Smithfield Foods

Derivative Accounting Manager

ID
2017-5748
US-VA-Smithfield
Category
Accounting & Finance
Type
Full-Time
FLSA Status
Exempt
Shift
Corporate - Day Shift

Overview

The position summary states the general nature and purpose of the job. Overall accountabilities are defined in this section.

 

The Derivative Accounting Manager will support monthly accounting and quarterly reporting, monitoring and related activities for derivative instruments (commodity and treasury), while working closely with appropriate divisions or departments, including the Hog Production Division, International Division and the Trade Group. Supports all aspects of derivative accounting in adherence with Smithfield’s hedging policies and FASB and IFRS derivative and hedging guidance. Assists in the implementation of a new Trade and Hedge Accounting system, Allegro. In addition, responsibilities include, but may not be limited to, coordination with the external and internal auditors.

EEO/AA Information

Smithfield is an Equal Opportunity/Affirmative Action (EEO/AA) Employer.  All qualified applicants will receive consideration without regard to race, color, national origin, sex, sexual orientation, gender identity, religion, age, status as a protected veteran, status as an individual with disability, or any other protected group status or non-job related characteristic as directed by law.

Responsibilities

Responsibilities and tasks are written as follows:

 

Commodity Derivatives

  • Develops a deep understanding of FASB and IFRS derivative and hedging guidance and the application of processes in relation to Smithfield’s operations.
  • Works closely with the Trade Group to understand current and proposed new hedging strategies and application of hedge accounting to the extent possible.
  • Works closely with our Hog Production Division’s Management and Procurement Group to understand business activities and potential implications to the hedge accounting program.
  • Implements and supports operations of Allegro, the new trading and hedge accounting system.
  • Closely monitors underlying data and calculations to determine hedge effectiveness as well as trading activity to ensure processes are followed within hedge accounting limits, including forecasted transactions.

Financial Derivatives

  • Develops an understanding of hedging related activities of the Corporate Treasury Group and International Division (primarily Polish operations).
  • Reviews Treasury and International Group derivative accounting and reporting.
  • Supports Poland’s implementation of a hedge accounting system for F/X and interest rate swaps (Kyriba).

Daily

  • Uses hedging system to upload broker exchange traded trades. Manually inputs OTC hedge accounting trades as they occur.
  • Balances TT position to brokers.
  • Maintains the Margin Summary report for Wire transfers. 

Weekly

  • Reviews the Hog Production Division’s grain inventory roll forward report for reasonableness.
  • Inputs the Hog Production Division’s grain forecast to TT and reviews hedge percentage.
  • Maintains weekly internal controls over TT trade loads.
  • Updates the Trade Volume Reports every other week.
  • Reviews the projected commodity trading P&L each week for reporting accuracy.

Monthly

  • Works with the Hedge Accounting Manger to complete a parallel close and journal entries. Reconciles any discrepancies in account balances.
  • Prepares the Monthly Results Report and Corporate reports as assigned.
  • Completes Monthly journal entries, amortization reports and Management Summaries for Distribution.
  • Prepares IFRS JE.
  • Reconciles Company BPC (financial consolidation system) hedging accounts to SAP G/L.
  • Inputs the cash flow meat sales forecast as provided by the Trade Group.
  • Completes all cash flow backtests.
  • Analyzes the cash flow meat portfolio data as provided by the Trade G and inputs into TT.
  • Analyzes the Hog Production Division’s grain purchase data and imports into TT.

Quarterly

  • Completes required quarterly reporting (US GAAP and IFRS).
  • Responds to audit inquiries.
  • Reviews Poland's quarterly financial derivative disclosures and agrees to Kyriba reporting, SAP G/L and BPC.
  • Reviews Corporate Treasury financial derivative disclosures.

The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. May perform other duties as assigned.

Qualifications

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals to perform the essential functions.

  • Bachelor’s degree (B.A.) in Accounting, or related discipline from a regionally accredited college or university and 5+ years of experience in Big 4 public accounting; or equivalent combination of education and experience.
  • Certified Public Accountant (CPA) or MBA, preferred.
  • Commodity hedge accounting experience, desired.
  • Deep understanding of FASB ASC 815 Derivatives and Hedging and IFRS 9 Accounting for Derivatives. Experience with the Trade and Hedge Accounting system Allegro desired.
  • General knowledge of the protein industry and related livestock and grain markets, including cash and futures markets.
  • Proficient in Microsoft Office Suite: Word, PowerPoint and Excel.
  • Ability to work in a team environment as well as independently.
  • Strong attention to detail and accuracy.
  • Strong verbal and written communication skills.
  • Must be able to travel up to 10% of the time.

Supervisory Responsibilities

  • Provides leadership and guidance to Derivative Accounting Analysts.
  • Responsibilities include interviewing, hiring, and training employees; planning, assigning, and directing work; appraising performance; rewarding and disciplining employees; addressing complaints and assisting in providing appropriate resolutions.

Physical Demands

The physical demands described here are representative of those an employee should possess to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  • Specific vision abilities required include close vision and ability to adjust focus.
  • Frequently required to sit, use hands to handle or feel and talk or hear.

Work Environment

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

  • Corporate working environment.
  • Noise level in the work environment is usually moderate.

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