reducing the budget by at least 50% on numerous engagements, by creating digitally-driven audits.
- Transaction Advisory:
- Created accurate multi-year forecasted three-statement financial models, in order to value business divisions, using comparable company analysis and discounted cash flow modeling, for IAS 36 Impairment assessments of multi-billion dollar global companies.
- Developed more reliable and robust models by assessing points of uncertainty in the model's structure, using scenario and sensitivity analysis.
- Developed a prudent valuation methodology for Zimbabwean-listed equities trading in a hyperinflationary economy for South African mutual fund pricing purposes.
Education
Postgraduate Diploma in Accounting - Finance And Accounting
University Of Cape Town
Cape Town, South Africa 01.2016 - 2016.12
Bachelor of Business Science in Management Studies - Finance And Accounting
University of Cape Town
Cape Town, South Africa 01.2012 - 2015.12
Skills
International Financial Reporting Standards (IFRS)
Affiliations
- Blockchain Council (2020) - Certified Blockchain Expert
- Blockchain Council (2020) - Certified Cryptocurrency Expert
- DataCamp (2020) - Machine Learning Scientist
- South African Institute of Chartered Accountants (2019) - Membership Number: 30688564
References
- Eileen Mawdsley: KPMG UK Director (E: EileenMawdsley@kpmg.co.uk)
- Dave Warren: IPSASB Director (E: DaveWarren@ipsasb.org)
- Shehnaaz Suleman: BDO Director (E: SSuleman@bdo.co.za)
- Ryan Viljoen: Ernst and Young Associate Director (E: ryan.viljoen@za.ey.com)
Timeline
Technical Banking Accounting Advisory Manager
KPMG UK
04.2023 - Current
Standards Development & Technical Projects
International Public Sector Accounting Standards Board (IPSASB)
01.2022 - 01.2023
IFRS Technical Accounting Manager
BDO South Africa
09.2020 - 12.2021
Senior Associate
PricewaterhouseCoopers Middle East
01.2020 - 07.2020
Chartered Accountant Articleship
Ernst And Young South Africa
01.2017 - 12.2019
Postgraduate Diploma in Accounting - Finance And Accounting
University Of Cape Town
01.2016 - 2016.12
Bachelor of Business Science in Management Studies - Finance And Accounting
University of Cape Town
01.2012 - 2015.12
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