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National Grid Manager, Accounting Research & Derivatives Accounting in Brooklyn, New York

In accordance with guidelines regarding companies classified as Federal contractors and consistent with our core commitment of safety, National Grid has made the decision to require all new hires to be fully COVID-19 vaccinated as a condition of hire. "Full vaccination" is defined as two weeks after both doses of a two-dose vaccine or two weeks since a single-dose vaccine has been administered. Anyone unable to be vaccinated, either because of a religious belief or a disability can request a reasonable accommodation.

About us

National Grid is hiring a Manager, Accounting Research and Derivatives Accounting for our Controllership department in Brooklyn, NY.

Every day we deliver safe and secure energy to home, communities, and businesses. We are there when people need us the most. We connect people to the energy they need for the lives they live. The pace of change in society and our industry is accelerating and our expertise and track record puts us in an unparalleled position to shape the sustainable future of our industry.

To be successful we must anticipate the needs of our customer, reducing the cost of energy delivery today and pioneering the flexible energy systems of tomorrow. This requires us to deliver on out promises and always look for new opportunities to grow, both ourselves and our business.

Job Purpose

The Manager, Accounting Research and Derivatives Accounting leads the research and documentation of technical accounting issues, complex transactions and monitors and leads the implementation of new accounting standards. Responsible for overseeing technical accounting changes and impacts, evaluating complex purchase power contracts and deals to determine and make accounting judgments if the contracts meet the requirements of derivative accounting, and discussing those conclusions directly with our external auditors. Works with the front and middle offices as well as technical accounting research to understand the commercial aspects of the contracts under assessment. Provides direction and supervision to the Derivatives Accounting team (three to five people) to perform quarterly account reconciliations, meet reporting requirements on derivatives and perform required internal control assessments. Reports to the Director, Complex Accounting.

Key Accountabilities

Leads evaluation and implementation of new accounting standards

• Researches and monitors activities of all accounting standards and reporting practices to provide proactive revisions to policies and standards and ensure successful implementation by US Finance.

• Partners with subject matter experts in Finance Operations to implement, set policy and provide guidance on new US GAAP and IFRS standards.

• Applies technical standards and analysis to complex accounting practices and transactions.

• Leads the development, evaluation and documentation of US Controllership accounting practices and activities and participates in, technical training to ensure compliance to policy standards.

• Supports the preparation and review of consolidated and subsidiary financial statements in compliance with US GAAP and IFRS requirements.

Derivatives Accounting

• Evaluates contracts for derivatives and is responsible for preparing clear documentation according to policies and processes and discussing conclusions directly with external auditors.

• Oversees the derivatives accounting team (three to five people).

• Ensures accurate and timely recording and processing of derivative transactions to support budgeting and forecasting activities to drive performance.

• Evaluates, analyzes and reviews derivative ledger accounts ensuring accuracy and validity for close processes.

• Assists in the reviewing of net income, balance sheet and commodity variances against current and historical data.

• Supports reporting function with the submission of mandatory filings and ensuring compliance with internal controls, including reviewing financial statement footnote requirements.

• Applies knowledge of US GAAP, IFRS, SOX and SEC requirements.

Other technical accounting areas

• Provides perspectives and conclusions under US GAAP, IFRS and regulatory accounting principles on a timely basis for queries and requests that may arise (e.g., internal group reporting, auditor’s requests, requests from the business).

• Familiarity with goodwill impairment testing and analysis, along with ability to prepare proper evaluation and supporting details to review with external auditors.

• Works directly with the business to lead technical accounting research, analysis and documentation on current and proposed transactions and structures in relation to mergers and acquisitions and investment growth of the US operating business.

• Provides perspectives and conclusions under US GAAP, IFRS and regulatory accounting principles on queries and requests that may arise in a timely basis (e.g., auditor’s requests, requests from the business).

• Provides counsel to employees, manages third-party consultants and contractors, and advises senior leaders as necessary.

• Builds and manages results-driven teams by taking a strategic and technical view of performance management by involving employees in planning, relationship building, decision-making, forecasting and analysis processes.

• Assures accurate and timely recording, processing of transactions to support budgeting and forecasting activities to drive performance.

• Assists in the reviewing of net income, balance sheet and commodity variances against current and historical data.

Qualifications

• Bachelor’s Degree and CPA

• Master’s Degree preferred

• 5+ years in accounting with increasing responsibility

• Big Four public accounting experience preferred

• Technical accounting experience and close familiarity with applying US GAAP, IFRS, Sarbanes-Oxley and SEC regulations

• Solid understanding of utility industry accounting, or similar industry

• Excellent written/oral communication skills – comfortable presenting technical details of transactions and ability to simplify messaging to senior management teams

• Ability to lead teams of Finance professionals and guide consultants to meet deadlines while producing quality deliverables

• Provides coaching and mentoring to team members, while creating a comfortable, collaborative work environment

• Effective collaboration and partnership capabilities to work well with other departments and external auditors

• Demonstrated ability to perform accounting assessments on contracts and form conclusions on lease accounting and derivative accounting under US GAAP and IFRS

• Experience performing and reviewing SOX internal controls

• Excellent project management skills – ability to track, progress and conclude on multiple accounting issues simultaneously

More Information

This position has a career path which provides for advancement opportunities within and across bands as you develop and evolve in the position; gaining experience, expertise and acquiring and applying technical skills. Candidates will be assessed and provided offers against the minimum qualifications of this role and their individual experience.

National Grid is an equal opportunity employer that values a broad diversity of talent, knowledge, experience and expertise.  We foster a culture of inclusion that drives employee engagement to deliver superior performance to the communities we serve.  National Grid is proud to be an affirmative action employer. We encourage minorities, women, individuals with disabilities and protected veterans to join the National Grid team.

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