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Keeping up with Accounting - Business & Industry edition

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Professional Issues Update / Town Hall update for CPAs in business, Industry, Government/NFP. Semi-annual update to help CPAs stay on top of the rapid changes in business and the CPA profession. ...

Professional Issues Update / Town Hall update for CPAs in business, Industry, Government/NFP. Semi-annual update to help CPAs stay on top of the rapid changes in business and the CPA profession. Offered throughout the year as a member service - these popular programs are a place for CPAs to get current and share their latest issues and ideas to their professional home - the Maryland Association of CPAs.

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  • Press F5 or enter presentation mode to view the pollIf you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone.
  • Press F5 or enter presentation mode to view the pollIf you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone.
  • http://tarpon.tamug.edu/~chrpratt/
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  • Promote robust supervision and regulation of financial firmsEstablish comprehensive regulation of financial marketsProtect consumers and investors form financial abuseProvide the government with the tools it needs to manage financial crisisRaise international regulatory standards & improve international cooperationhttp://www.financialstability.gov/docs/regs/FinalReport_web.pdf
  • Press F5 or enter presentation mode to view the pollIf you like, you can use this slide as a template for your own voting slides. You might use a slide like this if you feel your audience would benefit from the picture showing a text message on a phone.
  • Value Integrators– are more effective in every area assessed, with significant advantagesin managing enterprise risk, measuring and monitoring businessperformance and driving insight from information integrated across theircompanies and governments.Finance
  • As financial skills are valued more highly, CFOs will make it to the corner office in greater numbers than before. Recession, credit crunch and the increasingly complex nature of global companies will all play directly into the bean counter’s hands.

Keeping up with Accounting - Business & Industry edition Keeping up with Accounting - Business & Industry edition Presentation Transcript

  • Welcome to the Spring 2010
    Professional Issues Update – B&I special edition
    “A pioneer in using social media and Web 2.0 technologies in accounting, Hood (and his team at MACPA) has tapped his expertise to roll out one of the most extensive sets of resources in the country for helping CPAs handle the recession.”
    - Bill Carlino, Editor Accounting Today Magazine
    1
  • Health care & your companies
    Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.
  • Is this just another downturn?
    Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.
  • The fact of the matter is, this is not a downturn, this is a …RESET.
    - Steve Ballmer – CEO Microsoft
  • What is the #1 issue facing Maryland CPAs?
  • Answer: Keeping up with the tsunami of changes
    7
  • You need new skills to ride the waves of change
    Photo: Pratt’s surfing page
  • MACPA can help you become a navigator of change!
    Connect – Protect - Achieve
  • Let’s start by connecting you to the AICPA!
  • The Pace of Change is Accelerating Faster
    “As it relates to science and technology, the rate of change in the next decade, is likely to be 4 to7 times faster than in the last decade. If it is 4x faster it would be like planning for 2010 in 1890, if it is 7x faster it would be like planning for 2010 in 1670.”
    -Expert on Education Panel, The Aspen Institute, 2007
  • Economy – What’s your take?
    Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.
  • MACPA can help you become a navigator of change!
    Connect – Protect - Achieve
  • Connect
    To your Profession
    To our community
    To each other
  • Protect
  • Achieve
  • Connect
    Chapters
    Committees
    Conferences
    CPE events
    NYPN
    Educators
    Students
  • Despite a turbulent economy,
    learn how to make your business thrive
    MACPA’s Business & Industry ConferenceMay 14 Turf Valley, Ellicott City
    Topics:
    • Annual Update
    • National & Local Professional Issues Update
    • Enterprise Risk Management
    • The Virtual Workplace
    • Strategic Planning
    • Professional/Career Development
    • Political & Social Changes in the Business Environment
    • Economic Update
  • 2010 Event Schedulewww.macpa.org/events
    April 30 GNFP Conference
    May 14 Business and Industry
    June 7 Employee Benefit Plan Audit
    June 28-29New!Maryland CPE Summit
    June 30- July 3 Annual Holiday Beach Retreat
    Sept 21 Government Contractors
    Sept 27-28 Chesapeake Tax
    Oct 26 Practitioners’
    Nov 1-5 Advanced Tax Institute
    Dec Technology
    Jan 2011 Educator’s Conference
  • Protect
    “No man’s life, liberty, or happiness are safe when the legislature is in session”
    – Mark Twain
    IRS 7216, FTC Red Flags, Sales Tax on Services, Tax Preparer regulations, Wall Street Reform Act, Sarbanes-Oxley Act…
  • police power of the states to protect their citizens vs commerce clause
  • Where do major changes come from?
    Us – MACPA & AICPA
    Them
    OR
  • An example of “us” - The 120/150 Hour CPA Exam Bill (HB 1137)
    Changes the requirements to sit for the CPA exam to allow you to sit for the Exam upon completion of 120 hours (and the requirements of section 1 & 3) and get licensed upon completion of the final 30 credit hours (and the requirements in group 2)
  • An example of “they” - The Consumer Financial Protection Act
    Promote robust supervision and regulation of financial firms
    Establish comprehensive regulation of financial markets
    Protect consumers and investors form financial abuse
    Provide the government with the tools it needs to manage financial crisis
    Raise international regulatory standards & improve international cooperation
    http://www.financialstability.gov/docs/regs/FinalReport_web.pdf
  • Wordle from CPALegislativeinsider.com
    Sales tax on services, gross receipts tax, privacy legislation, tax preparer, consumer debt regulation, combined reporting, accounting legislation at the Federal & State level
  • CPAs swear oath to “protect the public interest”
    Maryland DLLR Swearing-in of new CPAs
    June 28, 2010
    At the MACPA Member Summit
  • Do the math!
    90 Days
    188 legislators
    2,500+ bills
    House = 141
    Senate = 47
    MACPA
    • Legislative Executive Committee
    • PAC
    • State Tax Committee
    • Board of Directors
  • Achieve
  • Five Qualities of Extraordinary Leaders
    Sight - Ability to see emerging patterns and shift perspective when necessary
    Insight - Ability to learn faster than the rate of change in your industry
    Create - Ability to think strategically and critically to gain insights that create new opportunities
    Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work
    Inspire – Ability to mobilize support and engage others to join you in ACTION
    LC
  • It’s not what you look at that matters, it is what you see – Henry David Thoreau
    “The faster you go, the further ahead you have to see.”
  • Insights & Opportunities
    “But a time of turbulence is also one of great opportunity for those who can understand, accept and exploit the new realities. It is above all a time of opportunity for leadership.”
    - Peter Drucker,
    Managing in Turbulent Times
  • Action
    “The best way to predict the future is to create it.”
    - Peter Drucker,
    Managing in Turbulent Times
  • CPA re:Vision –the wisdom of the crowd
    Our core purpose, our reason for being is
    CPAs...
    Making sense of a changing and complex world.
    Here is what they said…
  • What are MACPA members saying?
    What should be MACPA’s #1 priority?
    • Advocacy with regulators & legislators
    • Protecting our CPA license
    • Insuring integrity of the CPA profession
    • Continuing Professional Education
    Insights form the Spring & Fall, 2009 PIU / town hall meetings covering 1,500+ members
  • What are MACPA members saying?
    What phrases, images, topics stuck out for you?
    • Generations
    • IFRS
    • XBRL
    • Social Networking
    • Transparency
    • Change!
  • Top 10 Issues Facing CPAs
    1. Economic Outlook
    2. Tax
    3. Business Operations
    4. Implementation and Execution of Plans
    5. New Business Development
    6. Personal/Professional Development
    7. Management and Leadership
    8. Financial Regulatory Reform
    9. Access to Financing and Credit
    10 New Accounting Standards, IFRS
    Source: CPA Trendlines for AICPA Feb, 2010
  • Economic Recovery and the U.S. Fiscal Outlook
    Health-Care Reform
    Employee Benefits
    Financial Regulatory Reform
    Global Convergence of U.S. GAAP and IFRS
    Financial Instruments
    Financial Statement Regulation
    Revenue Recognition
    Business Taxation
    *XBRL
    37
    Top Ten Issues for FEI
  • Top Ten Issues for MFG
    Regulatory/Legislative (56)
    Private Company Leadership (47)
    Capital Markets Awareness / Recognition (34)
    Rethinking Business Model (25)
    Protect Audit/CPA Franchise (20)
    Risk Management (Audit efficiencies) (20)
    Leadership Development / Succession Planning (19)
    Global / International (Clients / IFRS / Branding) (17)
    Leveraging Technology & Social Media (17)
    MFG Issues specific forums / focus groups (8)
    38
  • Has your job changed?
    Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.
  • Are you a value integrator?Efficiency, insight, integration
    Scorekeeper
    Disciplined operators
    Constrained advisors
    Value Integrators
    http://www.ibm.com/cfostudy
  • # 1 Gap is developing people in Finance
    Source: 2010 IBM Global CFO study
  • How to increase your odds of roaring out of the recession from HBR
    Focus on operational efficiency (smart spending and targeted headcount reduction for efficiency versus across-the-board headcount reductions).
    Investment in developing new markets (leveraging your product / service mix into expanded markets -- geographic, new segments or niches).
    Investments in enlarging the asset base. (In professional services, that is training and development and strategic staffing for new opportunities.) I call this placing careful bets on the future.
    http://www.cpasuccess.com/2010/03/how-to-beat-the-odds-and-roar-out-of-the-recession.html
  • So what does the future look like for CPAs?
  • Top 5 Attributes of CPAs from the public (investors & BDMs)
    Has integrity
    Competent
    Objective
    Able to synthesize information
    Focused on client needs
    44
    The most trusted advisor
  • Accounting is the quickest path to the corner office
    Broader and longer line of sight (future focus)
    Network leadership
    Strong analysis skills (financial and operational)
    Communication skills
    Global perspective
    Top 5 skills of the post-recession leader – CLO Magazine
  • Are you an untouchable?
    A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed.
    He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there.
    But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables.
  • Are you indispensable?
    Imagine an organization with an employee who can accurately see the truth, understand the situation, and understand the potential outcomes of various decisions. And now imagine that this person is also able to make something happen.
    This is our leader, our marketer, our linchpin!
  • 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
    Blog http://www.cpasuccess.com
    Connect – Protect - Achieve
  • MACPA resources
    CPA Success, our daily blogwww.CPASuccess.com
    CPA Spotlight, our weekly podcastwww.macpa.org/podcast
    Other MACPA blogs:
    • www.CPALegislativeInsider.com
    • www.NewCPAs.com
    • CPA Learning 2, a Web 2.0 playground by CPAs for CPAswww.CPALearning2.com
    49
  • Professional Issues UpdateSpring, 2010
    Tom Hood, CPA.CITP
    CEO & Executive Director
    Maryland Association of CPAs
    http://www.MACPA.org
    tom@macpa.org
    Follow me on:
    • Twitter: http://www.Twitter.com/tomhood
    • LinkedIn: http://www.linkedin.com/in/tomhood
    • Facebook: http://www.facebook.com/thoodcpa
    • Plaxo: http://tomhood.myplaxo.com
    • Slideshare: http://www.slideshare.net/thoodcpa
    • Youtube: http://www.youtube.com/thoodcpa
    • Second Life avatar name: Rocky Maddaloni