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
Unveiling Falcon Invoice Discounting: Leading the Way as India's Premier Bill...
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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 The
Future of CPAs
Prepared for:
2. Tom
 Hood
Â
CEO
 of
 MACPA
 &
 BLI
Â
â˘âŻ Named
 Fourth
 Most
 InďŹuen2al
Â
Person
 by
 Accoun2ng
 Today
Â
â˘âŻ Top
 25
 InďŹuencers
 in
 Learning
 &
 HR
Â
by
 HR
 Examiner
Â
â˘âŻ Top
 25
 Public
 Accoun2ng
 Thought
Â
Leaders
 by
 CPA
 Prac2ce
 Adviser
Â
â˘âŻ Working
 on
Â
 Learning
 Management
Â
with
 AICPA/CPA2Biz,
Â
 Cloud
Â
Curriculum,
 Performance
Â
Management
 /XBRL,
 Leadership
 &
Â
Genera2ons
Â
Tom Hood, CPA, CITP, CGMA
CEO
MACPA
Business Learning Institute (BLI)
hQp://www.linkedin.com/in/tomhood
 6/12/13
 T
Â
4. hQp://macpa.cnf.io
Â
Ask
 and
 answer
Â
ques2ons
 throughout
Â
the
 day
 hereâŚ
Â
Conferences.io
 was
 used
 to
 engage
Â
our
 members
 and
 encourage
 open
Â
Q&A
 and
 feedback
 with
 this
Â
exci2ng
 new
 technology
 we
 will
Â
begin
 incorpora2ng
 into
 strategic
Â
planning
 and
 CPE
 courses
 for
Â
engagement
 and
 collabora2on.
Â
6/12/13
 T
Â
5. Respond to a Poll
Ask a Question
Vote up a Question
hQp://macpa.cnf.io
Â
6/12/13
 T
Â
6. Insights
 to
 Ac2on
Â
Â
âOne
 without
 the
 other
 is
 either
 useless
 or
 destruc2veâ
Â
T
Â
7. Source:
 WTF
 Whatâs
 the
 Future
 of
 Business
 by
 Brian
 Solis
Â
What
 I
 have
 been
 thinking
 about
Â
T
Â
14. Compliance
 -Ââ
 Standards
Â
â˘âŻ Interna2onal
 â
Â
IASB
 &
 IFRS
Â
â˘âŻ FASB
 &
 PCC
Â
â˘âŻ AICPA
 &
 FRF
 â
 SME
Â
â˘âŻ ASB
 â
 Clarity
Â
(12/15)
Â
â˘âŻ GASB
 Pension
Â
â˘âŻ PEEC
Â
â˘âŻ COSO
Â
â˘âŻ IIRC
 hQp://cpa.tc/1us
Â
T
Â
15. Convergence and IFRS
2013 FUTURE2014
Leases
re-exposure
Revenue
recognition
standard
Financial
instruments
IFRS?
Principles-
based
SEC milestone â
IFRS decision
Affects virtually
all businesses
18. #Accoun2ngStandards
Â
Public
 &
Â
Private
Â
Companies
Â
Private
Â
Companies-Ââ
Â
Small
Â
Business
Â
Public
 &
Â
Private
Â
Companies
Â
Â
Private
Â
Companies
Â
Â
Private
Â
Companies-Ââ
Â
Small
Â
Business
Â
Financial
Â
ReporHng
Â
IFRS
Â
(IASB)
Â
Â
IFRS-ÂâSME
Â
(IASB)
Â
Â
GAAP
Â
(FASB)
Â
Â
GAAP-ÂâPCC
Â
(FASB)
Â
Â
FRF-ÂâSME
Â
(AICPA)
Â
Â
AudiHng
 IAASB
 IAASB
 PCAOB
Â
ASB
 (AICPA)
Â
ASB
 (AICPA)
Â
Â
ASB
 (AICPA)
Â
Â
Ethics
 IFAC
 IFAC
 PEEC
Â
(AICPA)
Â
PEEC
Â
(AICPA)
Â
Â
PEEC
Â
(AICPA)
Â
Â
20. â˘âŻ Accountancy
 bills
 (20
 states)
 -Ââ
 51
Â
â˘âŻ Auditor
 Rota2on
 (3
 states)
 -Ââ
 8
Â
â˘âŻ Mobility
 (2
 states)
 -Ââ
 6
Â
â˘âŻ Regula2on
 of
 Tax
 Preparers
 (3
 states)
 -Ââ
Â
5
Â
â˘âŻ Tax
 on
 Accoun2ng
 Services
 (6
 states)
 -Ââ
Â
11
Â
â˘âŻ Peer
 Review
 (4
 states)
 -Ââ
 7
Â
â˘âŻ State
 Board
 Consolida2on
 (6
 states)
 8
Â
State Legislation and Regulatory
28. Accoun&ng
 bodies
 hail
 G20
 emphasis
Â
on
 public
 sector
 repor&ng
Â
Â
DATA
 Act
 &
 Financial
 Industry
 Transparency
Â
Act
 using
 XBRL
 6/12/13
 T
Â
29. XBRL
Â
FASB
 Industry
 Taxonomy
 Project
Â
â˘âŻ Develop
 industry
 speciďŹc
 taxonomies
Â
â˘âŻ BeQer
 suited
 for
 each
 industry
Â
â˘âŻ Industries
 par2cipa2ng
 include:
Â
â˘âŻ Insurance
Â
â˘âŻ Banking
Â
â˘âŻ Brokers
 and
 Dealers
Â
â˘âŻ Real
 Estate
Â
â˘âŻ NFPs
Â
â˘âŻ GASB?
Â
â˘âŻ Form
 990
Â
6/12/13
 T
Â
32. The Evolution
of a Practice
A Necessary Evil
A Viable Practice
A High-Growth Practice
A High-Value Practice
Digitization
Virtualization
Transformation
CLOUD
33. "For Gen Y, training and development is the most highly valued employee
benefit. The number choosing training and development as their first choice of
benefit is THREE times higher than those who chose cash bonuses."
42. Business
Â
Not
 for
 ProďŹts
Â
NGOs
Â
Government
Â
When
 Worlds
 Collide
Â
T
Â
43. #CFOsSaveTheWorld
Â
Through collaboration, our
CFO community manages
ďŹnancial accountability,
compliance, and risk
across HHS by maximizing
resources to drive results.
Â
T
Â
44. T
Â
You canât stop the waves but you can learn how to surf.
â Jon Kabbat-Zin
45. #Vision&Strategy
Â
âIf you donât have a vision for
your ďŹrm or yourself, youâll
just get sucked into
somebody elseâs visionâ
â adapted from Watts Wacker, Futurist
6/12/13
 T
Â
47. CGMA
 â
 CIMA
Â
The
 global
 value-Ââadded
 ďŹnancial
 professional
Â
Â
T
48. CPAs
 are
 trusted
 advisors
 who,
 combining
Â
insight
 with
 integrity
 deliver
 value
 by:
Â
T
Â
CommunicaHng
 the
 total
 picture
 with
 clarity
 and
 objec2vity
Â
TranslaHng
 complex
 informa2on
 into
 cri2cal
 knowledge
Â
AnHcipaHng
 and
 crea2ng
 opportuni2es
Â
Â
Turning
 insights
 into
 acHon
 to
 transform
 vision
 into
 reality
Â
Â
54. âIn
 a
 period
 of
 rapid
 change
 and
 increasing
Â
complexity,
 the
 winners
 are
 going
 to
 be
 the
Â
people
 who
 can
 LEARN
 faster
 than
 the
 rate
 of
Â
CHANGE
 and
 faster
 than
 their
 COMPETITION.â
Â
-Ââ
 Tom
 Hood,
 CPA.CITP.CGMA
 6/12/13
 T
Â
55. #CC>EC
Â
#
 1
 Skill
 is
 CollaboraHon
Â
#
 2
 Skill
 is
 CommunicaHon
Â
according
 to
 2012
 IBM
 Global
Â
CEO
 Study
Â
6/12/13
 T
Â
56. #Ar2st&CPA
Â
â˘âŻ Lots
 of
 ways
 to
 mess
Â
up!
Â
â˘âŻ Heat
 is
 needed
 to
Â
shape
 the
 glass
Â
â˘âŻ Long
 setup
 2me
 for
Â
quick
 ďŹnish
Â
â˘âŻ Try,
 learn
 and
 adjust
Â
Â
 -ÂâTim
 McFadden
Â
6/12/13
 T
Â
57. A leader s
job is to
deďŹne
context and
provide
hope and
inspiration..."
58. Tom
 Hood,
 CPA.CITP
Â
CEO
Â
Maryland
 AssociaHon
 of
 CPAs
Â
Business
 Learning
 InsHtute
Â
(443)
 632-Ââ2301
Â
E-Ââmail
 tom@macpa.org
Â
Web
 hWp://www.macpa.org
Â
Blog
 hWp://www.cpasuccess.com
Â
Blog
 hWp://www.bizlearningblog.com
Â
Â
Â
Follow
 me
 on:
Â
ĂźďźâŻ
 TwiQer:
 hQp://www.TwiQer.com/tomhood
Â
ĂźďźâŻ
 LinkedIn:
 hQp://www.linkedin.com/in/tomhood
Â
ĂźďźâŻ
 Facebook:
 hQp://www.facebook.com/thoodcpa
Â
ĂźďźâŻGoogle
 +:
Â
hQps://plus.google.com/104372556333854919205
Â
ĂźďźâŻSlideshare:
 hQp://www.slideshare.net/thoodcpa
Â
ĂźďźâŻYoutube:
 hQp://www.youtube.com/thoodcpa
Â
ĂźďźâŻSecond
 Life
 avatar
 name:
 Rocky
 Maddaloni
Â
6/12/13
 T
Â