Michael Nelson Email & Phone Number

Any

Houston, Texas Area

Selected Accomplishments:• Currently responsible for team of 3 managers and 12 accountants in the U.S., Mexico and India • Successfully led change from the Short-Cut Method to the Long-Haul Method of accounting for FX Forward Cash Flow hedges post separation of HP Inc. from Hewlett Packard Enterprise• Oversee accounting for FX forward portfolio with $38 billion notional among 32 currencies• Owner of 57 SOX controls covering Pensions, Derivatives, Investment, Debt, Restructuring,… Show more Selected Accomplishments:• Currently responsible for team of 3 managers and 12 accountants in the U.S., Mexico and India • Successfully led change from the Short-Cut Method to the Long-Haul Method of accounting for FX Forward Cash Flow hedges post separation of HP Inc. from Hewlett Packard Enterprise• Oversee accounting for FX forward portfolio with $38 billion notional among 32 currencies• Owner of 57 SOX controls covering Pensions, Derivatives, Investment, Debt, Restructuring, Stock Based Compensation, Earnings per Share, and Corporate Reporting• Current team responsible for 9 of HP’s 16 footnotes• Revamped process for uploading HP Inc.’s FX Derivatives including posting journal entries, forecasting results and balance sheet reconciliations reduced from 4 days to 1.5 days• Collaborated with Treasury Accounting Team in eliminating frequent post close entries relating to Cash Accounting allowing for all cash entries to be posted in 1.5 days with completed cash account reconciliations • Improvements in processes and re-allocation of responsibilities with the Treasury Accounting team allowed for headcount to be reduced by 2 with no impact on team performance• Implemented business continuity strategy using intra-group rotation program resulting in two Subject Matter Experts for each role• Led coordination of process between Treasury Accounting and Treasury to improve accuracy and timeliness of monthly Debt estimate as well as clean up multiple inaccuracies within the Debt accounts allowing for earlier and more accurate delivery of monthly Debt roll forward• Rearranged ownership of postings for balance sheet hedging program by local accountants to one subject matter expert eliminating a significant number of incorrect entries each month.• Technical accounting subject matter expert for Derivatives, Debt, Investments and Hedging• Oversaw implementation of Corporate Balance Sheet accounts reconciliation and variance analysis previously not performed at HP Show less

The Woodlands, Tx

Proven leader with 19 years energy accounting experience with emphasis in derivative accounting, SEC disclosures, financial reporting, writing and implementing GAAP and IFRS policies and procedures and risk reporting• Applied ASC 815 “Derivatives and hedging”, ASC 820 “Fair Value Measurement”, IAS 39 “Financial Instruments: Recognition and Measurement” in writing and implementing policy for “Trading Derivative Recognition and Valuation Guidance” and implemented procedures for existing… Show more Proven leader with 19 years energy accounting experience with emphasis in derivative accounting, SEC disclosures, financial reporting, writing and implementing GAAP and IFRS policies and procedures and risk reporting• Applied ASC 815 “Derivatives and hedging”, ASC 820 “Fair Value Measurement”, IAS 39 “Financial Instruments: Recognition and Measurement” in writing and implementing policy for “Trading Derivative Recognition and Valuation Guidance” and implemented procedures for existing Natural Gas trading company and start up Crude and Refined Products company• Wrote Policy and Technical Notes on Credit Reserve Policy, Accounting for Exchange Contracts, Capital Lease Accounting Presentation, Business Requirements for Cash Flow Hedging, Fair Value Hedging, Accounting for Vessel Leases, Own Use Accounting, Accounting for Derivative contracts when Fair Value at Inception is not Zero, Accounting for Inventory under US GAAP and IFRS, Accounting for Booked Out Transactions, Accounting for Contracts that Contain Embedded Derivatives, Exploration and Development Costs Recognition-Accounting for Project Costs under Canadian GAAP• Review and document accounting for all structured contracts including leases and complex asset management transactions with imbedded derivatives• Prepare all financial statements and notes for stand-alone audits and prepare tables and footnotes for consolidated US audits and consolidated IFRS audit• Developed relationships enabling coordination with Front Office trading, Market Risk and Planning & Control on new deal types or structured transactions to determine appropriate treatment and fair value for accounting without impacting economic reporting results and providing better estimated for budgeted results• Accounting lead for implementation of new power trading business providing accounting guidance, fair value requirements, and interface automation for forward derivatives and settled commodity transactions Show less

Structured contracts lead for review and accounting conclusions under U.S GAAP and IAS applying guidance from IAS 39 “Financial Instruments: Recognition and Measurement”, SFAS 133 “Accounting for Derivative Instruments and Hedging Activities”, SIC 12 “Consolidation – Special Purpose Entities”, SFAS 167 “Amendments to FASB Interpretations No. 46(R)”, IAS 17 “Leases”, IFRS 4 ‘Determining whether an Arrangement contains a Lease” and SFAS 13 “Accounting for Leases”• Designed and implemented… Show more Structured contracts lead for review and accounting conclusions under U.S GAAP and IAS applying guidance from IAS 39 “Financial Instruments: Recognition and Measurement”, SFAS 133 “Accounting for Derivative Instruments and Hedging Activities”, SIC 12 “Consolidation – Special Purpose Entities”, SFAS 167 “Amendments to FASB Interpretations No. 46(R)”, IAS 17 “Leases”, IFRS 4 ‘Determining whether an Arrangement contains a Lease” and SFAS 13 “Accounting for Leases”• Designed and implemented process to create SFAS 161”Disclosures about Derivative Instruments and Hedging Activities”• Technical accounting and policy lead creating and revising documents “Using Working Gas Inventory as Broker Margin Collateral”, “Accounting for Trading Inventory”, “Sales/Repurchase Contracts”, and “Trading Valuation of Renewable Gas Contracts” Show less

Developed initial recognition and amortization model including technical memo for applying FSP APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” to convertible debt • Design counter party credit reserve calculation including use of credit default swap rates in combination with LIBOR rates for compliance with SFAS 157 “Fair Value Measurements”• Built hypothetical model and authored memo for measuring… Show more Developed initial recognition and amortization model including technical memo for applying FSP APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” to convertible debt • Design counter party credit reserve calculation including use of credit default swap rates in combination with LIBOR rates for compliance with SFAS 157 “Fair Value Measurements”• Built hypothetical model and authored memo for measuring effectiveness of interest rate swaps where critical terms match was lost in compliance with requirements under SFAS 133 “Accounting for Derivative Instruments and Hedging Activities”• Led process to investigate and correct intercompany discrepancies for numerous companies and multiple currencies for compliance with remeasurement requirements of SFAS 52 “Foreign Currency Translation” Show less

Houston, Texas Area

Wichita, Kansas Area

Senior Accountant – Risk Reporting (1998-2001)Staff Accountant – Back Office Accounting (1995-1998)• Designed and implemented trade reconciliation system at Koch Industries for use by 25 accountants enabling them to accelerate close deadlines by 2 days• Designed and implemented system for deal reconciliation of 2,000 trades and $1.4 billion in annual revenue• Supported financial reporting for Domestic Crude, International Crude, Feedstocks and Refined Products• Provided… Show more Senior Accountant – Risk Reporting (1998-2001)Staff Accountant – Back Office Accounting (1995-1998)• Designed and implemented trade reconciliation system at Koch Industries for use by 25 accountants enabling them to accelerate close deadlines by 2 days• Designed and implemented system for deal reconciliation of 2,000 trades and $1.4 billion in annual revenue• Supported financial reporting for Domestic Crude, International Crude, Feedstocks and Refined Products• Provided daily position, profit & loss reports and transportation cost data trading organization for 4 million barrels of oil in transit• Determined daily hedging trades to be executed to cover price risk exposure for multiple crude products and pricing periods Show less