Director of Technical Accounting Job
Job Description Job Attributes+
Abbott Park, IL, US
Yes, 10 % of the Time
40 hours per week
Primary Job Function:
The Director in this position will utilize his/her technical accounting expertise, business understanding, and leadership to serve as a key resource to:
Determine the accounting for M&A deals and other transactions, including in-licenses, out-licenses, R&D arrangements, and collaborations, Provide accounting guidance on other topics including revenue recognition, restructurings, establishment of reserves under various accounting rules, and accounting for various types of assets and liabilities, and Provide leadership and assist with the implementation of new accounting rules.
In each of these areas, the Director will interface with multiple functional areas within Abbott to identify the attributes of the arrangement, the applicable accounting rules, and their impact on Abbott. The Director will also be responsible for documenting the accounting treatment and gaining the concurrence of Abbott’s auditors on complex accounting topics.
Core Job Responsibilities:
M&A Deals and Other Transactions
The position will analyze deal structures, assess alternative deal structures, and establish appropriate accounting of the deal. When external valuation expertise is required, this position will serve as the primary interface with the valuation consultants, and will gain concurrence of the external auditors with the valuation results. The position will establish and develop a valuation expertise, and subsequently counsel with divisions on valuation estimates.
Review financial terms and business objectives of each proposed deal– in-licensing technology, out-licensing technology, business acquisitions, and other investments – and advise Division and Corporate Licensing and Acquisitions (L&A) and controllers as to the accounting result. Document the accounting required for each deal in a memo to divisions, independent auditors, and DVP, Assistant Corporate Controller. Review contracts prior to execution from Corporate Controller’s perspective (including consistency with accounting resolution), and for other areas impacted and, as required, provide appropriate feedback to applicable Division, L&A and Legal. Develop and continuously improve a valuation capability within Abbott. Serve as the primary liaison with external valuation experts on valuation engagements. Work closely with the applicable business functions to gather and analyze data required by the valuation experts and to ensure that valuations meet Abbott’s financial reporting requirements. Present valuation results to independent auditors and gain their concurrence on valuation results.
Provide Accounting Guidance on Other Areas of Abbott’s Operations
Gain an understanding of the business operations that the position supports. Provide guidance to Divisions as needed on the accounting for other types of transactions. Work closely with the Division to understand the arrangement, utilize his/her technical accounting expertise to conclude on the accounting and communicate such guidance. Provide guidance to Divisions as needed on the application of Abbott’s Corporate Finance policies. Assist with the updating of Abbott’s Corporate Finance policies as needed.
Implementation of New Accounting Rules
Monitor accounting rule-making bodies for proposed and adopted rules that may impact Abbott’s accounting. Ensure impacts of proposed and adopted rules are communicated on a timely basis to Abbott areas affected Lead projects as needed to implement new accounting standards including developing processes needed to collect needed information on an ongoing basis. Work with Abbott’s external reporting group and its external auditors to gain alignment on the new disclosures to be included in Abbott’s financial statements.
Supervisory / Management Responsibilities:
Position Accountability / Scope:
In addition to the management responsibilities listed above, this position is responsible for the management of valuation engagements, and as such will be responsible for the oversight of third party professionals. The position will frequently interact with business functions across Abbott, including senior management.
This position will deal extensively with complex deals where the ability to discern the substance of the transaction is essential. The position will be expected to make tough calls on accounting and pass the rigors of independent auditor scrutiny.
Bachelor’s degree in accounting required. Master’s degree helpful, but not required. This position requires a solid foundation in complex accounting.
Minimum Experience/Training Required
9-12 years of public accounting and industry experience combined. Prior experience in deal accounting preferred. Industry experience can include technical accounting and/or financial reporting experience.
Strong business sense and analytical skills
Leadership skills and the ability to gain respect of Abbott senior management and auditors.
The base pay for this position is $136,000.00 – $272,000.00. In specific locations, the pay range may vary from the range posted.
- financial reporting
- corporate finance
- financial statements
- deal accounting
- revenue recognition
- public accounting
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