Your challenge
The Technical Accounting and Oversight (TA&O) team within Group Control is the leading group in Philips with regards to accounting policies and keeping these policies up to date- therefore as intern you will contribute to the accounting knowledge of our organization. This internship gives you the opportunity to work in a professional and highly international environmental. You will be engaged in various projects such as training events and regular research activities performed to help other departments in Philips.
Your responsibilities
- Assist the TA&O Specialists in performing research on particular accounting matters relating to IFRS.
- Assist in the revision of Philips accounting manual
- Assist in various training events
- Assist in preparing accounting presentations in PowerPoint
Philips Group Control is the Group Staff department of Royal Philips Electronics with responsibility for the financial and management accounting activities of the company.
Group Control aims to provide cost effective, reliable and meaningful information in order to enable stakeholders to have insight in the Philips performance, and support the Executive Committee and Supervisory Board in their decision-making. It aims to maintain a world-class control function worldwide. Corporate Control provides functional training on accounting and control processes and methods and facilitates the Management Development process for the Finance function.
Group Control offers functional guidance to the Product Divisions and Businesses with respect to accounting and control issues and is Philips' leading competence center with regard to the definition of adequate accounting policies/procedures, and to ensure external and internal compliance.
Group Control manages an effective and efficient common infrastructure for financial reporting.
Furthermore, Corporate Control manages and controls the Holding Administration of Koninklijke Philips Electronics N.V.
Within Group Control the TA&O team is responsible for the establishment and communication of the accounting policies of the Philips Group. The activities of the team are:
1. Develop and maintain Philips Accounting Policies and Directives. The purpose is to maintain an efficient and easy to apply framework of accounting principles that allows Philips:
- to ensure Philips Accounting Policies and Directives comply with IFRS
- to meet external reporting requirements in an efficient and timely fashion,
- to have necessary information for internal decision making and performance management available, and
- to respond to changing information needs both inside the company and in the global financial markets.
2. Monitor and support uniform interpretation and application of Philips Accounting Principles to ensure consistency in internal and external reporting and to safeguard Philips interests in case of reviews by regulatory agencies (SEC, AFM).
3. Assist in reviewing the financial statements in the Philips Annual Report and Form 20-F and ensure compliance of US GAAP, SEC rules and IFRS.
4. Provide support to the Executive Committee, Product Divisions and Group Staff departments in the application of Philips Accounting Principles and provide advice on the developments in external accounting standards and their relevance for Philips. Consult with external auditors and regulators on the implementation and interpretation of new accounting standards. Advise on reporting issues and accounting standards in due diligence, post merger integration, disentanglements, impairment-reviews etc.
5. Participate and/or provide training courses for finance staff on complex accounting issues and new policies and directives.
Policies and Directives Group composed of small team of specialists, with in-depth knowledge of IFRS, SEC rules and IFRS who performs these activities, operating from the Group Center
You will get a unique overview of the way of working within the Group Center of Philips International. You will be part of the TA&O team.
- This assignment is not suitable to do your graduation/thesis.
- Duration: 9 months
- We prefer students able to start as soon as possible, not later than August/September 2014
Internship conditions:
- Students on work placement or final-year study assignment are paid a work placement or final-year study assignment allowance.
- A student on a work placement or final-year study assignment is paid an allowance towards rented accommodation, depending on his/her situation. This will be determined setting up the Intern Contract.
- A student on work placement or final-year study assignment who can prove that he/she is not entitled to a student card for public transport (OV-studentenkaart) is paid an allowance to cover the cost of travel between home and the place of work in accordance with the Conditions of Employment Guideline.
- The student is entitled to paid leave on the basis of 1 day per month.
- Opportunity to buy Philips products with tax benefit (Philips MyShop)
To be successful in this internship we are looking for you:
- Currently studying towards your University Master of Sciences WO (Msc.) with next qualification(s):
- Accounting with basic training in IFRS are part of your education
- Are fluent in oral and written English
- Have some experience in previous internships regarding the same field (preferred but not required)
- Have excellent knowledge in windows applications, most important are well developed power point skills
- Are a Team player with ability to work under pressure
If you recognize yourself in this profile and would like to take this challenge, we invite you to apply 07-07-2014 at the latest!
Required documents in order for us to continue with your application:
- Student registration form (Proof of enrollment at your current education)
- Resume
- Cover Letter outlining your motivation and informing your availability
Please note that in order to be considered for an internship, it should be compulsory (for students outside EU/EER) by your education and you need to be registered as a student during the entire internship period. Formal documentation of which may be requested at any time.
Please note that the contents of our regular internship assignments are not suitable for professionals (and/or MBA students) with professional work experience.
For questions regarding the procedure of this Internship please contact: (you can only apply via the internet website)