Derivative Accounting Analyst
Smithfield, VA US
Posted 2 days ago
Job Description
  • Derivative Accounting Analyst


    Job Locations



    FLSA Status

    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 Analyst will support monthly accounting and quarterly reporting of derivatives. This includes monitoring and related activities for derivative instruments (commodity and treasury) while working closely with divisions or departments of the Company, including our Hog Production Division, International Division and the Trade Group. The Analyst will support all aspects of derivative accounting in adherence with Company's policies, which includes its hedging policies and FASB and IFRS derivative and hedging guidance. As part of this function, the Analyst will assist in the implementation of a new Trade and Hedge Accounting system. In addition, other responsibilities include, but may not be limited to, coordination with the external and internal auditors. The Derivative Accounting Analyst will have a direct reporting responsibility and accountability to the Hedge Accounting Manager.

    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 and tasks are written as follows:

    1. Upload broker exchange traded trades into our hedging system, Trade Tracker (TT). Manually input OTC hedge accounting trades as they occur. Process to be determined for new system.
    2. Balance TT position to brokers.
    3. Maintain the Margin Summary report for Wire transfers.
    4. Analyze and input our Hog Production Division's grain forecast and purchasing data into TT and review hedge percentage.
    5. Maintain weekly internal controls over TT trade loads.
    6. Responsible for updating the Trade Volume Reports.
    7. Assist Hedge Accounting Manager with monthly close process.
    8. Prepare the Monthly Results Report and Corporate reports as assigned.
    9. Reconcile Company BPC (financial consolidation system) hedging accounts to SAP G/L.
    10. Input the cash flow meat sales forecast as provided by the Trade Group.
    11. Complete all cash flow backtests.
    12. Analyze the cash flow meat portfolio data as provided by the Trade Group and input into TT.
    13. Assist with quarterly reporting (US GAAP and IFRS).
    14. Respond to audit inquiries.

    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.


    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 2+ years of relevant experience in accounting; required.
    • Commodity hedge accounting experience, desired.
    • Familiarily of FASB ASC 815 Derivatives and Hedging and IFRS 9 Accounting for Derivatives.
    • 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

    This role has no supervisory duties.

    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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    Job Summary
    Start Date
    As soon as possible
    Employment Term and Type
    Regular, Full Time
    Required Education
    Bachelor's Degree
    Required Experience
    2+ years
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