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MACPA Professional Issues Update - 2013 Student Edition



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  • 1. Tom Hood, CPA, CITP, CGMA Montgomery County Community College October 8, 2013 MACPA Professional Issues Update 2013 Student Edition
  • 2. “People  don’t  buy  what  you  do,   they  buy  why  you  do  what  you  do.”   -­‐  Simon  Sinek  
  • 3. Why MACPA? 3
  • 4. Associations in America were seen as unique from the foreign perspective As soon as several of the inhabitants of the United States have conceived a sentiment or an idea that they want to produce in the world, they seek each other out; and when they have found each other, they unite. From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens. – Alexis de Tocqueville Alexis de Tocqueville 1835
  • 5. Where  were  you  on  January  16th?   2014 CPA day – January 15, 2014
  • 6. New  CPA  Swearing-­‐in  Ceremony   November  4,  2013  BWI  Hilton  
  • 7. Maryland played an important role in the formation of the CPA Profession in the US •  Edward Cockey •  First President of AICPA •  Henry Harney •  concept of CPA •  Max Teichman •  founding member of MACPA Maryland was the third state to enact CPA legislation and first state in 1928 to restrict audits to CPAs
  • 8. The Profession’s Associations The Standard Setters & Regulators •  The American Institute of CPAs (AICPA) –  450,000 + members •  CPA/SEA – State Executives Association •  50+ State CPA Societies •  The Maryland Association of CPAs (MACPA) –  9,000 CPAs + 3,000 students The CPA Profession Associations •  FASB •  GASB •  AICPA •  National Association of State Boards of Accountancy (NASBA) –  54 Licensing jurisdictions
  • 9. A  profession  has  three  major   aOributes   •  A  disPnct  and  evolving  body  of  knowledge   •  A  commitment  to  the  public  interest  –   licensed  by  the  government   •  A  code  of  conduct  and  ethics   State  of  Maryland   CPA  License  
  • 10. How  to  become  a  CerPfied  Public   Accountant?               The  four  E’s  (State  of  Maryland  Example)     1.  EducaPon  –  (150  hours)  Bachelor’s  degree  +  30   credit  hours   2.  ExaminaPon  –  Pass  the  Uniform  CPA  Exam   3.  Ethics  –  Maryland  requires  a  separate  ethics   course  and  examinaPon   4.  Experience  –  1  year  of  experience  working  with  a   CPA   And  CPE  –  -­‐  80  hours  of  ConPnuing  Professional  EducaPon   reported  every  two  (2)  years,  including  four  (4)  hours  of   ethics  training  
  • 11. 13 Business Landscape Main Street Owner begins to delegate “Focus on growth” Bu26 Million U.S. Small Businesses Mid-Market Delegation: departments “System thinking” .6M businesses 24 million employees 3.2 million businesses 26 million employees 22 million businesses 27 million employees Personal Businesses Consumer & Business blur 0-5 Employees
  • 12. The pivot of any business is not whether it can reach consumers, it's the reality of whether consumers, especially connected customers, wish to connect with them now and over time. The definition of creating a desirable brand now takes on an entirely new meaning. To earn the attention and business of the connected consumer, the brand, product, or service must connect with its consumer personally—emotionally and intellectually. From Push to Pull
  • 13. • Change • Complexity • Compliance • Convergence • Competition MANAGING THE SEA CHANGE
  • 14. The Future
  • 15. 30 Future Forums 1,000 CPAs Identified these top trends What CPAs think about the future
  • 16. MANAGING THE SEA CHANGE Be the Captain of your own ship! • Continuous Learning • Competency • Collaboration = Career Success
  • 17. It really is about this...
  • 19. In  1997,  the  CPA  profession  crowd-­‐sourced  its  future  with   over  3,500  CPAs  in  the  CPA  Vision  Project   That  was  re-­‐validated  in  2011  by  8,000+  CPAs   CPAs... Making sense of a changing and complex world. Our core purpose, our reason for being is Here is what they said…
  • 20. The  DNA  of  the  CPA   Values  &  Competencies   •  Leadership   •  CommunicaPon   •  Strategic  Thinking   •  CollaboraPon  &  Synthesis   •  Technologically  Savvy  
  • 21. Our  Vision  Statement  for  the  future  is:   (  mandates  to  ourselves  for  a  successful  future)   •  CommunicaPng  the  total   picture  with  clarity  and   objecPvity,   •  TranslaPng  complex   informaPon  into  criPcal   knowledge,   •  AnPcipaPng  and  creaPng   opportuniPes,  and   •  Designing  pathways  that   transform  vision  into  reality.   CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by:
  • 22. 25 Wisdom from the MACPA Leadership Academy According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators.
  • 23. The CPA Brand The 26
  • 24. CPAs Inspire Confidence Don't know Agree Disagree “I would be more confident in a job done by a CPA than if it were done by an accountant who is not a CPA” “CPAs have a unique perspective that is valuable when making business and financial decisions, even when those decisions are not directly related to accounting” BDMs Agree 67% Don't know 17% Disagree 16% Investors Don't know Agree Disagree BDMs Agree 74% Don't know 11% Disagree 15% Investors
  • 25. 29
  • 26. A CPA Story Click here to read the full story
  • 27. Lessons Learned: What I want you to know Click here to read all the blog posts
  • 28. Rebekah  Brown,  CPA   Customized  Learning  Consultant     Maryland  AssociaGon  of  CPAs   Business  Learning  InsGtute   (443)  632-­‐2320   E-­‐mail   Web  hQp://          hQp://     Blog  hQp://   TwiQer  @RJBrownCPA   LinkedIn  Rebekah  Brown,  CPA    
  • 29. Tomorrow’s CPA The Maryland Association of CPAs’ Student Group —  Benefits – —  Discounts on certain MACPA programs —  Connect with other students and CPAs in the Mentor Center —  MACPA Scholarship —  Brand new Internship/Job Database —  Discounts on many CPA Exam review programs
  • 30. @tomorrowscpa (Join // How to join & get involved
  • 31. 35 A leader s job is to define context and provide hope and inspiration..."
  • 32. Tom  Hood,  CPA.CITP   CEO   Maryland  AssociaGon  of  CPAs   Business  Learning  InsGtute   (443)  632-­‐2301   E-­‐mail   Web  hQp://   Blog  hQp://