Future of CPAs, CFOs and Accounting - COCPA Leadership Council

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Leading in the Age of Transformation is the theme of the Colorado Society of CPAs Leadership Council. This is the professional issues update to provide context from future trends and issues facing the …

Leading in the Age of Transformation is the theme of the Colorado Society of CPAs Leadership Council. This is the professional issues update to provide context from future trends and issues facing the CPA Profession.

For more information about that meeting contact Mary Medley, CEO of the COCPAs

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  • How very true.
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  • What ever solution and development will come for the future but the real pay-out will always not just be correct figures. The challenge lays in what you do with those figures. This remains after all trials to implement human skills and experiences a matter of combining knowledge a find always new solutions.
    I have built up a concept for Swiss SME closing that includes an automated cash flow statement. But nevertheless you need the knowledge to do something with that informations. Otherwise its a dead letter. For me the aim is that future development should reduce information to a circle that really matters - especially for the entity that performs that work. IFRS and US-GAAP still follow the approach to overkill a good thing.
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  • Raj,

    You are correct that the days of transaction processing in accounting may well be in danger of becoming displaced. But the CFO as strategist and value-added partner are just beginning. With new models of accounting reshaping our landscape it is no wonder that accounting continues to be one of the top jobs in the US.
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  • Neither do you, Diane.

    The transformation of the profession will make the future accountant and accountancy into that of one which is of a pure technical nature within the technical environment. Accountancy Technologists will be in charge who do not have to be accountants but techy oriented individuals.

    This will drastically reduce the the number of individuals within a finance office.

    Diane find yourself before you lose yourself.
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  • There is no future. Intelligent accountancy software can take over most of the accountancy functionary. The future for CPAs and CFOs is undoubtedly bleak. Too many mistakes were made by CPAs and CFOs. At least with intelligent accountancy software you do not have mistakes. The Finance office of the future will become a ghost office.
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  • 1. Tom Hood, CPA, CITP, CGMA CEO MACPA & the Business Learning Institute Professional Issues Update and TheFuture of CPAs Prepared for:
  • 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  6/12/13   T  
  • 3. www.SlideShare.net/thoodcpa  @tomhood  @MACPA  Download  today’s  slides  at  …  6/12/13   T  
  • 4. hQp://macpa.cnf.io  Ask  and  answer  ques2ons  throughout  the  day  here…  Conferences.io  was  used  to  engage  our  members  and  encourage  open  Q&A  and  feedback  with  this  exci2ng  new  technology  we  will  begin  incorpora2ng  into  strategic  planning  and  CPE  courses  for  engagement  and  collabora2on.  6/12/13   T  
  • 5. Respond to a Poll Ask a Question Vote up a Question hQp://macpa.cnf.io  6/12/13   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. 8What is the #1 reasonorganizations fail?
  • 9. Business  Not  for  Profits  NGOs  Government  Different  Worlds?  T  
  • 10. http://www.burrus.com Inattentional blindness
  • 11. The  new  “Big  Four”  +  1  +  3  • Economy  • Globaliza2on  • Workforce  • Technology  +  Health  Care  T  
  • 12. 6/12/13   T  
  • 13. • Change• Complexity• Compliance• Convergence• CompetitionMANAGING THE “SEA” CHANGET  
  • 14. Compliance  -­‐  Standards  •  Interna2onal  –  IASB  &  IFRS  •  FASB  &  PCC  •  AICPA  &  FRF  –  SME  •  ASB  –  Clarity  (12/15)  •  GASB  Pension  •  PEEC  •  COSO  •  IIRC  hQp://cpa.tc/1us  T  
  • 15. Convergence and IFRS2013 FUTURE2014Leasesre-exposureRevenuerecognitionstandardFinancialinstrumentsIFRS?Principles-basedSEC milestone ─IFRS decisionAffects virtuallyall businesses
  • 16. #MainStFinancials  6/12/13   T  
  • 17. Happy  40th  Birthday  FASB!  6/12/13   T  
  • 18. #Accoun2ngStandards  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)    
  • 19. When  do  we  think  about  infrastructure?  19
  • 20. •  Accountancy  bills  (20  states)  -­‐  51  •  Auditor  Rota2on  (3  states)  -­‐  8  •  Mobility  (2  states)  -­‐  6  •  Regula2on  of  Tax  Preparers  (3  states)  -­‐  5  •  Tax  on  Accoun2ng  Services  (6  states)  -­‐  11  •  Peer  Review  (4  states)  -­‐  7  •  State  Board  Consolida2on  (6  states)  8  State Legislation and Regulatory
  • 21. 21Sarbanes-Oxley Act of 2002
  • 22. 22Dodd-Frank - the bill that keeps on givingCPAs required to register asdebt settlement advisors
  • 23. 23Cascade!
  • 24. Health  Care  is  major  issue  Source:  Thomson-­‐Reuters    6/12/13   T  
  • 25. And  opportunity  6/12/13   T  
  • 26. 80401950 1960 1970 1980 1990 2000 20101940100%6020Total U.S. debtas a percentageof GDP2013101.6%1981:32.5%
  • 27. GASB  Whitepaper  6/12/13   T   hQp://cpa.tc/2gx    
  • 28. Accoun&ng  bodies  hail  G20  emphasis  on  public  sector  repor&ng    DATA  Act  &  Financial  Industry  Transparency  Act  using  XBRL  6/12/13   T  
  • 29. XBRL  FASB  Industry  Taxonomy  Project  •  Develop  industry  specific  taxonomies  •  BeQer  suited  for  each  industry  •  Industries  par2cipa2ng  include:  •  Insurance  •  Banking  •  Brokers  and  Dealers  •  Real  Estate  •  NFPs  •  GASB?  •  Form  990  6/12/13   T  
  • 30. EducationContinuingcompetencyand qualityFinancialreportingTaxAuditingand assuranceManagementaccountingDeliveryof servicesGlobalizationSpecializationFinancialreportingManagementaccountingSpecializationDeliveryof servicesEducationAuditingand assuranceGlobalizationContinuingcompetencyand qualityTaxHorizons2025The journey toconstantly transformthe profession andremain relevant is byinnovating inincremental stepsdriven by a vision ofwhat is possible
  • 31. #SocialAccoun2ng  6/12/13   T  
  • 32. The Evolutionof a PracticeA Necessary EvilA Viable PracticeA High-Growth PracticeA High-Value PracticeDigitizationVirtualizationTransformationCLOUD
  • 33. "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."
  • 34. Workforce  #TalentWar  T  
  • 35. Workforce  #4Genera2ons  T  
  • 36. Business  Not  for  Profits  NGOs  Government  Different  Worlds?  T  
  • 37. T  
  • 38. #IIRC  hQp://www.theiirc.org  T  <IR> FrameworkConsultation Draft –released April 16
  • 39. IIRC  Value  Crea2on  Process  T  
  • 40. CGMA  &  COSO  Balancing  Risk  &  Innova2on  hQp://cpa.tc/2qf   hQp://www.coso.org  T  
  • 41. Source:  DeloiQe  CFO  Signals™  survey,  fourth  quarter  2012  T  
  • 42. Business  Not  for  Profits  NGOs  Government  When  Worlds  Collide  T  
  • 43. #CFOsSaveTheWorld  Through collaboration, ourCFO community managesfinancial accountability,compliance, and riskacross HHS by maximizingresources to drive results.  T  
  • 44. T  You can’t stop the waves but you can learn how to surf.– Jon Kabbat-Zin
  • 45. #Vision&Strategy  “If you don’t have a vision foryour firm or yourself, you’lljust get sucked intosomebody else’s vision” – adapted from Watts Wacker, Futurist6/12/13   T  
  • 46. 6/12/13   T  
  • 47. CGMA  –  CIMA  The  global  value-­‐added  financial  professional    T
  • 48. 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    
  • 49. T  
  • 50. hQp://cpa.tc/2qh    6/12/13   T  theBounce
  • 51. T  
  • 52. #AdaptorDie  #BendAdop2onCurve  • Technology  &  Caveman  • L  >  C  • CC  >  EC  • CPA  as  Ar2st  6/12/13   T  
  • 53. Technology  &  the  Caveman  6/12/13   T  
  • 54. “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  6/12/13   T  
  • 55. #CC>EC  #  1  Skill  is  CollaboraHon  #  2  Skill  is  CommunicaHon  according  to  2012  IBM  Global  CEO  Study  6/12/13   T  
  • 56. #Ar2st&CPA  •  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  6/12/13   T  
  • 57. A leader sjob is todefinecontext andprovidehope andinspiration..."
  • 58. Tom  Hood,  CPA.CITP  CEO  Maryland  AssociaHon  of  CPAs  Business  Learning  InsHtute  (443)  632-­‐2301  E-­‐mail  tom@macpa.org  Web  hWp://www.macpa.org  Blog  hWp://www.cpasuccess.com  Blog  hWp://www.bizlearningblog.com      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  6/12/13   T