Future of CPAs, CFOs & Accounting - Marriott Finance/Accounting


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Future of CPAs, CFOs & Accounting - Marriott Finance/Accounting

  1. Tom Hood, CPA, CITP, CGMA CEO MACPA & the Business Learning Institute Professional Issues Update andTheFuture of CPAs, CFOs and AccountingProfessionals Prepared for: Global Accounting & Finance Team June 27, 2013
  2. Tom  Hood  CEO  of  MACPA  &  BLI  •  Named  Fourth  Most  Influen2al  Person  by  Accoun2ng  Today  •  Top  25  Influencers  in  Learning  &  HR  by  HR  Examiner  •  Top  25  Public  Accoun2ng  Thought  Leaders  by  CPA  Prac2ce  Adviser  •  Working  on    Learning  Management  with  AICPA/CPA2Biz,    Cloud  Curriculum,  Performance  Management  /XBRL,  Leadership  &  Genera2ons  Tom Hood, CPA, CITP, CGMACEOMACPABusiness Learning Institute (BLI)hQp://www.linkedin.com/in/tomhood  6/26/13   T  
  3. www.SlideShare.net/thoodcpa  @tomhood  @MACPA  Download  today’s  slides  at  …  6/26/13   T  
  4. hQp://macpa.cnf.io  Ask  and  answer  ques2ons  throughout  the  day  here…  
  5. Respond to a Poll Ask a Question Vote up a Question hQp://macpa.cnf.io  6/26/13   T  
  6. Insights  to  Ac2on    “One  without  the  other  is  either  useless  or  destruc2ve”  T  
  7. Source:  WTF  What’s  the  Future  of  Business  by  Brian  Solis  What  I  have  been  thinking  about  T  
  8. Business  Not  for  Profits  NGOs  Government  Different  Worlds?  T  
  9. The New Normal -VUCA
  10. 10What is the #1 reasonorganizations fail?
  11. http://www.burrus.com Inattentional blindness
  12. The new “Big Four” + 1 + 3 • Economy • Globalization • Workforce • Technology + Health Care T  
  13. The Research 2 1,000 10,000 Source: CPA Horizons 2025
  14. 6/26/13   T  
  15. • Change• Complexity• Compliance• Convergence• CompetitionMANAGINGTHE “SEA” CHANGE T  
  16. Compliance - Standards •  International – IASB &IFRS •  FASB & PCC •  AICPA & FRF – SME •  ASB – Clarity (12/15) •  GASB Pension •  PEEC •  COSO •  IIRC hQp://cpa.tc/1us  T  
  17. Convergence and IFRS2013 FUTURE2014Leasesre-exposureRevenuerecognitionstandardFinancialinstrumentsIFRS?Principles-basedSEC milestone ─IFRS decisionAffects virtuallyall businesses
  18. #MainStFinancials 6/26/13   T  
  19. Happy 40th Birthday FASB! 6/26/13   T  
  20. #AccountingStandards Public  &  Private  Companies  Private  Companies-­‐  Small  Business  Public  &  Private  Companies    Private  Companies    Private  Companies-­‐  Small  Business  Financial  ReporHng  IFRS  (IASB)    IFRS-­‐SME  (IASB)    GAAP  (FASB)    GAAP-­‐PCC  (FASB)    FRF-­‐SME  (AICPA)    AudiHng   IAASB   IAASB   PCAOB  ASB  (AICPA)  ASB  (AICPA)    ASB  (AICPA)    Ethics   IFAC   IFAC   PEEC  (AICPA)  PEEC  (AICPA)    PEEC  (AICPA)    
  21. 21Cascade!
  22. Health Care is major issue Source:  Thomson-­‐Reuters    6/26/13   T  
  23. And opportunity 6/26/13   T  
  24. 80401950 1960 1970 1980 1990 2000 20101940100%6020Total U.S. debtas a percentageof GDP2013101.6%1981:32.5%
  25. Accounting bodies hail G20 emphasison public sector reporting DATA  Act    Financial  Industry  Transparency  Act  using  XBRL  6/26/13   T  
  26. XBRLFASB IndustryTaxonomy Project •  Develop  industry  specific  taxonomies  •  BeQer  suited  for  each  industry  •  Industries  par2cipa2ng  include:  •  Insurance  •  Banking  •  Brokers  and  Dealers  •  Real  Estate  •  NFPs  •  GASB?  •  Form  990  6/26/13   T  
  27. Historical Context –The Perfect Storm •  Web 2.0 •  Globalization •  Generations Source: DonTapscott - Wikinomics
  28. FiveThings Every Professional Needs tobe Good At 1.  Learning and staying on the cutting edge. 2.  Managing your career (yep, you have totake charge of your own career). 3.  Doing the work (research, productivity,communication). 4.  Interacting with your peers and colleagues. 5.  Becoming a thought leader in your field. - Allen Blue co-founder Linked-In hQp://lnkd.in/HghTcX  
  29. #SocialAccoun2ng  6/26/13   T  
  30. T  
  31. Four Generations in the Profession Millennials (GenY) - Born btw 1980 2000 Generation X - Born btw 1965 1979 Baby Boomers - Born btw 1946 1964 Matures (Traditionalists) - Born btw 1945 1925
  32. For Gen Y, training and development is the most highly valued employeebenefit. The number choosing training and development as their first choice ofbenefit is THREE times higher than those who chose cash bonuses.
  33. Workforce#TalentWar T  
  34. Workforce#4Generations T  
  35. Business  Not  for  Profits  NGOs  Government  Different Worlds? T  
  36. T  
  37. #IIRC  hQp://www.theiirc.org  T  IR FrameworkConsultation Draft –released April 16
  38. IIRC  Value  Crea2on  Process  T  
  39. CGMA    COSO  Balancing  Risk    Innova2on  hQp://cpa.tc/2qf   hQp://www.coso.org  T  
  40. Source:  DeloiQe  CFO  Signals™  survey,  fourth  quarter  2012  T  
  41. 424242
  42. 434343CGMAs are part of a new,worldwide network ofmanagementaccountants, working inthe world’s leadingcorporations, private andpublic organizations,small businesses andstart-ups.Code ofethics andenforcementContinuousprofessionaldevelopmentFinancial andnon-financialexpertisePowered by aJV betweenAICPA andCIMA
  43. 2/31/3
  44. 454545For businessesBroader skillsGreater agility and adaptabilityIncreased mobilityDeeper leadership
  45. 464646Benefit specificsDesignatory lettersAffiliation withworld-leadingaccountingorganizationsTools for self-promotionCommitment toinform market ofCGMA valueCommitment toglobal managementaccountingWebsite (cgma.org)Online socialcommunityAffiliation withleaders in businessInaugural printmagazineOnline magazineThought leadershippapersGlobal EconomicOutlook SurveyAdvocacy voice of ahalf-millionaccountingprofessionalsaround the worldCertificateProfessionalDevelopment
  46. 474747CGMA qualifying criteria
  47. Contactbpayne@aicpa.org
  48. Business  Not  for  Profits  NGOs  Government  When  Worlds  Collide  T  
  49. #CFOsSaveTheWorld  Through collaboration, ourCFO community managesfinancial accountability,compliance, and riskacross HHS by maximizingresources to drive results.  T  
  50. T  You can’t stop the waves but you can learn how to surf.– Jon Kabbat-Zin
  51. #VisionStrategy  “If you don’t have a vision foryour firm or yourself, you’lljust get sucked intosomebody else’s vision” – adapted from Watts Wacker, Futurist6/26/13   T  
  52. 6/26/13   T  
  53. CGMA – CIMAThe global value-added financial professional T
  54. CPAs  are  trusted  advisors  who,  combining  insight  with  integrity  deliver  value  by:  T  CommunicaHng  the  total  picture  with  clarity  and  objec2vity  TranslaHng  complex  informa2on  into  cri2cal  knowledge  AnHcipaHng  and  crea2ng  opportuni2es    Turning  insights  into  acHon  to  transform  vision  into  reality    
  55. Value-added Finance / Accounting Professional
  56. The Research 6/26/13   T  
  57. 5858581. Finance specialism – thefundamentals‘’The commercial finance roles may seem sexy – in therewith the buying and marketing teams doing deals. In thesesituations people may believe that the financial substance isa bit in the back, but the truth is that it is at the centre. Youalways need the bedrock of financial integrity andcontrol.” Hetal Shah, CFO, Streamline“It is critical to develop credibility to progress withinthe organisation.” The fast track to leadership
  58. 5959592. Information for insight – being part ofthe solutionIBM report, Leading through connectionsTurning the tide: How Europe can rebuild skillsand generate growth, by Accenture
  59. 6060603. The two C’s – communication andcollaborationTwo personal attributes that CEOs see as mostcritical for the future success of staff:IBM’s Leading through connections survey
  60. 4. Experience of major projects andstrategic initiatives – in and out offinance•  Internal projects•  Technology investments•  Mergers acquisitions•  Operations support•  Sales team support•  Business expansion, newmarkets
  61. 6262625. Local and global perspectives –exposure to different markets andculturesAccenture’s 2012 report, Turning the tide: How Europecan rebuild skills and generate growthBusiness decision makers…
  62. 6. Leadership – talent management•  Developing leadershipskills is crucial•  Identifying opportunities:–  Seize opportunities as thearise–  Think outside the box –both inside and outside ofwork
  63. 6464647. Strategic VisionEIU’s Plugging the skills gap….
  64. 656565The action plan
  65. 666666Building influence via trust and credibility –Finance leadership capabilities and behaviours
  66. T  
  67. hQp://cpa.tc/2qh    6/26/13   T  theBounce
  68. T  
  69. #AdaptorDie#BendAdoptionCurve • Technology Caveman • L C • CC EC • CPA as Artist
  70. Technology the Caveman 6/26/13   T  
  71. “In  a  period  of  rapid  change  and  increasing  complexity,  the  winners  are  going  to  be  the  people  who  can  LEARN  faster  than  the  rate  of  CHANGE  and  faster  than  their  COMPETITION.”  -­‐  Tom  Hood,  CPA.CITP.CGMA  6/26/13   T  
  72. #CCEC #  1  Skill  is  CollaboraHon  #  2  Skill  is  CommunicaHon  according  to  2012  IBM  Global  CEO  Study  6/26/13   T  
  73. #ArtistCPA •  Lots  of  ways  to  mess  up!  •  Heat  is  needed  to  shape  the  glass  •  Long  setup  2me  for  quick  finish  •  Try,  learn  and  adjust      -­‐Tim  McFadden  6/26/13   T  
  74. A leader sjob is todefinecontext andprovidehope andinspiration...
  75. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org Web http://www.macpa.org Web http://blionline.org    Follow  me  on:  ü   TwiQer:  hQp://www.TwiQer.com/tomhood  ü   LinkedIn:  hQp://www.linkedin.com/in/tomhood  ü   Facebook:  hQp://www.facebook.com/thoodcpa  ü Google  +:  hQps://plus.google.com/104372556333854919205  ü Slideshare:  hQp://www.slideshare.net/thoodcpa  ü Youtube:  hQp://www.youtube.com/thoodcpa  ü Second  Life  avatar  name:  Rocky  Maddaloni  6/26/13