Director, Financial Reporting

About the Position Formation Bio is hiring a Director of Financial Reporting to lead financial reporting functions, prepare technical accounting analysis, lead complex financial close functions and manage audit process.

This is a senior, hands-on position for someone well versed in financial reporting, financial close and consolidations who can convert complex accounting conclusions into clear and simplified action items and processes. The Director is responsible for GAAP compliant ASC 810 consolidation, prepares financial statements and footnotes, converts technical accounting conclusions into calculations, entries, workpapers and repeatable processes, manages the day-to-day flow of external audit, and supports reporting and audit of the company's separately audited venture fund.

The role begins as a senior individual contributor position with opportunity to build reporting resources as the organization scales.

Responsibilities

Financial Statement Preparation

• Own preparation of annual US GAAP financial statements, including footnotes, disclosure, supporting workpapers, calculations and tie-outs.
• Own the financial reporting process, including coordination of cross functional stakeholders.
• Prepare supporting analysis for board reporting, and investor and data room financial information requests.

Financial Close and Consolidations

• Prepare and review manual, non-routine and period-end journal entries arising from non-routine transactions.
• Determine and document non-routine and/or judgmental accounting transactions, including accruals, stock based compensation and other judgmental transactions.
• Lead consolidation process and entries for complex organizational structure, including application of ASC 810.
• Review complex account reconciliations and related close documentation.
• Translate new business activity and accounting conclusions into operational close processes, then implement them.
• Lead year-end GL preparation for audit.

Technical Accounting Implementation

• Assist with preparing technical accounting analysis for complex transactions and accounting matters. Write technical accounting memos.
• Convert approved technical accounting conclusions into calculations, workpapers, journal entries, disclosures and recurring processes, ensuring accounting conclusions are reflected properly in books and records.
• Implement and maintain accounting for financial instruments, equity issuances, share-based compensation, noncontrolling interests and other ASC 810 matters, leases, licensing transactions and business development transactions.
• Prepare accounting policy manual and document accounting policy decisions.

External Audit

• Serve as day-to-day point of contact for external auditors. Coordinate audit requests, gather information, and manage flow of information and support to auditors.
• Respond to audit inquiries, escalating significant and technical matters.
• Assemble audit-ready workpapers and support packages for financial statements, footnotes, complex entries and other significant accounting areas.
• Support resolution and remediation of audit findings.

Fund Reporting and Audit

• Support reporting and accounting for the company's special purposes financial statements, serviced by third-party fund administrator.
• Support capital call and capital transaction accounting.
• Establish policy, resolve and document accounting issues related to special purpose financial statements. Coordinate with third-party fund administrator.
• Review and comment on fund financial statements, reconcile administrator reporting to internal records.
• Support coordination of fund's annual audit against corporate audit timeline.

Controls and Documentation

• Establish and maintain controls around complex and non-routine transactions.
• Raise the standard of internal controls and related documentation for significant accounting and reporting processes, and quality of support behind significant accounting areas.
• Drive establishment of audit-ready documentation as standing practice.

Business Partnership

• Provide execution capacity on complex, ongoing accounting processes, including those arising from business development activity and other non-routine transactions.
• Work with Legal, Business Development, R&D and Clinical Operations to understand new contracts, arrangements and study activity, and reflect them accurately in accounting records.
• Build capabilities and provide training across Finance team to drive quality and effectiveness in Finance output.

Qualifications

Required

• CPA
• Ten or more years of progressive accounting experience, including direct responsibility for preparing audited US GAAP financial statements and footnotes
• Experience in technical accounting, preferably within in-house corporate accounting group.
• Big Four or comparable public accounting experience strongly preferred.
• Demonstrated ability to convert complex accounting guidance into practical calculations, journal entries, disclosures and repeatable processes, with experience including: consolidations (including VIEs), noncontrolling interests and ASC 810 issues, financial instruments, liability and equity accounting, share-based compensation, revenue recognition, ASC 820 fair value, licensing and collaboration arrangements, leases, capitalized software and R&D related accounting.
• Experience consolidating complex organizational structure.
• Ability to prepare clear, concise technical accounting memoranda and organized, audit-ready workpapers and financial statement support.
• Ability to run multiple reporting and audit workstreams simultaneously, work independently at detailed and strategic level, and constructively challenge auditors, consultants and internal stakeholders.
• NetSuite, or comparable ERP experience and strong spreadsheet skills.

Preferred

• Biotechnology, pharmaceutical or broader life sciences experience.