Our client, a Fortune 500 Energy Company, with a focus on sustainable energy resources, is looking for a Director of Technical Accounting. This is a high profile role with excellent growth potential.
The Director of Technical Accounting will review and confirm conclusions with US GAAP accounting for all contracts and non-standard transactions that could have a potentially material impact to consolidated financial statements of the company. This position requires critically analyzing, questioning and discussing memoranda submitted by the Strategic Business Unit Technical Accounting Managers and SBU Controllers and will often support the determinations during reviews by and deliberations with engagement level partners of the Big 4 auditors of the company. The Director will also promote consistent accounting interpretations across the company by monitoring, understanding, applying and sharing examples from other SBUs proactively, will develop the US GAAP accounting policies and is responsible for US GAAP training.
Responsibilities:
- Perform or guide technical accounting research, documentation, training, consistency and oversight functions.
- Perform timely, thorough and accurate reviews and improvements on technical accounting memoranda.
- Research, interpret and provide technical accounting guidance after carefully analyzing executed and/or proposed transactions and thoughtfully questioning analyses performed by the Technical Accounting Managers he/she manages.
- Timely identify and effectively communicate/resolve issues to avoid financial statement errors.
- Cross-functional communication and collaboration as the transactions being reviewed by the Director are generally material in nature impacting many different areas of the company.
- Consult in the design of transactions to achieve the desired earnings impact within GAAP guidance.
- Manage discussions with engagement level partners and national office/professional practice directors with external auditors and/or consultants.
- Train other technical accountants through the use of a deeper understanding of US GAAP and previous experiences. Training responsibilities include drafting materials to develop and train accountants globally on relevant and emerging accounting issues.
- Interpret, propose and review changes to accounting policies.
- Project manage the global implementation of new or changes in US GAAP.
- Comply with policies and controls for technical accounting analyses and recommend enhancements.
- Provide guidance and support to others as needed and perform ad hoc tasks and projects as assigned.
- Regularly make judgments and interpret in the following highly technical areas of US GAAP:
- Identify when agreements to physically deliver electricity, fuel or other commodities are standalone derivatives, contain embedded derivatives requiring bifurcation, and/or contain lease elements.
- Assess when contracts represent variable interests that allow one party to direct significant activities of the other party that result in a variable interest entity (and, if so, affect who is the primary beneficiary). Alternatively, if a voting interest model is used, evaluate any rights the non-controlling partner may have that would preclude consolidation.
- Impairment of assets (including recoverability and/or fair value testing with little or no observable inputs).
- Accounting for business combinations and asset acquisitions (of voting and variable interest entities).
- Accounting for sales of all or some interests in businesses (many of which are in-substance real estate).
- Complex debt and equity transactions (including project financing and identifying embedded derivatives).
- Revenue recognition; regulatory accounting and issues; functional currency determination/translation.
- Understand and interpret the impacts to the company (and Power & Utilities industry) of new and major guidance expected to be issued.
Qualifications:
- BS/BA in Accounting, Finance or related field from an accredited university.
- Advanced degree in Accounting, Finance or related field is preferred.
- Certified Public Accountant with an active license in the United States or equivalent.
- A minimum of 10 years of progressive experience with a publicly-traded company under US GAAP and/or with a Big 4 firm auditing (preferably with a concentration in technical accounting) publicly-traded company under US GAAP.
- Extensive experience in the highly technical accounting areas.
- Energy/utility company industry accounting and/or audit experience is preferred.
- International company accounting and/or audit experience is preferred (including the ability to work with cultural and time differences in a decentralized environment).
- Experience with accounting for acquisitions/divestitures and business valuations is strongly preferred.
- Ability to apply complex technical accounting concepts (thorough knowledge of US GAAP, SEC rules and interpretations in the above highly technical areas, including accounting and disclosure requirements).
- Excellent written, oral communication and presentation skills (especially for an executive-level audience), interpersonal and time/project management skills.
- Ability to effectively collaborate with cross-functional teams as well as across management levels globally.
- Ability to work in a fast-paced, global environment.
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