Piu Keeping Up With Accounting Fall, 2009 Draft

Keeping Up With AccountingProfessional Issues Update2009 Fall Edition
Tom Hood, CPA.CITP
CEO & Executive Director
Business Learning Institute
Maryland Association of CPAs

What is the One Thing for CPAs?

What is the One Thing for CPAs?
CPAs… Making sense of a changing and complex world.

“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

LC
“To keep pace in your industry, let alone excel as a leader, requires your rate of learning to be greater than, or equal to, the rate of change.” -Unknown
We think this means a few things:
Skills based training isn’t enough, extraordinary leaders must be able to rapidly shift perspectives and change their own mindset.
Strategic planning isn’t enough, extraordinary leaders must be strategically thinking, all of the time.
Charisma and creativity aren’t enough; extraordinary leaders need to be ambidextrous thinkers – able to think conceptually and sequentially, in the abstract and in the concrete, and able to move quickly between the two.
Extraordinary leaders cannot do it alone; they must be adept at building and sustaining large social networks of people engaged in the work.

Dealing with Change
Start Here – strong foundation of core values and public perception
Sight – look at the forces outside & inside your organization (and your customers)
Insight – what insights do you see, opportunities? What skills do you have and do you need ?
Create – What is your desired future, your vision?
Communicate – the plan, get approvals
Inspire others to join you

What is your line of sight?
How far can you see?
Look beyond the edges?
What patterns are emerging?
What insights can be gained?
Position
Markets
Timeframe
Company

What do you see?

What’s your vision?

Outcomes for today
Understand the trends and issues facing your Profession and your firm
Learn about the structure of the CPA profession and how you can influence major trends and issues
Gain insights that can help you jump the experience curve as a future leader
Learn about a strategic thinking system to deal with rapid & constant change

Our agenda
Act 1
The one thing all CPAs need to know
Economy
Regulations & Standards
Act 2
Workforce
Technology
Issues facing CPA firms
Issues facing Business Industry Government
Act 3
Image
Dealing with Change
What’s your one thing & Top five

What will the new normal look like?
“It is increasingly clear that the current downturn is fundamentally different from recessions of recent decades. We are experiencing not merely another turn of the business cycle, but a restructuring of the economic order.”
– Ian Davis, McKinsey
Quarterly March, 2009

The Formula that blew up our 401(k)s
Source: Wired magazine 17.03 March, 2009

Guardians cannot keep up with Commerce
“Even the regulators can't keep up. A Senate study in 2002 found that the SEC had managed to fully review just 16 percent of the nearly 15,000 annual reports that companies submitted in the previous fiscal year; the recently disgraced Enron hadn't been reviewed in a decade."

A Month to Remember
Rescue package fails; Dow takes record
plunge
U.S. Bails Out Fannie Mae & Freddie Mac
Dow Jones plunges 504 pts
Dow plunges again; gold sees biggest one-day gain in 10 years
Fed proposes bailout package
Washington Mutual seized
Goldman and Morgan Stanley become bank holding companies
Rescue package goes to Congress; Wachovia for sale
Lehman bankrupt; Merrill Lynch sold
Fed rescues AIG
Common Fund Fails
9/14
9/15
9/18
9/21
9/25
9/29
9/30
10/1
9/7
9/16
9/17
Source: New York Times
18

Emergency Economic Stabilization Act of 2008
Signed into law on October 3, 2008
$700 Billion
TARP (Troubled Assets Relief Program

ARRA – American Recovery & Reinvestment Act of 2009

We need
We got
Source: Dr. Anirhban Basu

The new normal – Wall Street?
1920 - 2008
2008 - ????

How we got here

Now what? I like this approach!
Time to get tough.
Time to get smart.
Time to get going.
Who’s with us?

Regulations & Standards

Madoff’s auditor
Sole Practitioner
Accused of issuing audits of Madoff Securities
Lied on AICPA membership renewal about peer review
David Friehling, CPA faces 105 years in prison
For issuing false audit reports

Satyam + PWC
Ramalinga Raju – CEO created $40 billion in fake billing and cash
PWC auditors missed cash accounts?

Infrastructure
the basic physical and organizational structures needed for the operation of a society or enterprise
The infrastructure for the free market was found to be in disrepair in this latest market crisis and the CPA profession is a critical component

Three Drivers
Fair Market Value (Acctg Standards)
Futures & Derivatives
Investment Advisors & Broker-Dealers

Fair Market Value – FAS 159

What will a modernized financial services regulatory scheme include?

What is under the CPA Profession?

police power of the states to protect their citizens vs commerce clause

Another View
Public Company
Private Company
Int’l Company
Financial
Reporting
Attest Performance
Standards
Code of Conduct
State Oversight & Enforcement of CPA License
CPA
Licensure

Should Congress Set Accounting Standards?

The Real Costs of Changing FMV?
“Confidence, trust, and numbers that investors can believe in are the stuff that make or break the capital markets. When investors question the validity of numbers, they sell and wait, rather than buy and invest.
Yet those charged with building confidence and trust and presenting numbers that can be believed are under sustained attack -- and they are losing.”
- Arthur Levitt, Weakening a Market Watchdog in Washington Post – March 26, 20009

First PCAOB now FAOB?
New 5 member oversight board proposed by Congress – March 6th, 2009

Changes in our Infrastructure
The Infrastructure for the CPA Profession is maintained by your
Professional Associations
AICPA & State CPA societies (MACPA)

US Treasury
MD Comptroller
MD Comptroller
MD Comptroller
CAQ
Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan, CPA

Standards Changes
AS 5 - PCAOB
IFRS – SEC International gets legs
Fair Value Accounting
XBRL – SEC mandatory
Codification Project – FASB
Clarity Project – ASB
Convergence with international
Reliability Project (comps & reviews)
DOL 403 (b) Plans
Internal Control – COSO
Fin 48 effective 2009
Form 990 Changes
Fraud & Forensic SAS 99

Fraud
Madoff scandal has created a major focus on fraud
Extra attention to identifying fraud opportunities during the planning phase of an engagement
Robust SAS 99 work is required
Professional skepticism
Meaningful brainstorming sessions
No “checklist” mentality

“No man’s life, liberty, or happiness are safe when the legislature is in session”
– Mark Twain
Section 7216
Circular 230/Section 6694
Proposed regulation/registration of tax return preparers
SSTS exposure draft
Tax strategy patents legislation
Latest developments on e- filing
Extended due dates for returns
Proposed Consumer Financial Protection Agency legislation
Cell phone developments
Trust fee deductibility
Estate tax developments
FTC red flags

Maryland Tax Preparer LawThreats to your CPA License
Well intentioned consumer group
Solving a problem – low income tax frauds
But…creating problems for CPAS
Licensed / Certified Tax Preparers would be confusing to the public
Tax Preparer Exam using ACAT designation (ATA, ATP) opens door for second tier license
Misinformation / confusion

Licensed / Certified
Tax Preparer?

Maryland Individual Tax Preparers Act
Requires registration and examination of all tax preparers
Registered Tax Preparers (cannot use terms licensed or certified)
CPAs and staff are exempt (along with other Circ 230 Practitioners)
Out-of-state CPAs exempt
Independent Regulatory Exam required
Safe Harbor disclosure required
“I am not a CPA”
MACPA seat on State Board

CPA Mobility Legislative Activity 2009
45 States in 2 years!
WA
VT
ME
MT
ND
MN
OR
NH
ID
WI
SD
MA
NY
WY
MI
RI
CT
IA
PA
NE
NV
NJ
UT
OH
DE
IN
IL
WV
CO
CA
VA
MD
KS
MO
KY
DC
NC
AZ
TN
OK
AR
SC
NM
MS
AL
GA
AK
TX
LA
PR
HI
FL
GU
V
2009 -2010 Anticipated Legislative
Activity
Mobility Enacted - 45
Legislation Introduced - 1
No Formal Activity
Mobility Enacted Only for Other
Mobility States -2 (GA PA)
AICPA March 2009

Leg / Reg Changes you need to know!
New Mobility Law
Maryland Individual Tax Preparer Act
New Corporate Reporting Requirements
Peer Review Requirement – October 1st
New CPA Exam Requirements
New CPE regulations
Mandatory e-file
New Non-Profit Audit Requirements > $500,000
CPA Day in Annapolis
January 20, 2010

Mandated Electronic Filing of Personal Income Tax Returns (SB 96 / HB 810)
2009 Returns – if the preparer files more than 300 returns
Comptroller may grant hardship exemption
Penalties for noncompliance - $50 each return, $500 max
Taxpayer may opt out

Improving Your Infrastructure The CPA License
The AICPA & your State CPA Society

CPE
New approved fields of study
CPE = CPE
Changes in rules for accounting educators
Effective May 18, 2009

52
History of CPA Legislation
Interstate Practice &
Uniform Accountancy Act
1993 MACPA passes
MD LLC & LLP Acts
Rise of special interests
& non-CPAs
MACPA stops several attempts to amend 1924 law
Non-CPAs begin attempts at 2nd Tier license
MACPA tries to pass CPE Bill in 1974 & 1975
KEY
In the
Beginning...
Sarbanes-Oxley
Act of 2002
Rights & Recognition
Privilege of Self-Regulation
Right to Sole Control over an Area of Practice
Max Teichman, Frank Blacklock & William Rogers
GOALS/
RESULTS
AG opinion of 1981
Grants rights to non-CPAs for Reviews & Comps.
SB 560 Defeated
Maryland Corporate Accountability Act
MACPA requests reversal of AG Opinion – “This is not an audit” language added
HB 1296 Mobility Passes
• CPA Bill signed April 10, 1900
• MD is 3rd state (NY & PA)
MACPA wins use of “consultants” in firm letterhead at State Board
PROJECTS/
STRATEGIES
Maryland Special Session
Oct – Nov 07
State Board of Accountancy formed
Accounting Reform task Force addresses SOX
Maryland becomes the 1st state to restrict practice for CPAs
MACPA defeats Sales Tax on Services
KEY EVENTS
HB 1261 re-writes
CPA Law - 1986
State Board Hearing
May 1, 2003
Amends Corporate Tax Reporting Bill from special session
UAA MACPA passes
non-CPA Ownership
MACPA amendments to ed requirements fail
PEOPLE
MACPA Forms Task Force and surveys members
88% Sub Equivalency
76% Peer Review & Safe Harbor
68% Non-CPA Ownership
New simpler CPA exam Education Rules
State Board
passes qualify Peer Review for CPE credit
Terry Hancock
chairs Legislative Committee
Larry Kamanitz chairs Legislative Committee
PRODUCTS/
SERVICES/
SITES
Dawson Grove chairs Legislative Committee
Allen Deleon chairs Legislative Committee
Gov. John Smith signs CPA Bill
April 10, 1900
Quality Review Legislation fails
MACPA first attempt
to rights to audit
MACPA Passes Mandatory CPE Bill
150 Hours Ed Requirement passes
Effective date is January 1, 1999
MACPA Founded 1901
LEARNING
MACPA passes 1924 Law
UAA MACPA passes 1 yr
Experience Requirement
HB 1223 Mandatory Peer Review
Computerized CPA exam
Separate Fund Bill passed
Dateline
1900
1987
1974
1976
1901
1922
1924
1981
2005
1993
2006
2003
2007
2008
2001
1999

Sales Tax

120 – 150 Hour Proposal
120 hours to sit for CPA Exam
150 hours required for licensure
Five – Six years to complete
CPE required to stay current

The CPA Agenda
Stop MSA repealing Peer Review
Stop Sales Taxes on CPA services
Stop efforts to liberalize tort laws (lawsuit abuse)
State Board 120/150 legislation?
Oppose Combined Reporting?
CPA Day in Annapolis
January 20, 2010

IFRS – International Financial Reporting Standards
Not if but when…
Goodbye GAAP?
Think about this – If SEC timeline is 2014 – what year do you have to convert to show three years of comparable f/s?

SEC Roadmap released

Corporate Conversion Timeline

Convergence ≠ Sameness
US GAAP
Rules based
Based on a GAAP hierarchy (level A – D)
Primary accounting standard setting body is the FASB
Accounting guidance and interpretation is provided by FASB, SEC, AICPA and EITF
IFRS
Principles based
No hierarchy, consists of IASs, IFRSs & interpretations
Standards and interpretations approved by the IASB
Interpretations of IFRIC and its predecessor the SIC
25,000 pages vs 2,000 pages

IASB/FASB Convergence
Hope to complete convergence by 2011
Outstanding Issues:
Revenue recognition
Financial statement presentation
Leases
Financial instruments
Liabilities and equity distinctions
Consolidations
Derecognition
Post-employment benefits
60

IFRS Readiness Survey: March 2009
Organizations have made little progress toward preparing for adoption of IFRS
Currently most members do not believe the benefits of IFRS outweigh the costs
Members working for foreign-owned companies are the exception
Members favor a delay in the currently proposed SEC timeline
Again, members working for foreign-owned companies are the exception
61

Internationalizing the CPA Exam
Expanding locations for U.S. CPA Exam outside of U.S.
Application, security & licensure emphasis will model U.S. requirements
Next Steps
NASBA consensus
Parallel implementation planning
Contract/Plan approval targeted for August
Launch targeted for mid-2010
62

Are you ready for International?
According to a UPS study, “Roughly 33% of U.S. small businesses participate in cross-border trade“
“Almost half of small businesses will be involved in global trade by 2018 “
- Intuit’s Future of Small Business Report
“Nearly one-third of you (CPA firms < 10) have clients doing business on an international level”
Greg LaFollette
CPA Technology Advisor

Potential Versions of Private Company IFRS

Workforce / Pipeline

Pipeline - Good News
20% avg increase in
Graduates & enrollments!

Four Generations in the Workplace
Issue: Generational Differences
Matures 64 - 100
Boomers 45 - 63
Gen X 29 - 44
Millennials 10 - 28
Which one are you?

Staff Shortage + Four Generations in workplace = Trouble!
Staff
Shortage

'The bottom line is this: if you understand the Net Generation, you will understand the future.' And as my son often reminds me, the future is now." The New York Times, Book Review, Sunday, December 21, 2008

A Vision of Students Today

8 Norms of the Net Gen
Freedom of Choice
Customization
Scrutiny
Integrity
Collaboration
Entertainment
Innovation
Speed

Deloitte’s Global Workforce Advice
• Long-term career development and multiple experiences within a single organization
• Sense of purpose and meaning in work
• Availability and access to mentors across the company. (The focus should not only be on making senior staff mentor younger associates, but also ensuring that people connect and share experiences across all levels of the organization, and across relevant departments and areas of expertise.)
• Work-life flexibility
• Tech-savvy work environment (for example, access to online problem-solving and learning tools)
• Open social networks that embrace open and honest communication
Source Deloitte Global Manufacturing survey

Biggest Issue Facing NYPNs
Bridging the Gap between college & real world
Under-Developed Skill Sets
Leadership & Communication
Time Management & Organization
Conflict Management
Supervisory Skills
Work-Life Balance
Limited Networking Opportunities
Intimidation
CPA Exam
Lack of a Voice in Profession

Overcoming Downturn-Related Talent Challenges
Reassessing business objectives in light of changing market conditions
Implementing changes to existing organization models --- and then finding people with the right knowledge & skills
Recalibrating headcount while focusing on the pivotal talent needed to achieve business objectives
Understanding how the external talent market has & will continue to change
75

Are You Asking The Right Questions About Your Talent?
Have we aligned our talent priorities to our business objectives?
Have we validated our talent priorities?
Do we have consensus on the 5 most pivotal positions in each critical area of the business?
Do we have an accurate perspective about the competence of our current workforce when measured against business objectives?
76

Are You Asking The Right Questions About Your Talent?
How much do we really know about the fast-changing external talent marketplace?
Are our talent requirements tailored to the values & expectations of our pivotal talent?
Do we know what return we’re getting on our investment in talent?
77

Motivating Your Staff in a Recession

Technology

Information Security Management
Privacy Management
Secure Data File Storage, Transmission and Exchange
Business Process Improvement / Work Flow
Mobile & Remote Computing
Training & Competency
Identity & Access Management
Improved Application & Integration
Document, Forms, Content & Knowledge Management
Electronic Data Retention Strategy

Transparency Now! – A Wired Manifesto
www.xbrl.org

Technology & Web 2.0
By 2010, Millenials/Gen Y-erswill outnumber Baby Boomers.

Social Media

Name three “change the world” events where social media made a difference?

The New Math
Social Networking (Old)
Social Media (New)
A change in the way we build relationships
+
=
Source: Matt Goddard, CEO R2integrated

Old School vs. New School
Chamber of Commerce
Class Reunions
Friends and Family
E-mail
Industry Meetings
Newsletters

This is a Social Network

and the Network Effect…
Metcalf’s Law
"states that the economic value of a network increases like the square of the number of its nodes, or the law of increasing returns. Usually, when people share a piece of equipment, the return diminishes. When more people are engaged in the network, more value is returned to the user."

It’s all about your Whuffie
Whuffie is the culmination of your reputation, influence, bridging and bonding capital, current and potential access to ideas, talent and resources, saved-up favors, and accomplishments.
- Tara Hunt “The Whuffie Factor”

Five Learning Trends for 2009
Mobile Learning
DIY - Do-it-Yourself Learning
Flexible Learning Environments
Virtual Worlds
Games & Simulation
Chief Learning Officer Magazine – January 2009

FASB is there!

Accounting Educators in Second Life
Dr. Mike Kraten
Suffolk University
Dr. Robert Bloomfield
Cornell University
Dr. Steve Hornik
University of Central Florida

Tools
Social Networking
Blogs / Wikis
Microblogs
Video & Content Sharing
Second Life

More ways to CONNECT with MACPA
Linked-In – MACPA Group
Facebook – NYPN Group
MACPA on Twitter
Tom on Twitter
Bill on Twitter
Youtube videos from MACPA
Slideshare
Visit us in Second Life

Issues Facing CPA firms

Say what?
“An increase of larger firms will result from an increase in mergers. Accounting firms will look more like law firms in terms of size.” -Marc Rosenberg
“There will be more large firms.” – Marc Rosenberg
“Mergers and acquisitions will increase.” – Jeff Pawlow, The Growth Partnership
IPA Consultant Predictions – Jan, 2006
47,000 to 40,000

PCPS/TSCPA MAP Survey 2009Top Five Issues Facing Firms 21+
Client Retention
Partner Accountability
Succession Planning
Marketing / Practice Growth
Retaining Qualified Staff

Provided by the Business Learning Institute ©
PCPS/TSCPA MAP Survey 2008Top Five Issues Facing Firms

2009 Top Issues – 21+ Professionals

Top 20 Reasons to Stay with a Firm
4 out of top 5
13 out of 20
Have nothing to do with $$$ and
everything to do with culture!

To put it another way – firms are under investing significantly in the things that really make a difference.

Characteristics of Over-Achieving Firms
Outstanding Vision,
Leadership / Management
Common Focus / Culture
Specialized
Sustainable
Performance Discipline
High Leverage of
Highly trained staff

7 Keys to Success in CPA Firm Management
Leadership
Technology
Learning Organization
Marketing & Business Development
A great Place to Work
Client Service & Satisfaction
Strategy Execution
105
Source: Rick Telberg – Bay Street Group

CPAs in Business, Industry, Government & NFP

The Year of the CFO
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.
Source: The Economist Magazine The World in 2009 Nov, 2008

CFO WorriesCFO Magazine/Duke Global Business Outlook Survey – December 2008
Consumer demand
Credit markets & interest rates
Housing market fallout
New administration & Congress
Financial regulation
Volatility of the dollar
Cost of nonfuel commodities
Cost of fuel
Foreign competition
Environmental regulation
Top Concerns
About the
Macro Economy

CFO WorriesCFO Magazine/Duke Global Business Outlook Survey – December 2008
Ability to forecast results
Maintaining morale/productivity during the downturn
Balance sheet weakness
Cost of health care
Attracting & retaining qualified employees
Supply-chain risk
Managing IT systems
Pension obligations
Protection of intellectual property
Data security
Top Concerns
About
Their Own
Companies

A Hard Job in Hard Times
“Doing more with less has been the mantra of the last half-dozen years.”
VP of Finance
“Quite simply, we are being required to do more with less resources.”
Director of Tax

Getting the Most from Finance Talent
84% say keeping their staff engaged & motivated will be important
80% say managing staff workload & managing their own workload will be important
31% expect to spend less time on finance & staffing development – an activity critical for building a strong & value-added finance function
Influenced by those expecting to move within 2 years
75% or respondents said the financial crisis & economic turmoil have changed their on-the-job responsibilities
111

Which of the following external factors have had the greatest impact on your company’s function within the past year?
Percentage of respondents
Note: Percentages may not total 100%, due to rounding.
Note: Respondents were asked to select their top three choices.

Compared with the previous year, which activities do you expect your finance staff to devote more time to over the next 12 months? Which activities will your staff spend less time on?

What do you expect you will have to do within the next 5 years
to pursue your career goals?

What challenges do you expect will impact your career
the most over the next 12 months?

IFRS Opportunity? – Meet Joe Box, CPA - CFO of Joe Money Machinery
“Well, the IASB is coming out with a simplified version for private companies. With IFRS, you mark-to-market more assets. We're a 72-year-old company that has real estate on our books at historical cost, so there could be a big benefit in IFRS based on the substantially higher fair market value for that property. Any private-company CFO should be knowledgeable about it, to determine whether to consider adoption.”
“But even more importantly, it has been my objective that our key bankers consider me knowledgeable in the issues important to their commercial portfolio. XBRL is another one.”

CFO Opportunities
Business process efficiency – LEAN
Cash flow & Financing
Risk Management
Budget Scenarios
Young Professionals – reverse mentoring
IFRS & XBRL
Sustainability Reporting

Image of the CPA

The future success of the CPA profession relies a great deal upon public perception of CPAs' abilities & roles
- CPA Vision Project

Image is better than pre-Enron highs

Attitudes toward CPA Credential
More confident in a job done by a CPA than if it were done by an accountant not a CPA.
Accountants certified by non-U.S. organizations, such as the Association of Chartered Certified Accountants (ACCA), are just as qualified as CPAs.
CPA requires more rigorous training and testing than any other financial credential.
121

Concern About Accounting Fraud Has Decreased
What do you think is the biggest problem
facing corporate America today?
Top 3 issues among BDMs and investors:
Global competitiveness
Cost of healthcare benefits
Economic growth
122

Physicians
Certified Public Accountants (CPAs)
Financialplanners
Taxadvisors
Attorneys
Chief Executive Officers (CEOs)
Chief Financial Officers (CFOs)
Commercial bankers
Accountants who are not CPAs
Insurance agents
Investment bankers
Auditors
Management consultants
Stock brokers
Mortgage brokers
Hedge fund managers
Overall Evaluation of Professionals Among Investors
123

...And Business Decision Makers
physicians
Certified Public Accountants (CPAs)
Chief Executive Officers (CEOs)
Chief Financial Officers (CFOs)
Tax advisors
Financial planners
Attorneys
Accountants who are not CPAs
Auditors
Commercial bankers
Investment bankers
Management consultants
Insurance agents
Stock brokers
Mortgage brokers
Hedge fund managers
124

BDM & Investor Data ConfirmQualitative Findings
CPA Attribute Ratings
125

...As Do CPA & Young Professional Data
CPA Attribute Ratings
126

+
Importance of attribute when evaluating business professional
-
How well attribute describes CPAs
+
−
CPAs Strongest on The Two Most Important Attributes
High Importance/
Low Descriptiveness
High Importance/
High Descriptiveness
Low Importance/
Low Descriptiveness
Low Importance/
High Descriptiveness
127

Investor Satisfaction with CPAs Is High
Satisfaction with CPA(s)
94%
128

CPAs Closely Associated with Core Values
“CPAs are the guardians of financial truth.” – Senior SEC Official
“CPAs are not trying to finesse the numbers, they are interested in painting the most accurate picture they can with the information they have.” – Institutional Investor
“I associate CPAs with a high standard of ethics. There’s a certain love of a kind of order.” – Senior SEC Official
“CPAs are the financial experts needed to put their stamp on the financial statements that allow the capital markets to work.” – Senior IRS Official
129

Perceptions of CPAs Largely Consistent Across All Audiences
Rank

“CPAs ARE the DISCIPLINE in business!”Jim Collins

Dealing with Change
Change is the law of life. Those who look only to the past or present are certain to miss the future." - John F. Kennedy

Q: What is the # 1 Issue facing all CPAs:
A: Keeping up with changing standards & regulations
“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 2006 in 1890, if it is 7x faster it would be like planning for 2006 in 1670.”
-Expert on Education Panel, The Aspen Institute, 2007

Dealing with Change

CPA Competencies Needed
2008 – Deloitte Research
1998 – CPA Vision Project
Change Management (C)
Strategic Ability (S)
Critical Thinking (S)
Business Perspective (C)
Organizational Agility (C)
Dealing with Ambiguity (S)
Communication & Leadership
Strategic & Critical Thinking
Focus on the Customer, Client, and Market
Interpretation of Converging Information
Technologically adept
C – Catalyst
S - Strategist

What do CPA Leaders look like?

CPA Professional 2.0
Learning & staying on the cutting edge
Managing my career
Doing my work
Interacting with peers
Becoming a leader in my field

MAP it! think, plan, act, learn…

CPA
templates to help you with...
24

synthesize information

manage processes

communicate effectively

You cannot stay on the summit forever; you have to come down again. So why bother in the first place?
Just this: What is above knows what is below, but what is below does not know what is above. One climbs, one sees. One descends, one sees no longer, but one has seen. There is an art of conducting oneself in the lower regions by the memory of what one saw higher up. When one can no longer see, one can at least still know.
-Rene' Daumal

Create your future!

Connect – Protect - Achieve
“Association members earn, on average, $10,000 more per year than non-members”
And
“are 19% more likely to say they are “very-satisfied” with their jobs than non-members”
Where the Winners Meet Study by the William E. Smith Institute for Association Research

Tom Hood, CPA.CITP
CEO
Business Learning Institute
(443) 632-2301
E-mail tom@macpa.org

Piu Keeping Up With Accounting Fall, 2009 Draft

by Tom Hood

Accessibility

Categories

Upload Details

Usage Rights

1 Embed 1

Statistics