Supervisor, Derivative Accounting

Description /

Has direct responsibility over the accounting and reporting for the Company's derivative instruments and asset optimization program. Also responsible for reporting under SFAS No. 157. Supervises three Seniors/Specialists in identifying, evaluating, documenting, accounting and reporting for new or modified contracts or new transactions executed under existing contracts. Interprets and applies changes in the accounting standards as they relate to derivative accounting.
Properly account for existing derivative contracts - Insure that all identified derivatives subject to accounting treatment under SFAS No 133 are properly documented, valued, recorded, and disclosed on an ongoing basis. Review valuation calculations and approve entries to record the value in the general ledger (including entries to derivative assets / liabilities, unrealized gain / loss, regulatory assets / liabilities, and or Other Comprehensive Income). Review and approve derivatives footnote disclosures in SEC reports.
Asset optimization ' Accounts for asset optimization transactions, including all required regulatory sharing. Responsible for all due diligence and reporting both internally and externally related to asset optimization.
Establish / maintain effective controls - Establish and maintain an effective system of accounting and reporting controls over the accounting for derivatives and asset optimization. Make necessary modifications upon the execution of new transaction types or changes in existing business processes or in the applicable accounting standards. Lead / participate in the development and maintenance of Risk Management and SFAS No 133 Policies. Establish appropriate documentation standards for contract assessment, election and / or designation.
Assess and document new contracts / contract terms under SFAS No 133 - Insure that all new contracts and modifications to existing contracts are properly assessed in accordance with the requirements of SFAS No 133. Analyze and document contracts in conformity with SFAS No 133 to: Identify derivatives and embedded derivatives. Elect normal purchase normal sale, Initiate appropriate valuation efforts, and / or Designate hedging and hedged transactions including measuring hedge effectiveness, as appropriate.
Assess ongoing transactions executed under existing contracts - Monitor activity under existing assessed contracts to determine whether the nature of the transactions affects existing elections (e.g. net settlements) or designations (e.g. from changes in hedge effectiveness) under SFAS No 133. Make accounting and documentation changes as appropriate.
Assess and apply changes in derivative accounting standards - Monitor the latest developments in accounting standards affecting derivative accounting. Assess the impact of changes on WGL and its affiliates. Implement new accounting requirements with respect to existing transaction accounting and to accounting processes and procedures.
Develop, document, and represent the company's accounting position with respect to complex business transactions involving derivatives - Represent the Controller's Organization in the Company's development of new hedging strategies and key terms of related contracts. Develop and document the Company's accounting position. Act as liaison with external auditors to communicate the Company's position.
Review and assess the terms of other complex business transactions as assigned - Review new contracts or modifications of existing contracts. Assess accounting ramifications under the requirements of other accounting standards.
Supervise derivative accounting staff - Instruct and coach staff to build and enhance technical knowledge in derivative accounting and reporting as well as the asset optimization program, and skills in contract and transaction review and assessment and documentation.

Requirements Bachelor's degree in Accounting plus over 6 years of business experience. CPA certification required. Knowledge of accounting and reporting for derivatives under SFAS No. 133 as amended and as applied in the energy industry a strong plus. Good knowledge of accounting and reporting controls and experience in applying such controls in an accounting organization. Good technical skills in assessing complex contract terms, researching accounting guidance, and analogizing / applying such guidance to derivative transactions. Excellent verbal and written communication skills, keen insight and strong analytical ability. Ability to establish rapport and effective working relationships with business partners. Ability to effectively evaluate multiple scenarios and to assist in implementing effective solutions to broadly defined business problems. Ability to communicate complex messages to diverse audiences at all organization levels. Ability to utilize appropriate operating systems and software applications to analyze data and generate reports to include Microsoft Office (Word and Excel). Desired: Big 4 accounting experience. Prior supervisory experience. Knowledge of PeopleSoft General Ledger.