Senior Derivatives Accounting Specialist

🏗 We're Hiring: Senior Derivatives Accounting Specialist

📍 Location: United Arab Emirates (Remote)

🕒 Employment Type: Full-Time

💼 Experience Level: Mid-Level to Senior

🌐 Work Arrangement: Fully Remote

About Us

We are a construction-focused organization committed to delivering complex projects through disciplined financial management, effective treasury operations, robust financial controls, and collaborative project execution. Our multidisciplinary teams work across Project Management, Construction, Engineering, Procurement, Commercial, Legal, Finance, Human Resources, Design, Quality, HSE, Consultants, Contractors, Suppliers, Logistics, Administration, Information Technology, and Executive Leadership to strengthen financial governance, maintain accurate financial records, and support sustainable business growth.

We recognize the importance of accurate financial instrument accounting, reliable valuation processes, and effective management of financial market exposures. Through sound accounting policies, robust reconciliation procedures, and strong internal controls, we aim to ensure transparent financial reporting, maintain compliance with applicable accounting standards, and support informed treasury and business decisions.

The Role

We are seeking an experienced Senior Derivatives Accounting Specialist to oversee the accounting, valuation review, reconciliation, and financial reporting of derivative instruments and related financial transactions. The successful candidate will ensure that derivatives are appropriately recognized, measured, classified, and disclosed in accordance with applicable International Financial Reporting Standards (IFRS), including IFRS 9, IFRS 13, and relevant presentation and disclosure requirements.

The role will collaborate closely with Treasury, Finance, Risk Management, Legal, Procurement, Commercial, Information Technology, and external financial institutions to maintain accurate derivative records, validate valuation information, support hedge accounting where applicable, and strengthen financial reporting controls. The ideal candidate will have strong expertise in derivative accounting, fair value measurement, financial instrument reporting, and treasury operations, with familiarity with applicable United Arab Emirates financial reporting and regulatory requirements.

Key Responsibilities

• Lead and coordinate the accounting and financial reporting of derivative instruments in accordance with applicable IFRS requirements and internal accounting policies.
• Oversee the recognition, classification, measurement, and derecognition of derivatives across relevant financial reporting periods.
• Review derivative contracts to determine their accounting treatment, contractual characteristics, valuation requirements, and reporting implications.
• Maintain accurate records of derivative transactions, including foreign exchange forwards, currency swaps, interest rate swaps, options, futures, and other relevant instruments.
• Review derivative confirmations, trade details, notional amounts, contractual terms, maturity dates, settlement arrangements, and counterparty information.
• Coordinate with Treasury to ensure derivative transactions are recorded accurately and promptly in the appropriate accounting and treasury systems.
• Assess whether contracts contain embedded derivatives requiring separate identification and accounting treatment under applicable standards.
• Review the accounting implications of derivative contract amendments, novations, early terminations, expirations, and settlements.
• Ensure derivative transactions are supported by appropriate documentation, approvals, confirmations, and audit trails.
• Oversee fair value measurement and reporting of derivative assets and liabilities in accordance with IFRS 13 and applicable accounting policies.
• Review derivative valuations received from banks, financial institutions, pricing vendors, and internal valuation systems.
• Assess the reasonableness of valuation inputs, market data, discount curves, forward rates, volatility assumptions, and other relevant parameters.
• Coordinate independent price verification and investigate material differences between external valuations, internal estimates, and accounting records.
• Review valuation methodologies for derivatives that use observable market inputs and, where relevant, unobservable assumptions.
• Support the appropriate classification of derivative valuations within the IFRS 13 fair value hierarchy.
• Assess the implications of changes in valuation assumptions, market conditions, and counterparty credit risk on reported derivative values.
• Review credit valuation adjustment (CVA), debit valuation adjustment (DVA), and other relevant valuation adjustments where applicable.
• Ensure valuation adjustments are calculated, documented, reviewed, and approved in accordance with established policies.
• Analyze the impact of foreign exchange movements, interest rate changes, commodity price fluctuations, and other market variables on derivative valuations.
• Prepare and review derivative accounting journal entries, valuation adjustments, realized gains and losses, and unrealized fair value movements.
• Ensure derivative-related gains and losses are recorded in the appropriate financial statement accounts based on the applicable accounting treatment.
• Reconcile derivative balances between treasury management systems, derivative subledgers, general ledger accounts, and financial reporting records.
• Investigate and resolve discrepancies involving derivative valuations, trade capture, settlement amounts, accounting entries, and counterparty statements.
• Maintain accurate schedules of outstanding derivative positions, fair values, settlements, collateral arrangements, and related accounting balances.
• Coordinate monthly, quarterly, and annual derivative accounting close activities.
• Prepare derivative movement analyses explaining changes in fair values, notional exposures, settlements, realized results, and unrealized gains or losses.
• Review derivative settlements and ensure cash receipts, cash payments, and related accounting entries are accurately recorded.
• Coordinate with Accounts Payable, Accounts Receivable, Treasury, and Finance teams to reconcile derivative-related cash movements.
• Review collateral and margin arrangements associated with derivative transactions and ensure appropriate accounting treatment where applicable.
• Assess the financial reporting implications of collateral postings, margin calls, and collateral returns in accordance with contractual terms and applicable accounting requirements.
• Support the accounting and reporting of derivatives designated in qualifying hedge accounting relationships.
• Coordinate with hedge accounting specialists to ensure consistency between derivative accounting records, hedge designation documentation, effectiveness assessments, and hedge accounting entries.
• Review derivative-related amounts recorded in profit or loss, other comprehensive income (OCI), and other relevant financial statement components.
• Assist with the accounting treatment of cash flow hedges, fair value hedges, and net investment hedges where applicable.
• Ensure the accounting treatment of hedge ineffectiveness, hedge discontinuation, and relevant reserve reclassifications is properly documented.
• Support the preparation of technical accounting assessments for complex derivatives and unusual financial transactions.
• Evaluate the accounting implications of new derivative products, structured financial contracts, and changes in transaction terms.
• Review the accounting treatment of derivatives entered into for foreign exchange risk, interest rate risk, commodity price risk, or other approved risk management purposes.
• Coordinate with Treasury to understand the commercial purpose of derivative transactions and ensure accounting records reflect the underlying contractual arrangements.
• Work with Procurement and Commercial teams to identify relevant derivative exposures associated with eligible foreign currency commitments, interest rate exposures, or commodity-linked arrangements.
• Assess the accounting implications of derivatives used to manage foreign exchange exposures arising from international procurement, supplier payments, and cross-border project commitments.
• Review commodity-related derivative accounting where applicable to financial risk management arrangements involving construction materials, energy, fuel, or other relevant inputs.
• Ensure derivative accounting treatment is consistent with the organization's approved accounting policies and applicable financial instrument requirements.
• Maintain comprehensive derivative transaction inventories and support accurate reporting of notional amounts, fair values, maturities, and counterparty exposures.
• Prepare supporting schedules and disclosures for financial statements relating to derivative assets, derivative liabilities, gains and losses, valuation methods, and associated risks.