Lead Accounting Policy (IFRS 9 - Commodity Trading)

Job summary

Entity:

Finance

Job Family Group:

Finance Group

Job Description:

Our purpose is to deliver energy to the world, today and tomorrow. For over 100 years, bp has focused on discovering, developing, and producing oil and gas in the nations where we operate. We are one of the few companies globally that can provide governments and customers with an integrated energy offering. Delivering our strategy sustainably is fundamental to achieving our ambition to be a net zero company by 2050 or sooner!

Role synopsis

The Accounting Policy Lead role provides assurance on the application of accounting policy in ST&S, supporting and reporting to the ST&S Senior Manager Accounting Policy. The role covers policy guidance and assurance for the ST&S Refined Products Trading Europe and Asia Pacific (RPTE & RPTAP) businesses. The ST&S Accounting Policy team is responsible for establishing bp accounting policies that relate to ST&S in line with external reporting standards and providing advice and training within ST&S on the application of these policies. The ST&S Accounting Policy team also has a responsibility to provide a level of assurance to management that relevant accounting policies have been effectively applied. The team provides advice on all new business initiatives within ST&S and thus the role is an excellent opportunity to learn about a wide variety of ST&S activities and to work with a broad spectrum of people within the organisation.

Key accountabilities:

• Understand new business activities within RPTE and RPTAP and provide advice on the accounting treatment of these transactions.
• Lead the provision of advice to Finance & Risk teams on the application of the Group Reporting Manual, in particular in relation to commodity contracts, derivative accounting, lease accounting, and working capital management.
• Assist with ensuring that the existing accounting policies within the GRM which specifically relate to ST&S are accurate and updated to reflect the current state of authoritative literature.
• Provide oversight to the year end submission of data for ARA/20-F disclosures of ST&S’s activities.
• Stay abreast of emerging accounting literature, acting as a subject matter expert on new guidance affecting ST&S’s business. Lead the implementation effort in respect of any new accounting standards.
• Support the ST&S Senior Manager Accounting Policy at the APDT and Due Diligence meetings, preparing and presenting on required updates and results.
• Liaise with other ST&S functions, including commodity and market risk, accounting, reporting and control, credit, legal and marketing and origination teams, in understanding ST&S operations and their impact on policy.
• Network with other Group accounting policy teams to share best practices and lessons learned, ensuring consistent application of policy across the Group.
• Lead training on accounting policy matters to a variety of audiences.

Essential education

• Qualified Accountant (ACA, CIMA, ACCA, or CPA )

Essential experience and job requirements:

• Technically proficient in IFRS, especially on the application of IFRS 9 to energy trading commodity transactions.
• Significant experience in a public accounting firm in relation to the application of IFRS or experience in the accounting for a trading business, preferably commodities based.
• The ability to construct and articulate a logical argument in applying accounting literature to a particular transaction, both orally and in writing.
• An ability and interest in understanding the commercial justification and economics behind structured transactions.
• Assertive, self-starter coupled with integrity, confidence, and credibility

Additional Information

At bp, we provide the following environment and benefits to you:

• A company culture where we respect our diverse and unified teams, where we are proud of our achievements and where fun and the attitude of giving back to our environment are highly valued

• Possibility to join our social communities and networks

• Learning opportunities and other development opportunities to craft your career path

• Life and health insurance, medical care package

• And many other benefits.

We are an equal opportunity employer and value diversity at our company. We do not discriminate based on race, religion, colour, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, perform crucial job functions, and receive other benefits and privileges of employment. Don’t hesitate to get in touch with us to request any accommodations.

Travel Requirement

No travel is expected with this role

Relocation Assistance:

This role is not eligible for relocation

Remote Type:

This position is a hybrid of office/remote working

Skills:

Accounting, Accounting for financial instruments, Accounting Policies, Accounting policy, Commercial Acumen, Commodity Trading, Communication, Digital fluency, Energy Trading, Financial Instruments, Financial Reporting, IFRS 9, Influencing, International Financial Reporting Standards (IFRS), Long Term Planning, Stakeholder Engagement

Legal Disclaimer:

We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, socioeconomic status, neurodiversity/neurocognitive functioning, veteran status or disability status. Individuals with an accessibility need may request an adjustment/accommodation related to bp’s recruiting process (e.g., accessing the job application, completing required assessments, participating in telephone screenings or interviews, etc.). If you would like to request an adjustment/accommodation related to the recruitment process, please contact us.

If you are selected for a position and depending upon your role, your employment may be contingent upon adherence to local policy. This may include pre-placement drug screening, medical review of physical fitness for the role, and background checks.