Professional Issues Update for CPA Communications FOOD Group

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Professional Issues Update by Jim Metzler (AICPA) & Tom Hood (MACPA) to the AICPA / State CPA Society Communications FOOD group. …

Professional Issues Update by Jim Metzler (AICPA) & Tom Hood (MACPA) to the AICPA / State CPA Society Communications FOOD group.

Something is different this time or what got you here won't get you there. Setting the context with the CPA Horizons 2025 Research, Tom & Jim present the latest trends and issues facing the CPA Profession covering things like Integrated Reporting, sustainability, XBRL, social media and their impact of CPAs in firms and in Business Industry, Government & NFPs.

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  • 1. Professional Issues Update Communications FOOD Group AICPA Offices New York, New York February 6, 2012 Presented by: Tom Hood, CPA.CITP.CGMA CEO: Maryland Association of CPAs Business Learning Institute Jim Metzler CPA.CITP AICPA Vice President - Small Firm Interests 1
  • 2. Why we are here? The tornado of changes from CPA Vision Project circa 2000
  • 3. Today’s  le+er   Change Complexity Compliance Convergence Competition
  • 4. From  feeling  “lonely  at  the  top”  
  • 5. To  the  wisdom  of  the  crowd  
  • 6. We  can  choose  to  harness  the   winds  of  change   The tornado of changes from CPA Vision Project circa 2000
  • 7. It  is  really  about  this…   2
  • 8. Today’s  le+er   •  Context   •  CollaboraAon   •  ConAnuous   Learning   •  Competencies  
  • 9. http://www.youtube.com/watch?v=yXoj0D1pROM
  • 10. American Institute of CPAs 11
  • 11. What CPAs have said abut the future: 1.  Changing demographics - Aging workforce, diversity, 4 generations in the workplace 2.  Increased globalization, economic shifts and increasing competition 3.  The technological revolution - cloud, social, big data & XBRL 4.  Issues around Information Security, Privacy & data integrity 5.  Shift to consumer and employee power (from push to pull) 6.  Changes in the way we communicate - mobile, txt, skype 7.  Work-life challenges or conflict - "do more with less", 24/7 work 8.  Information Overload - filter failure 9.  Increasing complexity of rules and standards (IFRS, GAAP, PCAOB, SEC) 10. Economic uncertainty - deficit, debt and pressure on governmenthttp://www.slideshare.net/thoodcpa/top-trends-to-watch-2012-cpa-horizons-2025
  • 12. Technology •  Social Media •  SOC reporting •  XBRL – Data is the new plastics •  SBR – Standardized Business Reporting •  Legislative/Regulatory – DATA Act •  Public Company •  Private Company / NFP •  Cloud - New Tools – New ways of working
  • 13. Top Eight Challenges Facing CFOs1.  Controlling the U.S. deficit2.  Tax reform3.  Health care uncertainty4.  Dodd-Frank Act implementation and revision5.  Employer-provided retirement plans6.  XBRL7.  Convergence of U.S. GAAP and IFRS8.  Private company accounting
  • 14. Opportunities for Financial Executives•  CGMA•  Sustainability – Integrated Reporting•  EBR – Enhanced Business Reporting•  XBRL
  • 15. New  Competencies  from  Horizons  1.  Leadership  2.  CommunicaAon  3.  CriAcal  Thinking  &   Problem  Solving  4.  AnAcipaAng  &  Serving   Needs  5.  IntegraAon  &   CollaboraAon  6.  Synthesizing  Intelligence   to  Insight  
  • 16. A leader’s job is to…Provide hope &inspiration!Tom Hood & Gretchen Pisano
  • 17. Core  Values  •  Integrity  •  Competence  •  Lifelong  learning  •  ObjecAvity  •  Commitment  to   excellence  •  Relevance  in  global   marketplace   19
  • 18. Core  Purpose     CPAs … making sense of a changing and complex world 20
  • 19. Key  Insights   Worldwide Market Profession Permission Lifelong Trusted Learning Attester Technology Your Firm, Your Pride in the Company, YOU ! Profession Value Proposition Demographic Trusted Shifts Marketplace Advisor 21
  • 20. Resources for Firms22
  • 21. Download fromwww.aicpa.org
  • 22. Download fromwww.aicpa.org
  • 23. Resources for State SocietiesThe Accounting Profession 2025 - live presentation •  Directly tailored to CPA firm managing partners/owners and their firms strategic business planning process •  Works best as a one hour or 75 minute keynote/general session •  Presented by Jim Metzler •  Dates are always a challenge, the greater the advance notice the greater the availability •  Contact jmetzler@aicpa.org 25
  • 24. Follow me on:Tom Hood, CPA.CITP.CGMA   Twitter: http://www.Twitter.com/tomhoodCEOMaryland Association of CPAs   LinkedIn: http://www.linkedin.com/in/tomhoodBusiness Learning Institute   Facebook:(443) 632-2301 http://www.facebook.com/thoodcpaE-mail tom@macpa.orgWeb http://www.macpa.org  Plaxo: http://tomhood.myplaxo.comBlogs  Slideshare:http://www.cpasuccess.com http://www.slideshare.net/thoodcpahttp://www.bizlearningblog.com  Youtube: http://www.youtube.com/thoodcpa  Second Life avatar name: Rocky Maddaloni
  • 25. Links •  Strategic Planning –  http://www.bizlearning.net/live/i2astrategicplanning •  Future Forums –  http://www.bizlearning.net/live/i2afutureforums –  Leadership Development –  http://www/bizlearning.net/live/i2aleadership •  Customized Training –  http://www.bizlearning.net/learningcenter/ •  Search our Catalog –  http://www.bizlearning.net/learningcenter/ customizedtraining/BLI_catalog.cfm
  • 26. Questions / Comments ? Thank you ! Tom Hood tom@macpa.org Jim Metzler jmetzler@aicpa.org