IND_Principal Accountant

Innovate in Bengaluru This position is based at our on-site office in Bengaluru. Lowe's offers an ultramodern work environment, complete with cutting-edge technology, collaborative workspaces, an on-site gym and clinic, and other perks to enhance your work experience.  About Lowe’s Lowe’s is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe’s operates over 1,700 home improvement stores and employs approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com. Lowe’s India, the Global Capability Center of Lowe’s Companies Inc., is a hub for driving our technology, business, analytics, and shared services strategy. Based in Bengaluru with over 4,500 associates, it powers innovations across omnichannel retail, AI/ML, enterprise architecture, supply chain, and customer experience. From supporting and launching homegrown solutions to fostering innovation through its Catalyze platform, Lowe’s India plays a pivotal role in transforming home improvement retail while upholding strong commitment to social impact and sustainability. For more information, visit Lowes India. About the Team The Capital Asset Accounting team is responsible for the accurate and timely recording and reporting of capital asset transactions for compliance with U.S. Generally Accepted Accounting Principles (GAAP) and consistent application of company policy and system control procedures. Capital asset transactions include systematic processing and recording of asset additions, retirements, adjustments, and depreciation within asset records. The Capital Asset Accounting team works closely with various business areas responsible for capital asset purchases (i.e. Retail Facilities & Operations, Supply Chain, Corporate Facilities, Technology, Merchandising, Delivery Services, etc.) as well as other areas of Accounting/Finance (i.e. Tax, External Reporting, Accounting & Consolidations, FP&A, Corporate Finance, Retail Finance, Supply Chain Finance, etc.). Job Summary: The Principal Accountant within Capital Asset Accounting is responsible for leading and executing complex accounting activities related to lease accounting under ASC 842 and fixed asset lifecycle management. This position ensures the accurate and timely recording, analysis, reconciliation, and reporting of lease and capital asset transactions in accordance with U.S. Generally Accepted Accounting Principles (GAAP), company accounting policies, and established system and control procedures. The Principal Accountant serves as a senior technical resource within the team and is expected to independently evaluate complex and non-routine accounting transactions, research applicable accounting guidance, identify risks and accounting implications, and recommend appropriate solutions to management. Key responsibilities include lease accounting and reassessments, lease classification and measurement, journal entries, account reconciliations, financial reporting, capital project accounting, capitalization assessments, fixed asset creation and classification, useful-life determination, depreciation, asset transfers, adjustments, and retirements. The position works closely with cross-functional and geographically diverse stakeholders, including Real Estate, Finance, Tax, Supply Chain, Corporate and Retail Facilities, Merchandising, and other business partners to obtain and evaluate information necessary to support accurate accounting conclusions. The Principal Accountant is expected to lead accounting discussions, clearly communicate technical conclusions and business impacts, resolve issues across functional teams, and appropriately escalate significant or judgmental matters to management. In addition to executing core accounting responsibilities, the Principal Accountant supports the Manager in driving process improvements, strengthening internal controls, developing and maintaining accounting procedures, improving reporting and analytical capabilities, and identifying opportunities for automation and operational efficiency. The role may also provide technical guidance, coaching, and review support to other team members and serve as a subject matter resource for lease and fixed asset accounting matters. As a senior individual contributor and a potential pipeline role for future management opportunities, the Principal Accountant is expected to demonstrate strong technical accounting knowledge, ownership, sound judgment, stakeholder management, leadership capabilities, and the ability to independently manage multiple complex workstreams while delivering accurate and timely results. Roles & Responsibilities: Core Responsibilities: • Lead and execute complex accounting activities related to lease accounting under ASC 842 and fixed asset lifecycle management for U.S. operations, ensuring compliance with U.S. GAAP, company accounting policies, internal controls, and established procedures. • Serve as a subject matter expert for lease and fixed asset accounting, providing technical guidance on complex and non-routine transactions, including lease commencement, modifications, reassessments, classification and measurement, capitalization versus expense assessments, useful lives, asset transfers, retirements, impairments, and other asset-related transactions. • Independently review lease agreements, amendments, renewals, terminations, and other contractual arrangements to identify accounting implications and ensure appropriate recognition, measurement, and reporting under ASC 842. • Lead and review key monthly close activities, including journal entries, account reconciliations, lease and fixed asset reporting, cash flow inputs, depreciation, lease expense, interest expense, amortization, gain/loss activity, and other related financial reporting. • Partner with Finance, Real Estate, Tax, Supply Chain, Corporate and Retail Facilities, and other cross-functional and geographically diverse stakeholders to ensure complete and accurate information is obtained and appropriate accounting treatment is applied. • Lead discussions with business partners to research and resolve complex accounting issues, communicate accounting conclusions and financial impacts, and escalate significant or highly judgmental matters to management as appropriate. • Review and monitor lease and capital asset transactions and related financial data to identify errors, unusual trends, control gaps, and other risks, and drive timely resolution of identified issues. • Support the maintenance and practical application of the Company's capitalization, fixed asset, and lease accounting policies. Research applicable U.S. GAAP guidance and assist management in developing accounting positions and procedures for new or complex transactions. • Partner with impacted teams to identify, develop, and implement process improvements, including practical application of accounting guidance where transaction volumes, business complexity, or system limitations require standardized methodologies or conventions. • Serve as a senior resource to the accounting team by providing technical guidance, reviewing complex work, sharing knowledge, and supporting the development of team members. • Lead or support designated accounting workstreams and projects by establishing priorities, coordinating activities across stakeholders, monitoring deliverables, identifying risks and dependencies, and ensuring timely and accurate completion. • Support internal and external audit requirements by preparing documentation, providing accounting s