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M&A/New Product Accounting Manager

Company: Valley Bank
Location: Wayne
Posted on: January 13, 2022

Job Description:

The Mergers & Acquisitions New Product Accounting Manager position will support the controller and financial reporting team with a focus on merger and acquisition activity, as well as the evaluation of appropriate accounting for new products. This role will require a combination of technical accounting expertise and ability to lead merger related setup and integration activities. Responsibilities include, but are not limited to: Evaluate purchase agreements/merger terms and the requirements of ASC 805: Business Combinations and other related GAAP accounting standards to determine the appropriate accounting treatment for acquired entities.
Assess new contracts with customers for appropriate revenue recognition under ASC 606.
Assist business areas in evaluating new fee arrangements, new lines of business, and setting up procedures for calculating, booking and reconciling the accounting impact of these new products.
Calculate any purchase accounting adjustments needed and establish opening balance sheets for acquired entities.
Reconcile opening books and records and maintain adequate SOX controls documentation.
Develop fair value estimates for a variety of financial institution related assets and liabilities, including goodwill and intangibles, independently and with the assistance of specialists. Evaluate goodwill allocation methodologies across legal entities.
Review and evaluate purchase agreements for appropriate handling of accounting for equity.
Assess CECL accounting needs associated with acquired financial instruments in conjunction with the Credit Risk team.
Review of contracts to ensure revenue recognition requirements are met, understanding of contracts with customers is understood and properly documented to industry and SOX control standards.
Assist with quarterly external reporting which may include preparation of pro forma financials, schedules for SEC filings and 10-Q/K and related disclosures.
Lead chart of accounts evaluations and mappings.
Assist with the establishment of new GL accounts, cost centers, profit centers and bank accounts in SAP/Miser as needed for new entities or new lines of business.
Manage the coordination of key accounting related issues and communications with individuals from the finance, accounting and other bank departments.
Coordinate with Credit Risk, Finance, Technology and other groups within the bank to assist in acquisition related -accounting adjustments and merger related operational activity.
Develop whitepapers as needed to document accounting conclusions related to new lines of business or treatment of acquired assets and liabilities.
Supervise and provide leadership to other Valley Bank employees as to integration of new entities into Valley Bank technology and month end reporting and controls processes.
Oversee the implementation, design, and testing of new processes and internal controls related to newly acquired entities.
Share and educate acquired entity personnel on certain controls processes and Bank policies as applicable.
Assist with the period end financial reporting process as needed to supplement the accounting department.
Act as a point of contact for external auditors and regulators with regards to merger and acquisition activity.
Assess certain ongoing operational impacts associated with systems integration and develop plans and provide support in the transition process.

Keywords: Valley Bank, Wayne , M&A/New Product Accounting Manager, Executive , Wayne, New Jersey

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