Tom Hood, CPA, CITP, CGMA	CEO	MACPA & the Business Learning Institute	Professional Issues Update and TheFuture of CPAs	Pre...
Tom	  Hood	  CEO	  of	  MACPA	  &	  BLI	  •  Named	  Fourth	  Most	  Influen2al	  Person	  by	  Accoun2ng	  Today	  •  Top	...
www.SlideShare.net/thoodcpa	  @tomhood	  @MACPA	  Download	  today’s	  slides	  at	  …	  6/12/13	   T	  
hQp://macpa.cnf.io	  Ask	  and	  answer	  ques2ons	  throughout	  the	  day	  here…	  Conferences.io	  was	  used	  to	  e...
Respond to a Poll	Ask a Question	Vote up a Question	hQp://macpa.cnf.io	  6/12/13	   T	  
Insights	  to	  Ac2on	  	  “One	  without	  the	  other	  is	  either	  useless	  or	  destruc2ve”	  T	  
Source:	  WTF	  What’s	  the	  Future	  of	  Business	  by	  Brian	  Solis	  What	  I	  have	  been	  thinking	  about	  T...
8What is the #1 reasonorganizations fail?
Business	  Not	  for	  Profits	  NGOs	  Government	  Different	  Worlds?	  T	  
http://www.burrus.com	Inattentional blindness
The	  new	  “Big	  Four”	  +	  1	  +	  3	  • Economy	  • Globaliza2on	  • Workforce	  • Technology	  +	  Health	  Care	  T...
6/12/13	   T	  
• Change• Complexity• Compliance• Convergence• CompetitionMANAGING THE “SEA” CHANGET	  
Compliance	  -­‐	  Standards	  •  Interna2onal	  –	  IASB	  &	  IFRS	  •  FASB	  &	  PCC	  •  AICPA	  &	  FRF	  –	  SME	  ...
Convergence and IFRS2013 FUTURE2014Leasesre-exposureRevenuerecognitionstandardFinancialinstrumentsIFRS?Principles-basedSEC...
#MainStFinancials	  6/12/13	   T	  
Happy	  40th	  Birthday	  FASB!	  6/12/13	   T	  
#Accoun2ngStandards	  Public	  &	  Private	  Companies	  Private	  Companies-­‐	  Small	  Business	  Public	  &	  Private	...
When	  do	  we	  think	  about	  infrastructure?	  19
•  Accountancy	  bills	  (20	  states)	  -­‐	  51	  •  Auditor	  Rota2on	  (3	  states)	  -­‐	  8	  •  Mobility	  (2	  sta...
21Sarbanes-Oxley Act of 2002
22Dodd-Frank - the bill that keeps on givingCPAs required to register asdebt settlement advisors
23Cascade!
Health	  Care	  is	  major	  issue	  Source:	  Thomson-­‐Reuters	  	  6/12/13	   T	  
And	  opportunity	  6/12/13	   T	  
80401950 1960 1970 1980 1990 2000 20101940100%6020Total U.S. debtas a percentageof GDP2013101.6%1981:32.5%
GASB	  Whitepaper	  6/12/13	   T	   hQp://cpa.tc/2gx	  	  
Accoun&ng	  bodies	  hail	  G20	  emphasis	  on	  public	  sector	  repor&ng	  	  DATA	  Act	  &	  Financial	  Industry	  ...
XBRL	  FASB	  Industry	  Taxonomy	  Project	  •  Develop	  industry	  specific	  taxonomies	  •  BeQer	  suited	  for	  eac...
EducationContinuingcompetencyand qualityFinancialreportingTaxAuditingand assuranceManagementaccountingDeliveryof servicesG...
#SocialAccoun2ng	  6/12/13	   T	  
The Evolutionof a PracticeA Necessary EvilA Viable PracticeA High-Growth PracticeA High-Value PracticeDigitizationVirtuali...
"For Gen Y, training and development is the most highly valued employeebenefit. The number choosing training and developme...
Workforce	  #TalentWar	  T	  
Workforce	  #4Genera2ons	  T	  
Business	  Not	  for	  Profits	  NGOs	  Government	  Different	  Worlds?	  T	  
T	  
#IIRC	  hQp://www.theiirc.org	  T	  <IR> FrameworkConsultation Draft –released April 16
IIRC	  Value	  Crea2on	  Process	  T	  
CGMA	  &	  COSO	  Balancing	  Risk	  &	  Innova2on	  hQp://cpa.tc/2qf	   hQp://www.coso.org	  T	  
Source:	  DeloiQe	  CFO	  Signals™	  survey,	  fourth	  quarter	  2012	  T	  
Business	  Not	  for	  Profits	  NGOs	  Government	  When	  Worlds	  Collide	  T	  
#CFOsSaveTheWorld	  Through collaboration, ourCFO community managesfinancial accountability,compliance, and riskacross HHS ...
T	  You can’t stop the waves but you can learn how to surf.– Jon Kabbat-Zin
#Vision&Strategy	  “If you don’t have a vision foryour firm or yourself, you’lljust get sucked intosomebody else’s vision” ...
6/12/13	   T	  
CGMA	  –	  CIMA	  The	  global	  value-­‐added	  financial	  professional	  	  T
CPAs	  are	  trusted	  advisors	  who,	  combining	  insight	  with	  integrity	  deliver	  value	  by:	  T	  CommunicaHng...
T	  
hQp://cpa.tc/2qh	  	  6/12/13	   T	  theBounce
T	  
#AdaptorDie	  #BendAdop2onCurve	  • Technology	  &	  Caveman	  • L	  >	  C	  • CC	  >	  EC	  • CPA	  as	  Ar2st	  6/12/13	...
Technology	  &	  the	  Caveman	  6/12/13	   T	  
“In	  a	  period	  of	  rapid	  change	  and	  increasing	  complexity,	  the	  winners	  are	  going	  to	  be	  the	  pe...
#CC>EC	  #	  1	  Skill	  is	  CollaboraHon	  #	  2	  Skill	  is	  CommunicaHon	  according	  to	  2012	  IBM	  Global	  CE...
#Ar2st&CPA	  •  Lots	  of	  ways	  to	  mess	  up!	  •  Heat	  is	  needed	  to	  shape	  the	  glass	  •  Long	  setup	  ...
A leader sjob is todefinecontext andprovidehope andinspiration..."
Tom	  Hood,	  CPA.CITP	  CEO	  Maryland	  AssociaHon	  of	  CPAs	  Business	  Learning	  InsHtute	  (443)	  632-­‐2301	  E...
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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 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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Future of CPAs, CFOs and Accounting - COCPA Leadership Council

  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  

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