The document provides an update on professional issues from the Spring 2008 edition of the Maryland Association of CPAs newsletter. It discusses the top three trends of globalization, technology (Web 2.0), and workforce issues. It also outlines the top six issues facing businesses as financing/credit crunch, keeping up with technology, workforce shortage, rising healthcare costs, rising energy costs, and rising taxes. The document emphasizes that change is constant and understanding trends will help professionals and organizations succeed in a changing marketplace.
MACPA works to keep it's members "future ready" and to be able to thrive in this rapidly changing and complex world. This update given every six months in interactive "town hall" meetings covers the latest developments in four major areas: 1) Lookout post - the latest trends and issues facing business and the Profession; 2) Laws, regulations and standards; 3) What MACPA is doing about these issues as a membership organization; and 4) How to keep their L>C, rate of learning greater than the rate of change, or to help CPAs find their competitive edge.
The current batches of trends revives around the "shift change".
IPO Bound? New Strategies, New Ideas and Tips for Success RoseRyan
Moving down the track to an IPO is not for the faint of heart. There are myriad requests and complex requirements—and now with the JOBS Act, companies face even more decisions. These slides by legal, audit and accounting experts in Silicon Valley deliver straight-from-the-trenches advice on what it takes to get your IPO right and are drawn from a RoseRyan seminar.
If your company spends money on improving its product, developing new products or improving processes you could be missing out on hundreds of thousands of dollars.
Nine Locations | Four CPE hours FREE for SCACPA Members
Get current on the most significant issues affecting the CPA profession in these interactive, multimedia programs held exclusively for members of the South Carolina Association of CPAs. Providing four hours of FREE CPE, these events will give you up-to-date information, insight and analysis.
Positioning You for Success in A VUCA World - members only Professional Issues Update in an interactive townhall format.
Welcome to the new normal or the "VUCA" world as it has been called. VUCA stands for Volatility, Uncertainty, Complexity, Ambiguity. How can you position yourself for success in this VUCA world. Come hear MACPA CEO Tom Hood talk about how to deal with this VUCA world and how to keep your L>C. Tom will cover the latest trends and issues facing the CPA Profession including private company financial reporting, cloud computing, getting past the generational issues, CPA firm of the future and CFO of the future. Tom will cover the latest developments from Washington to Annapolis. Attendees will come away with a personalized action plan to ride the waves of change.
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This maLynellBull52
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any
further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School
Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.
Assessment 3
Information
Assessment 3 Information
Subject Code: ACCM6000
Subject Name: Capstone-Research Project
Assessment Title: Business Report
Assessment Type:
Length:
Group Written Assignment
2000 words (+/- 10% allowable range)
Weighting: 40%
Total Marks:
Submission:
100 marks
Online through Turnitin
Due Date: Tuesday of Week 13 at 7.55 pm AEST
Task
Your instructor will assign your group one of four airline companies to research and write a 2000-word business
report based upon topics discussed each week throughout the trimester. You are required to obtain the 2021
Annual Report for the company you have been assigned to work on. You must answer all questions in this
Assignment using the 2021 Annual Report and other articles relating to your company. Teamwork will be
conducted in the class and allow you and your group to analyse topics discuss each week and their impact upon
your company. Your weekly contribution will be assessed.
Assessment Description
This assignment is designed to assist you in the thorough investigation of your company, particularly the financial
statements, governance, ethics and sustainability approaches of your company. This assignment requires you to
demonstrate a comprehensive understanding of your organisation through detailed research, including but not
limited to interpretation of financial statement data and other information likely to be included in an annual report
and relevant articles. Importantly, the business report must communicate key findings to accountants and non-
accountants alike.
The assignment includes a focus on the details and complexities of real-world financial statements and the best
submissions will provide insights that the untrained eye may miss.
Learning Objectives:
After completing this Group Assignment, you will be able to:
1) Research information about the selected company (using multiple sources)
2) Interpret key financial details of the financial statements
3) Understand and detail the corporate governance and ethical policies and conduct of the company.
4) Understand and detail the company’s sustainability policies and financial creativity of the company financial
statements.
5) Outline your key findings and recommend improvements for your company in your conclusion.
COMMONWEALTH OF ...
With talent recruitment and retention topping the list of issues facing CPA Firms along with partner alignment and succession planning issues, the stakes have never been higher for CPA Firms in their recruitment and retention strategies. BLI just announced the 'magnetic firm' framework and the 'big four' ways for firms to become talent magnets.
This presentation has the latest scores on the magnetic firm index which is averaging 67% or a D+ across CPA Firms.
The four categories for a magnetic firm are:
1) Purpose driven workplace
2) Culture of growth (Career Development)
3) Inspiring workplace – flexible and inclusive
4) Great leadership – trust & transparent
Visit us at www.blionline.org
Future of Learning - innovative new learning formats for accounting and finan...Tom Hood, CPA,CITP,CGMA
MACPA and the Business Learning Institute release the first nano-learning course for CPAs, accounting and finance professionals that meets the new CPE standards.
NASBA and the AICPA approved the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) effective September 1, 2016. Among the most significant changes to the Standards is the addition of two new instructional delivery methods: nano learning and blended learning.
The Maryland Association of CPAs and its Business Learning Institute believe that Learning is THE only competitive advantage in this rapidly changing world. They have been on the forefront of learning for the past ten years. Since passing nano-learning in 2015 at the Maryland State Board of Public Accounting, they have been integrating new formats of learning to make learning continuous, engaging and ultimately transformative. The Anticipatory Organization: Accounting and Finance Edition is THE First nano-learning program in North America for accounting and finance professionals. Winner of the Accounting Today 2016 Product of the Year in the learning category. This program combines nano learning format (three to four minute single concept videos) with rapid application exercises to accelerate learning of complex competencies in less times than traditional CPE / CPD programs.
MACPA and its Business Learning Institute have pioneered new methods of learning including second life (CPA Island), remote collaboration via the ThinkTank platform, participation engagement via conferences.io and their #MBSN Management by Sticky Notes collaboration process.
Here are five ways we are changing up learning:
Social;
Mobile / nano, or “Just When You Need It” learning;
Cloud: In what we call the four Cs of talent development, the AICPA Navigator allows us to offer Competencies, Career Path, and a Curriculum on a Cloud-based learning platform that allows firms and companies to move their talent development to a strategic and systematic approach;
Collaborative: MBSN (Management By Sticky Notes), Conferences.io, and the ThinkTank Collaboration platform are highly engaging ways of increasing learning through involvement (see our post on LinkedIn);
Competency-based learning: With our Bounce framework (which maps BLI programs to the new CGMA Competency framework) and our new program to develop a special self-directed action learning program to build a competency around anticipation and strategic thinking.
MACPA works to keep it's members "future ready" and to be able to thrive in this rapidly changing and complex world. This update given every six months in interactive "town hall" meetings covers the latest developments in four major areas: 1) Lookout post - the latest trends and issues facing business and the Profession; 2) Laws, regulations and standards; 3) What MACPA is doing about these issues as a membership organization; and 4) How to keep their L>C, rate of learning greater than the rate of change, or to help CPAs find their competitive edge.
The current batches of trends revives around the "shift change".
IPO Bound? New Strategies, New Ideas and Tips for Success RoseRyan
Moving down the track to an IPO is not for the faint of heart. There are myriad requests and complex requirements—and now with the JOBS Act, companies face even more decisions. These slides by legal, audit and accounting experts in Silicon Valley deliver straight-from-the-trenches advice on what it takes to get your IPO right and are drawn from a RoseRyan seminar.
If your company spends money on improving its product, developing new products or improving processes you could be missing out on hundreds of thousands of dollars.
Nine Locations | Four CPE hours FREE for SCACPA Members
Get current on the most significant issues affecting the CPA profession in these interactive, multimedia programs held exclusively for members of the South Carolina Association of CPAs. Providing four hours of FREE CPE, these events will give you up-to-date information, insight and analysis.
Positioning You for Success in A VUCA World - members only Professional Issues Update in an interactive townhall format.
Welcome to the new normal or the "VUCA" world as it has been called. VUCA stands for Volatility, Uncertainty, Complexity, Ambiguity. How can you position yourself for success in this VUCA world. Come hear MACPA CEO Tom Hood talk about how to deal with this VUCA world and how to keep your L>C. Tom will cover the latest trends and issues facing the CPA Profession including private company financial reporting, cloud computing, getting past the generational issues, CPA firm of the future and CFO of the future. Tom will cover the latest developments from Washington to Annapolis. Attendees will come away with a personalized action plan to ride the waves of change.
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 This maLynellBull52
COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969
This material has been reproduced and communicated to you by or on behalf of Kaplan Business School pursuant to Part VB of the Copyright Act 1968 (‘Act’). The material in this communication may be subject to copyright under the Act. Any
further reproduction or communication of this material by you may be the subject of copyright protection under the Act. Kaplan Business School is a part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School
Pty Ltd ABN 86 098 181 947 is a registered higher education provider CRICOS Provider Code 02426B.
Assessment 3
Information
Assessment 3 Information
Subject Code: ACCM6000
Subject Name: Capstone-Research Project
Assessment Title: Business Report
Assessment Type:
Length:
Group Written Assignment
2000 words (+/- 10% allowable range)
Weighting: 40%
Total Marks:
Submission:
100 marks
Online through Turnitin
Due Date: Tuesday of Week 13 at 7.55 pm AEST
Task
Your instructor will assign your group one of four airline companies to research and write a 2000-word business
report based upon topics discussed each week throughout the trimester. You are required to obtain the 2021
Annual Report for the company you have been assigned to work on. You must answer all questions in this
Assignment using the 2021 Annual Report and other articles relating to your company. Teamwork will be
conducted in the class and allow you and your group to analyse topics discuss each week and their impact upon
your company. Your weekly contribution will be assessed.
Assessment Description
This assignment is designed to assist you in the thorough investigation of your company, particularly the financial
statements, governance, ethics and sustainability approaches of your company. This assignment requires you to
demonstrate a comprehensive understanding of your organisation through detailed research, including but not
limited to interpretation of financial statement data and other information likely to be included in an annual report
and relevant articles. Importantly, the business report must communicate key findings to accountants and non-
accountants alike.
The assignment includes a focus on the details and complexities of real-world financial statements and the best
submissions will provide insights that the untrained eye may miss.
Learning Objectives:
After completing this Group Assignment, you will be able to:
1) Research information about the selected company (using multiple sources)
2) Interpret key financial details of the financial statements
3) Understand and detail the corporate governance and ethical policies and conduct of the company.
4) Understand and detail the company’s sustainability policies and financial creativity of the company financial
statements.
5) Outline your key findings and recommend improvements for your company in your conclusion.
COMMONWEALTH OF ...
With talent recruitment and retention topping the list of issues facing CPA Firms along with partner alignment and succession planning issues, the stakes have never been higher for CPA Firms in their recruitment and retention strategies. BLI just announced the 'magnetic firm' framework and the 'big four' ways for firms to become talent magnets.
This presentation has the latest scores on the magnetic firm index which is averaging 67% or a D+ across CPA Firms.
The four categories for a magnetic firm are:
1) Purpose driven workplace
2) Culture of growth (Career Development)
3) Inspiring workplace – flexible and inclusive
4) Great leadership – trust & transparent
Visit us at www.blionline.org
Future of Learning - innovative new learning formats for accounting and finan...Tom Hood, CPA,CITP,CGMA
MACPA and the Business Learning Institute release the first nano-learning course for CPAs, accounting and finance professionals that meets the new CPE standards.
NASBA and the AICPA approved the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) effective September 1, 2016. Among the most significant changes to the Standards is the addition of two new instructional delivery methods: nano learning and blended learning.
The Maryland Association of CPAs and its Business Learning Institute believe that Learning is THE only competitive advantage in this rapidly changing world. They have been on the forefront of learning for the past ten years. Since passing nano-learning in 2015 at the Maryland State Board of Public Accounting, they have been integrating new formats of learning to make learning continuous, engaging and ultimately transformative. The Anticipatory Organization: Accounting and Finance Edition is THE First nano-learning program in North America for accounting and finance professionals. Winner of the Accounting Today 2016 Product of the Year in the learning category. This program combines nano learning format (three to four minute single concept videos) with rapid application exercises to accelerate learning of complex competencies in less times than traditional CPE / CPD programs.
MACPA and its Business Learning Institute have pioneered new methods of learning including second life (CPA Island), remote collaboration via the ThinkTank platform, participation engagement via conferences.io and their #MBSN Management by Sticky Notes collaboration process.
Here are five ways we are changing up learning:
Social;
Mobile / nano, or “Just When You Need It” learning;
Cloud: In what we call the four Cs of talent development, the AICPA Navigator allows us to offer Competencies, Career Path, and a Curriculum on a Cloud-based learning platform that allows firms and companies to move their talent development to a strategic and systematic approach;
Collaborative: MBSN (Management By Sticky Notes), Conferences.io, and the ThinkTank Collaboration platform are highly engaging ways of increasing learning through involvement (see our post on LinkedIn);
Competency-based learning: With our Bounce framework (which maps BLI programs to the new CGMA Competency framework) and our new program to develop a special self-directed action learning program to build a competency around anticipation and strategic thinking.
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...Tom Hood, CPA,CITP,CGMA
This is the first accelerated learning system for accounting and finance professionals featuring nano-learning and rapid application tools. The Business Learning Institute and the Maryland Association of CPAs customized the learning system with a co-creation group working with Daniel Burrus. Accounting Today Magazine recognized this learning system as a 2016 Top Product in Learning.
This presentation covers the experience of firm-wide adoption of the Anticipatory Organization: Accounting and Finance Edition at several major organizations with focus on the first firm to adopt this for their entire firm. Joey Havens, Executive Partner of HORNE, LLP a Top 50 CPA Firm outlines the reasons he made the AOAF learning system a cornerstone of his Growth Mindset and implemented it across his entire workforce of almost 400 people. he also explains why he thinks an "anticipatory skill set is essential for today's accounting and finance professionals.
The Anticipatory Organization™ Model, created and developed by Daniel Burrus of Burrus Research, Inc., has changed how many of the world’s most successful businesses plan their future and accelerate growth. Now, Daniel Burrus is bringing what he calls the greatest missing competency – the ability to anticipate change – to CPAs, CFOs, controllers and management accountants. This model represents a new way of thinking, planning, and acting – a paradigm shift that’s required in a world of accelerating change, competition, and uncertainty.
This innovative learning system will jump start your ability to anticipate and learn critical competencies like strategic thinking, external awareness, vision, continuous learning, innovation, creativity, problem solving, prioritization, business acumen, decisiveness, influencing/persuading, emotional intelligence, consensus building, collaboration, inspiration, risk management, and immediately apply it to your own situation at work.
For more information visit our website http://www.blionline.org/ao
What do next generation leaders say they need to be 'future ready'? This report is from 200+ next generation leaders attending the #AICPA_EDGE Conference in Las Vegas in August, 2016.
Next Gen leaders will be called to lead in a different environment than many leaders of the past. These times of exponential change will require a different skill set. They will be leading in transformational and adaptive times which require new skills and new practices.
This report highlights top challenges, top skills, insights from the session and more.
These polls were integrated during a presentation on "The Future Ready CPA" where we covered the 5 C's - Context, Certainty, Capacity, Competency, and Core Purpose & Values.
We are living in “exponential times” where the size, scale and scope of change is incredible. That means there are incredible opportunities for those who can see through the fog of uncertainty and anticipate what’s next. The biggest opportunity is to harness the wisdom of our older generations with the fresh perspectives of the tech-savvy younger generations. The next generation of leaders is enthusiastically ready to have a seat at the table. The future is not created; the future is co- created. Let’s get to work!
“Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.” - Daniel Hood, Editor-in-Chief of Accounting Today (when recognizing AOAF as a 2016 Top Product in Learning
The competency of “anticipation” actually includes a number of competencies included in many of the top companies of today.
Across these models, you'll see a common theme of “strategic thinking," "innovation" and “leading change."
Many of these organizations build (and validate) fantastic competency models and know what they want people to do.
The top five skills and competencies identified for CPAs, accounting and finance professionals are:
1. Strategic and critical thinking;
2. Communication;
3. Anticipating and serving evolving needs;
4. Inspiring and motivating others;
5. Collaboration and mobilizing consensus
The beauty of the Anticipatory Organization model is that it offers a clear process that makes highly-abstract leadership competencies attainable and trainable. Using nano-leanring in very short 3-4 minute single concept videos (imagine a series of shirt Ted Talks) with rapid application exercises to immediately apply the concepts to the job, and visual job aids to reinforce and remember the learning. Add a team implementation and collaboration guide and you can create a shared language and culture of being anticipatory and proactive.
If an organization wants to make "strategic thinking" or "innovation" a core competency, we can provide clear, trainable activities that can be targeted to a wide range of learners (from individual contributors to senior leadership). We provide the bridge between the competency model and the desired observable behaviors.
For more information visit www.blionline.org/ao or contact Tom Hood tom@blionline.org
Will your firm thrive or just survive? Anticipation - The critical competency...Tom Hood, CPA,CITP,CGMA
Today, the world of professional education, and accordingly the accounting profession, is migrating toward a competencies-based learning approach. But what are the most critical competencies for practitioners and firms to thrive in today’s ever changing, fast paced business environment?
Research from the Business Learning Institute identified the Top 5 Competencies for CPAs, accounting and financial professionals as:
1. Strategic & Critical Thinking
2. Communication
3. Anticipating and serving evolving needs
4. Inspiring and motivating others
5. Collaboration and mobilizing consensus
In addition, research from CPA.COM shows that only 8% of CPAs are future ready. Future Ready is the Is the capacity to be ANTICIPATORY (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.
Together this group of skills and competencies have been researched with a leading global futurist who has put together an innovative learning system, the Anticipatory Organization: Accounting and Finance Edition which is being used to transform firm cultures to build and enhance proactive business advisor skills.
Most of us wish we had the power to predict future trends, and would benefit by learning tactics to do so. Daniel Burrus is one of the world’s leading technology forecasters and innovation experts and the featured keynoter speaker at this year’s DCPA16. He is globally recognized for his exceptional 30+ year record of accurately predicting how technological, social, and business forces converge to create untapped opportunities.
Joey Havens, Executive Partner at Horne, LLP (A top 50 CPA Firm) discusses how he has used the Anticipatory Organization as a foundational learning system throughout his firm. He is requiring his whole firm of 400+ professionals to take this and running collaboration sessions by practice areas to create group learning and a shared language around anticipatory thinking that is being applied inside the firm and outside with clients.
This presentation is from the July 20th, 2016 webcast by CPA.COM. CPA.com President and CEO, Erik Asgeirsson as he discusses the critical Anticipatory competency with Daniel Burrus, HORNE LLP executive partner Joey Havens and the CEO of the Maryland Association of CPAs and the Business Learning Institute, Tom Hood.
For more information http://www.blionline.org/ao
You will learn:
Why anticipation is the critical competency for today's accounting and finance professionals
The difference between hard trends and soft trends
Why it is important to identify trend types
Use cases of how these skills are being used in the profession
How this learning system can be used as a foundational skill set to help CPAs and accounting professionals be more proactive business advisors.
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...Tom Hood, CPA,CITP,CGMA
What is the accounting professionals' role in creating a culture of innovation? How are CPA Firms innovating? Reinventing themselves? Creating magnetic cultures?
Studies are showing a growing expectation for accounting professionals to lead these initiatives. In this session we will discuss tactics to foster innovation in your firms, technology's role and advising clients to do the same through tools you provide.
This session covers the latest research from the Business Learning Institute (BLI) about what it takes to create a magnetic firm culture and scores the latest issues facing CPA firms, top skills needed, and an innovation index.
From a session at the CPAFMA National Practice Management Conference in Baltimore in 2016.
For more information see www.blionline.org
Recent research says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency--how to accurately anticipate the future. The key to success in this fast-changing environment is to learn how to move from being reactive to proactive and flip from crisis manager to an opportunity manager. Tom will show how to explore new value added services and position their practices for success in a rapidly changing world.
Recent research from the AICPA says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency–how to accurately anticipate the future. This session will show how to anticipate these trends and move from being a crisis manager to an opportunity manager. At the end of the session participants will set actionable steps to elevate and accelerate their organization’s strategy.
VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity and describes the fast-arriving future we are living in. This inspirational session will talk about how leadership, culture, and talent management are changing in these exponential times. Participants thru an exercise to leave with a person action plan.
Learning Objective:
Understand emerging trends and issues facing business and CPA Profession.
Learn about how leadership is changing to lead change in rapidly changing times.
Develop an action plan to take back and apply the principles learned.
The #1 reason clients leave their CPAs is that they are receiving service instead of proactive advice. Tom will show how firms are exploring new value added services and position their practices for success in a rapidly changing world. He will discuss the major "shift change" and the trends shaping business today and give participants a framework to provide more proactive services and strategic advice and a plan to get started. But these services require new skills and approaches which is a big opportunity for firm HR and Learning Leaders.
Presentation to AGN International in San Diego #NARM16 for Managing Partners in MAP Track
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...Tom Hood, CPA,CITP,CGMA
The # 1 challenge facing CPAs, Accounting and Finance Professionals is 'not enough time' who creates the equivalent of a gravitational pull of the past when it comes to changing their mindsets and thinking. How will we go from a historical perspective to a more future-focused, from rearview mirror to windshield and from being reactive to proactive?
Our latest research from the Business Learning Institute sows the critical competencies that will make a difference have not changed in the past seven years. What has changed is the gravitational pull has gotten worse as we enter what Josh Bersin calls the age of the 'overwhelmed employee'.
What we need is a new approach to learning these critical competencies. A blended approach that uses nano-learning nuggets (very short 2-3 minute single-concept videos), rapid application templates to apply each concept to the business, and a series of job aids and performance support tools to turn the learning into immediate on the job application. This is our award-winning Anticipatory Organization learning system by Burrus Research. In about one third of the time as traditional CPE, CPAs and accounting and finance professionals can learn the critical competencies of:
Anticipation; Strategic Thinking; External Awareness; Vision; Continuous Learning; Innovation ;Creativity; Problem Solving; Prioritization; Business Acumen; Decisiveness; Influencing/Persuading; Emotional Intelligence; Consensus Building; Collaboration; Inspiration; Risk Management; and Communication.
The Anticipatory Organization can support an entire cultural shift for an organization or team with the added implementation guide and collaboration tools. See more at http://www.blionline.org/ao
Our new MBA Express is another option to create or add a series of critical success skills to your technical training portfolio in on-site, on-line and on-demand learning formats. http://blionline.org/featured/8-hour-mba/
We believe we need new approaches and new tools to break the pull of the past and the inertia from 'overwhelmed employees'. These exciting new learning formats are one step in this direction.
Accounting Today Editor, Daniel Hood said this after selecting the Anticipatory Organization as a Top Product for 2016 in the Learning Category, “Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.”
What does innovation look like in a CPA Firm? How are leading CPA firms creating a culture of innovation?
We are in a fast-paced world where growth/change is exponential not incremental. The CPA profession has been late adopters of change and “anticipation” is a missing skill set for many CPAs. We will soon be living in a world where global competition and automation will be performing basic accounting tasks currently being performed in our firms today. Tom Hood, Executive Director of the MACPA will lead a discussion on where accounting firms
fit into a rapidly changing world. Hood, along with Jim Powers, CEO of Crowe Horwath LLP and Bill Balhoff, Managing Director of Postlethwaite & Netterville will explore how firms can maintain their competitive edge through inNEWvation.
The CPA Vision 2011 is the report from the AICPA from a project to create a comprehensive grassroots vision for the future of the CPA Profession. The first profession to ever create a vision for itself. Using a volunteer team of CPAs and State CPA Society executives aided by a team from the AICPA and led by Jeannie Patton in 1997-1998.
MACPA Spring 2016 Professional Issues Update - Business & Industry EditionTom Hood, CPA,CITP,CGMA
What are the latest trends and issues facing the CPA profession? What is the future of finance and accounting in an age of exponential change? What is the future of the profession and what is the MACPA doing about it?
Tom Hood, the second most influential person in the CPA Profession and CEO of the Maryland Association of CPAs attempts to answer these questions and offer his perspective in this special update for MACPA members only focusing on CPAs in business industry, government and NFP.
Keynote for Beta Alpha Psi Atlantic Coast Regional Meeting
on March 18, 2016 in Towson, Maryland
What are the latest trends and issues facing accounting and business? What are the outlooks for careers in accounting, finance, information systems and business majors?
Tom Hood, CEO of the MACPA and Business Learning Institute covers this and career advice for accounting students in this inspirational keynote.
State of Accounting for Linked-in Influencer Series #MyIndustry
Big Waves of Change, Oceans of Opportunity
These big waves of change are the result of a “perfect storm” of sorts -- the convergence of three “hard trends” of exponential technological innovation, the demographic shift as baby boomers retire, and globalization. Key challenges facing accounting and finance professionals are automation and digital transformation, succession and talent shortages, a “brain drain” as experienced people retire, business model changes, and the increasingly VUCA world (that’s volatility, uncertainty, complexity and ambiguity) in which we find ourselves.
Several recent studies (from WEF, Oxford, McKinsey and MIT) report that accounting, auditing and tax are among the occupations most at risk for complete automation within the next 20 years.
As a result, the accounting and finance profession is rapidly approaching what Andy Grove, retired CEO of Intel Corporation, described as a “strategic inflection point,” -- “a time in the life of a business when its fundamentals are about to change. That change can mean an opportunity to rise to new heights. But it may just as likely signal the beginning of the end.” This is where there are two major pathways: doing business as usual, or embracing and adapting to the new. At the moment these are fairly close together, but they will soon diverge into a growing gap between growth and success, or entropy and decline.
“You can’t stop the waves, but you can learn how to surf.” - Jon Kabat-Zinn
To take advantage of these oceans of opportunity, accounting and finance professionals will need to learn how to ride these big waves or risk being crushed by their frequency and force. The critical thing to know is that what got you here, won’t get you there. Business as usual simply won’t work.
Here are six ways to learn how to ride these big waves of change now and in the future:
1. Embrace digital: Learn how to elevate and accelerate your job using technology and to race with the machines, not against them.
2. Anticipate: Learn the critical competency of anticipation. Only those who constantly try to anticipate change will survive when change happens.
3. Collaborate: The collaboration curve is quickly replacing the experience curve. Who you know is replacing what you know.
4. Learning is the next competitive advantage: As Fast Company editor Robert Safian wrote, “the most important skill is the ability to acquire new skills.”
5. Protect the core: When everything is changing, it is important to know what should not change. Purpose and values for individuals and organizations should serve as that anchor or grounding.
6. Make time for the future. Your time and those of your people will be your number one challenge, and nothing will change if you are overwhelmed and too busy.
The hard trends are forming these big waves of disruption and change. Surf's Up - Are you ready?
What are the Top Competencies (Knowledge, Skills and Abilities) needed by CPAs, Accounting and Finance Professionals today?
The Business Learning Institute shares its latest research and correlates it with other leading global research (Conference Board, AICPA, CGMA, IFAC, CPA Canada, Burrus Research, Bersin by Deloitte). These skills were identified and then surveyed across over 1,000 finance and accounting professionals to identify the top five skills needed today.
In our survey work at the Business Learning Institute (http://www.blionline.org) we found that the top five skills ranked by survey respondents covered 75% or everyone's top five list, providing a great starting point for skills development and targeting in talent development.
1. Strategic and Critical Thinking
2. Communication
3. Anticipating and serving evolving needs
4. Inspiring and motivating others
5. Collaboration and mobilizing consensus
BLI also developed a framework, called The Bounce to describe the career trajectory of today's finance and accounting professional. The Bounce is the natural career trajectory for accounting and finance professionals. It talks about the process of acquiring technical mastery in the early career and beginning to supplement wit the critical skills (competencies) needed for long-term success. BLI has been leading the training and development of accounting and finance with these ‘success skills’ for eighteen years.
The Business Learning Institute (BLI) is the largest talent development and and learning provider to CPAs, accounting and finance professionals in the US. We bring our leading approach to ‘success skills’ and competency-based curriculums to the leading organizations, public companies and CPA firms all over North America.
We tend to think of “innovation” in terms of new technology – gadgets, hardware, new apps, and software. But true innovation more often comes in the form of new business models, workflows, service offerings, and office and staffing patterns. This session will center on those innovations that are significantly impacting our firms and our clients. You never know where innovation might sprout!
This session was produced for the DCPA15 Conference in Las Vegas.
A recent HBR special edition headline said "Got to war for talent", but how. BLI has developed a guidance and a six step process to give you new weapons to win in the war for talent.
Our Magnetic Firm framework outlines the critical elements of a magnetic culture and our six step Talent and Leadership Development framework show you how to develop a winning career and curriculum aligned to your overall firm strategy and objectives.
This presentation was developed and presented for the Digital CPA Conference in December #DCPA15
The Business Learning Institute can help you build your magnetic firm framework and strategic learning plan - contact us at http://www.blionline.org
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. Enduring
• to have or gain continued or lasting
acknowledgment or recognition, as of
worth, merit or greatness
Great Hall, Oxford University
Built 1386
So…
How do we endure and
prosper in the face of
continuous market,
economic, and
environmental change?
4. The Big Three Trends
• Globalization
• Technology – Web 2.0
• Workforce Issues
5. Top 6 Issues facing
business
1. Financing and credit crunch
2. Keeping up with Technology
3. Workforce and People Shortage
4. Rising Health Care Costs
5. Rising Energy Costs
6. Rising Taxes
6. Change is the only constant…
“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
7. So you can see farther…
Understanding these trends
and issues will allow you to
better position yourself and
your organization to
succeed in the rapidly
changing marketplace.
10. Treasury Advisory Committee on the
Auditing Profession
TreasuryTreasury
AdvisoryAdvisory
CommitteeCommittee
focuses onfocuses on
encouraging aencouraging a
sustainablesustainable
auditingauditing
professionprofession
11.
12. GAO Report on Audit Market
Concentration
• Audit market for large public companies
remains highly concentrated, while
smaller public company market has
become significantly less concentrated
• Market concentration doesn’t appear to
have significant negative impact
• Large public company audit
concentration is unlikely to be reduced in
the near term
• No consensus for addressing market
concentration
14. HUD IPA Roster
Proposal
• Would create an Independent Public
Accountant (IPA) roster of auditors
allowed to perform HUD audits
– Firms register with HUD and agree to adhere
to eligibility requirements
– HUD could remove auditors for various
reasons including failing to maintain
compliance with eligibility requirements
– Once removed, a firm would no longer be
allowed to perform HUD audits
• Comments due in early April
16. Tax Strategy Patents
• Comprehensive patent reform bill,
including
ban on tax strategy patents, passed
House
– Led by Boucher (D-VA), Goodlatte (R-VA)
• Baucus (D-MT) and Grassley (R-IA)
introduced companion legislation in
Senate
• The IRS opposes tax strategy patents
18. More Likely Than Not
• Congressmen Crowley (D-NY) and Ramstad
(R-MN) have legislation (H.R. 4318) to
equalize the taxpayer and tax preparer
standards at “substantial authority,” the
current taxpayer standard
• A bill is expected to be introduced in the
Senate shortly
• In Notice 2008-13, the IRS provided interim
guidance
19. Multi State Income Tax
Legislation
• Congressmen Hank Johnson (D-GA) and
Chris Cannon (R-NV) introduced
legislation to create uniform national
standards for state income tax
withholding for employees who work in a
state other than their residence for more
than 60 days per year
• AICPA submitted testimony at a hearing
in the House Judiciary Committee
• AICPA engaged in legislative campaigns
and may be reaching out to state
societies
20. •The current licensing of P.A.s results in a second tier
professional that is not functionally different than a CPA
• The public would benefit from the licensing of a second
tier of accounting professional who has proven ability
through education, examination, ethics and experience,
but is more limited in their scope of practice than a CPA.
• The second tier of licensing would be more meaningful
to the public and give them a true choice in the matter of
choosing a professional.
Tax Preparer Licensing – version 2.0
Oklahoma – HB 1752
21. Tax Preparer Licensing – Risk to
CPAs?
Unlicensed Accountants
Unlicensed accountants are using tax preparer
legislation as step to second-tier accounting license.
Accredited
Business
Accountant
Alert to State CPA Society Executives:
CPA
VS
24. MOBILITY
Score Card for 2008
• 24 States with mobility in place
• 12 States have 2008 Bills introduced
• 36 States have legislation passed or
introduced
• 7 State BOAs have voted to support
mobility
• 43 States in place, introducing Bills, or
voting to support
25. FASB and FAF Changes
• Changes to the oversight, structure, and
operations of the FAF, FASB, and GASB:
– FASB board reduced from 7 to 5
– Provides FASB chair more authority
– Secures stable mandatory funding source for
GASB
– Provides the GASB chair more authority to
set the agenda
• FAF appointments
• AICPA comment letter
26. U.S. GAAP Codification
• Jan. 15—FASB released Codification for
one-year verification period
• Codification
– Organizes thousands of pronouncements into
roughly 90 topics
– Doesn’t change GAAP
– More user-friendly set of standards
• Use the Codification in your daily work
and provide feedback to FASB
• Register at http://asc.fasb.org
28. AICPA Center for Audit
Quality Audit Committee
Survey
5% Fair
17%
Good
53%
Very
Good
25%
Excellent
Q9: Based on your experience as an audit committee member, how would you
rate the overall quality of audits publicly traded companies being conducted
today?
29. Peer Review Facilitated
State Board Access Pilot
• Ohio, Oklahoma, North Carolina, Texas,
Tennessee, and South Dakota piloted the
program
• Assessment of feedback is underway
• Implementation will be phased in over the
next 12 to 18 months
33. IFRS – International
Financial Reporting Standards
Not if but when…
Goodbye GAAP?
Think about this – If SEC timeline is 2013 – what year
do you have to convert to show three years of
comparable f/s?
34.
35. Slide 35
IFRS: The Globalization of Financial Reporting
A simpler set of accounting
principles
About IFRS
IFRS:
• Standards
- IFRS: 8
- IAS: 29
• Interpretations
- IFRIC: 8
- SIC: 11
• Framework
US GAAP:
• Standards:
- SFAS: 106
- APB: 16
- ARB: 4
• Interpretations
- FSP: 49
- EITF: 108
- FIN: 27
• Concepts Statements: 6
• Other
- FTB: 32
- AICPA Interpretations: 6
- SOP: 51,
- AICPA Industry Audit and
Accounting Guides, SABs,
DIGs…
2,000 pages vs 25,000 pages
37. IFRS - Top 10
considerations for
transition preparation?
1. Investigate differences between IFRS and
U.S. GAAP
– Revenue recognition, taxes, hedge accounting
– Establish project teams to address top issues
– Review IASB agenda for critical projects
relevant to you
2. Be prepared with large expense
– Larger EU co. spent .05 % of revenues Year 1
– Upgrade IT systems and applications
38. Top 10 Considerations
continued….
3. Expect more disclosures during transition
– This may close the gap or more subjectivity
4. Identify contracts, grants, agreements,
etc. with requirements to provide U.S.
GAAP F/S
• Garner support from those charged with
governance and stakeholders early in the
process
6. Don’t train and educate too early (but do
so)
39. Top 10 Considerations
continued….
7. Outline governance and risk
management processes that will be used
during the transition
8. Make IFRS the basis for internal
reporting, budgets, etc.
9. Be open and transparent about pros &
cons of switch and
10.Ensure communications are clear and
consistent
43. What stuck out for you?
After the gathering and categorizing of major issues, we asked the group for
their reactions. One insight was that “systems” as an issue has dropped off the
list. The other “ahha” was the issues are very much the same for all levels and
types of organizations.
44. Emerging Issues from AICPA
Tom Foard discussed some of the leading issues he has seen from AICPA Business
& industry Executive Committee and CFO magazine. The group noted that these are
the same globally as well…
45. Source: 2007 Private Company Index Report by Entrex
Private Company Trends per CEOs
Lean
Operations
Workforce
46. Source: 2007 Private Company Index Report by Entrex
Private Company Trends per CEOs
Workforce
50. CFO Competencies
Needed
• 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
53. 53
• Human Capital, Technical Training
(standards) and Succession related
issues top the lists
• Retention moves up by firm size
• Firms with 5 CPAs and under are less
focused on Succession, yet the most
vulnerable
• Firms 21+ are all Human Capital
Issues
PCPS Top MAP Issues
Bottom Line
54. 54
Top 10 Reasons to Join a Firm
0 20 40 60 80 100
Career Growth
PTO
Salary
Respect for Company Mission
Challenging Work
Healthcare
Atmosphere
Management Style
401k
Flexible Work
Top Talent Partner
55. 55
Finding Qualified Staff
• Your unique value proposition
• Incorporating newer team members in
Business Development
• A function of marketing
• Social functions
• Websites
• Team Recruitment Action Plan
56. Top 10 Reasons to Stay
0 20 40 60 80 100
Respect for Mission Statement
Career Growth
Salary
Management Style
Challenging Work
Flexible Work
PTO
Atmosphere
Equity Incentives
Training(tie)
401k(tie)
Top Talent Partner
57. Advancement – Partner Track
Top Talent Partners
Firm Has a Ptr
Track
31% 41%
Firm Does Not 37% 55%
Do Not Know 32% 4%
Who Thought Their Firm Had a Partner Track?
58. Advancement – Partner Level
Top Talent Responses
55%
23%
22% Firm Encourages
Them to Pursue Ptr
Status
Firm Does Not
Encourage
Pursuing Ptr Status
Don't Know if Firm
Encourages
59. Alternate Career Paths
• Many young professionals may not want the
partner track
• Most of the survey respondents agreed that
not pursuing a partner track does not have to
hurt your career
Top Talent Partners
Will not Hinder Young
CPA’s Career
65% 83%
Alternate Career Paths
are Available
50% 76%
60. Identify & Develop New
Partners
• Competency assessment
• Technical knowledge
• Client service development
• People development
• Leadership development
• Business Development
• Succession plan and communication
Don’t Miss the Emerging Partner Program at the MDBIZEXPO!
61. Identify & Develop New
Partners
• Give power and responsibility for all to do their
jobs autonomously
• Chart your firm’s skill sets (see PCPS Human
Capital Center for Firm Needs and Competency
assessment tools)
• Identify future potential
• Understand the difference between a top-notch
manager and a leader
• Mentor promising staff
• Get partners actively involved in mentoring and
client contact
• Include junior staff in decision making
62. Identify & Develop New
Partners
• Set the firm requirements for new
owners
• Provide formal leadership training for
appropriate members
• Set a timetable for new leadership
• Don’t underestimate the amount of time
it can take to groom a new partner
• Choose a managing partner that you see
as “the face of the firm”
• Create a compensation plan
Source: PREPARING FOR TRANSITION: The State of Succession
Planning and How to Handle the Process in Your Firm A White
Paper from the AICPA Private Companies Practice Section
(PCPS)
63. Why do I need a succession
plan?
• Consider these facts:
– In 1993, 47% of AICPA membership was over 40
years of age, in 2006, 74% of AICPA members
was over 40 years of age.
– The 2004 PCPS Succession Survey found that of
the nearly 500 firms surveyed, only 25% had a
documented succession plan in place, yet over
60% of the firms had owners in the 55-62 age
bracket.
– In 2008, PCPS updated the Succession Survey
and found that of the nearly 500 firms surveyed,
35% had a documented succession plan. A
marked improvement over 2004.
64. Why do I need a succession
plan?
• Based on current statistics, there will be more
sellers than buyers in the next 5-10 years.
• Succession is about MAP and client transition,
not multiples.
• Many practitioners feel the next generation is
not ready to lead the firm.
• The next generation is not sure they want to.
• Successful succession planning for a partner
takes about five years of preparation.
• Niche practices will have even greater
struggles.
65. Types of Succession
Strategies
• Position the firm for sale so the
owner(s) can retire.
• Position the firm for merger with an
eventual buyout of the original
owner(s).
• Position the firm for internal transition to
future leaders.
• Practice continuation with other firms.
• Turn out the lights at the end of the day.
66. General Succession Steps
1) Have the difficult conversations
2) Multiple partner firms, bring in a
consultant to facilitate
3) Determine the best succession
strategy, internal or external
4) Build the plan
69. Tom’s Top 5 Workplace Tips
1. Be the right person – versus the right
organization
2. Be specific and don’t assume anything
3. Define roles and career path (in easy
increments and steps)
4. Invest in training – it has high ROI, and is a
retention tool
5. Offer challenging work and reward even small
steps
72. SUPPORTS
CHALLENGES
VALUES
B O L D S T E P S
2. Legislative / PAC
1. Talent Mgmt/Human Capital Development
3. New / Young
Professionals
4. Financial Literacy
5. Regulation
• Competence
• Objectivity & Integrity
• Openness & member Involvement
• Professional Foresight
The MACPA is a progressive,
professional association dedicated
to serving CPAs in the Maryland
region, enabling them to grow,
prosper and remain viable in a
dynamic, rapidly changing
environment.
TechnologyStrategic
Alliances
Government
Relations
IMAGE
Organizational
Structure
Professional
Development
• Protect the Public Interest
• Responsiveness
2008 Priorities
73. Promoting the CPA License!
Filling the pipeline…
1. Student members
2. CPA Candidates
3. New/Young Professionals
4. Leadership Academy
1.
Recruit
Students
2.
Promote
CPA
License
4.
Fast
Track
Career
3.
Build
CPA
Skills
Issues addressed:
•Retention
•Recruitment
•Succession Planning
•Leadership
•Staffing
•Generational Issues
74. Legislative Success!
Pass Mobility
Opposed by DLLR
Opposed by Maryland Society of Accountants
Stop / Amend Maryland Individual Tax Preparer
Act
Amend Corporate reporting requirements
Repeal “Tech Tax” Sales Tax on Computer
Services
Prevent Sales Tax on Accounting & Tax Services
Stop trial lawyers efforts at repealing contributory
fault doctrine
76. 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
77. Legislative Success!
Corporate Income Tax
Reporting
(amendments to SB 2)
Repeal Tech Tax
Prevent Sales Tax on
Services
Stop Comparative Fault
Over 500 Visits, e-mails, calls by our CPA members!
78. MD Rate 11.5%
What would happen if we
weren’t there?
"There's no strong voice of landscaping, computer services and arcade
owners. …that's one of the reasons they got picked.”
- former Senator Barbara Hoffman (commenting on the special
session where they passed the sales tax on computer services)
"An old adage among politicians
is that if you don't holler at tax-
raising time, you'll get hurt." –
Lou Panos
79. Audits of Employee Benefit
Plans
Ian Dingwall, CPA
Chief Accountant
US DOL
• Maryland Plan Assets $127.2 Billion
• Error Rate of 30% over 37 Firms
• Error is failing 1 or more of 10 GAAS
• MACPA Board oversight
• Sessions at EXPO
• DOL workshop
80. So what are we doing
about this?
• DOL Workshop
• SBA Strategic Alliance
• Intuit Partnership Workshops & Resources
• iTunes – Podcasts on breaking issues
• Blogs – CPA Success, New CPAs,
Legislative Insider, CPA Island
• Webcasts on breaking topics
• Learn, Connect, Grow at the
MDBIZEXPO!
81. SBA Strategic Alliance
• Sessions at the EXPO
• Workshops & Resources for CPAs
• Maryland Statistics
– 536,200 small businesses
– 141,700 employer firms
– Employ 53.3% of labor force
– Employing 1.1 million people
82. Intuit –
Future of Small Business Report
• Two sessions at the EXPO
– Future of Small Business
– What CPAs need to know about the future of
small business
• Workshop for CPAs to faciitate strategy
sessions with clients and prospects
86. “Web 2.0 generally refers to a second generation of
services available on the WWW that lets people
collaborate and share information online.” - Wikipedia.com
Shared Pictures =
Shared Knowledge =
Shared Bookmarks =
Shared News =
Shared Videos =
Shared Everything =
Web 2.0 & You
87. Web 2.0 continues to grow
Try this professional networking site
www.CPALEARNING2.com
www.linkedin.com
89. Promoting the CPA License!
Filling the pipeline…
1. Student members
2. CPA Candidates
3. New/Young Professionals
4. Leadership Academy
1.
Recruit
Students
2.
Promote
CPA
License
4.
Fast
Track
Career
3.
Build
CPA
Skills
Issues addressed:
•Retention
•Recruitment
•Succession Planning
•Leadership
•Staffing
•Generational Issues
90. 2. Promote the CPA license
• 150 Hours of Education
• Group I – 27 semester hours in
accounting subjects
– Auditing (3 hours)
– Managerial Accounting (3 hours)
– US Federal Income Tax (3 hours)
– Financial Accounting (9 hours)
– Accounting Electives (9 hours)
Maryland Educational requirement
Uniform & Flexible
91. 2. Promote the CPA license
• Group II - 21 semester hours in business subjects (at least
five of the following subjects:
– Economics
– Statistics
– Corporation or business finance
– Management
– US Business Law
– Marketing
– Business Communication
• Ethics – Business, accounting, philosophy of ethics or a
course that examines a framework for ethical decision
making
Uniform & Flexible
Maryland Educational requirement
92. What are the four parts of the “new” CPA
Exam?
1. Auditing & Attestation
2. Business Environment Concepts
3. Financial Accounting & Reporting
4. Regulation
The “New” CPA exam
update
93. CPA Exam changes
• Paper-based
• 2 x year May &
November
• 5 sections
• Computerized
• Anytime
• 2 months per quarter
• Pass all sections in 18
months (to keep passed
sections)
• 4 sections
• 70% new content!
Then: Now:
update
94. 2. Promote the CPA license
Next date : June 17, 2008
At the Maryland Business & Accounting Expo
Maryland DLLR Swearing-in of new CPAs
95. What you can do to promote the
CPA?
• Understand the “new” CPA Exam
• Encourage MACPA candidate
membership
• Use CPA Exam tracking tool to track
employees progress
• Support the swearing-in ceremony
• Create / reinforce firm/company culture
that celebrates CPAs
96. 3. New / Young Professionals
NYPN All member holiday party
Maryland Zoo (in Baltimore)
TBA
“CPE - Certified Penguin Extravaganza”
97. Protect your license &
Differentiating the CPA
• BBJ Supplement
• Smart CEO
• Articles & PR
• Managing our Brand
98. Achieve! Top CPE in Nation
• Public Seminars, Chapters
& Committees
• In-house Training
• Business Learning Institute
• MACPA1040 Fast Track
“it’s better than Gear-Up!”
• Self-study – AICPA CPE
Express
99. Achieve! Member resources
MACPA’s Trusted Partners
• Provident Banking
• RJP Insurance
• AON
• Purchasing Power of the profession
– Savings of up to 70% off!
100. Maryland Business and
Accounting Expo
• 90+ sessions
• $250 for two days of CPE
• 100+ sponsors and providers
• National Thought Leaders on every topic
101. What is a Profession?
Professions enjoy a high social status, regard
and esteem conferred upon them by society.
This high esteem arises primarily from the
higher social function of their work, which is
regarded as vital to society as a whole and thus
of having a special and valuable nature.
Source: Wikipedia
102. What is a Profession?
All professions involve technical, specialized
and highly skilled work. Training for this work
involves obtaining degrees and professional
qualifications without which entry to the
profession is barred. Training also requires
regular updating of skills.
Maryland CPAs are required to achieve the 4 E’s to qualify for
licensure
1. Education – bachelor’s degree + 30 hours
2. Examination – Pass the Uniform CPA Exam
3. Ethics – Maryland requires a separate ethics exam
4. Experience – 1 year of experience working with a CPA
Thereafter, they are required to complete 80 hours of continuing
education every two years, including four hours of ethics
training.
Source: Wikipedia
104. Conclusion
“Greatness is not an unblemished
record. It's the ability to right yourself,
to go through the 'valley of the shadow
of death' and come out even stronger.
To be built to last, you have to be built
to change. You can't possibly be static
— it is a dynamic world. You have to
change what you do to preserve what
you are.”
Jim Collins – author of Good to Great
Enduring -
105. What STuck out
for you?
Questions & Discussion
Learning Questions
Feedback Form
And a look again at how we look today, with a future glance into ’08 and beyond
*NOTE* Please check with the AiCPA Staff to ensure this is the current information
This is the current status –
10 States have now achieved “no notification” – consistent with the newly revised UAA Section 23 language… As you will see from the map, the ’07 legislative sessions began with 4 states – OH (’61), VA(99), MO (02) and WI (06). Six states have been added to the “gold states” thus far in ’07 and included are 4 additional states that had or still have ongoing legislative activity. Additionally, there are 3 states that have taken first steps in achieving full-no-notification mobility.
Able to give and exchange information within meaningful context and with appropriate delivery and interpersonal skills. Able to influence, inspire, and motivate others to achieve results.
Able to link data, knowledge, and insight together to provide quality advice for strategic decision-making. Able to anticipate and meet the changing needs of clients, employers, customers, and markets better than competitors. Able to interpret and provide a broader context using financial and non-financial information.
Able to utilize and leverage technology in ways that add value to clients, customers and employers.
What concerns are keeping your competitors up at night? Are firms like yours experiencing the same trends that you are? And are there any challenges facing other practices that you have avoided so far but that might be looming down the road?
The 2007 PCPS Top MAP Issues Survey is designed to answer those questions. It takes the pulse of current practice, questioning firms around the country about the problems that are of greatest concern to them. This year, technical complexity and finding and retaining qualified staff were among the top practice management issues facing CPAs in smaller firms. However, by examining the top issues broken down by firm size, it’s possible to glimpse an interesting picture of public practice today.
The PCPS Top MAP Issues Survey gathers information from a broad spectrum of practitioners in firms of various sizes to profile the most critical challenges facing PCPS members. For the first time this year, PCPS is not issuing one overall Top MAP Issues list. That’s because it was determined that averaging the answers from many different types of firms does not necessarily accurately mirror the concerns of each segment. Instead, PCPS is releasing five separate Top MAP Issues lists that reflect the views of CPAs who are sole practitioners and those in firms with two to five professionals, six to ten professionals, 11 to 20 professionals and more than 21 professionals.
To summarize, the MAP Top Issues for 2007 deal with Human Capital issues, Technical training issues in staying up on new regs and standards and succession issues, whether developing a plan or developing new partners to replace the older partners.
One critical concern is that succession didn’t make it on the sole practitioner list and barely made it at number 10 on the 2-5 CPAs. Both categories have the greatest risk since it’s less likely to grow someone from the inside, the number of succession options become limited.
The PCPS Top Talent Study: Gaining a Strategic Advantage in Recruiting and Retention
PCPS conducted a new “Top Talent Study,” in 2006, much like a similar landmark study performed in 2000. In this initiative, CPA firm partners asked their most highly valued nonpartner employees to take a survey that examined, among other things, their hopes for growth opportunities, job benefits and firm culture, and how these elements affected their decisions to join or stay with a firm. For comparison purposes, PCPS also asked partners to offer their opinions on the importance of all the same issues in hiring and retention.
good news for the profession and all that it has to offer young professionals is the fact that 63% of the top talent in this survey said they had no plans to change careers in the next five years, while 29% didn’t know. That means that roughly two-thirds of promising young CPAs expect to stick with accounting, and nearly another one-third can still be influenced to remain in the profession. That’s a good indication that these professionals clearly believe a great future is possible in accounting.
At the same time, partners are much more in tune with their staff than in 2000, when the last Top Talent survey was conducted. Based on the results of that survey, there were great differences between what employees sought and what their firms were offering. In many cases, firms in 2000 also appeared to be investing in programs that were not high on the staff members’ list of priorities. But the gap in understanding, which was so evident in 2000, has narrowed significantly today, the most recent data show.
However, while firm leaders may generally be aware of promising younger staff members’ expectations, other AICPA research raises questions about whether they have taken concrete steps to meet those expectations. For example, in the Top Talent study, 76% of the young CPAs said they were interested in being groomed for a senior position. Another recent PCPS study of firm staffing policies found, however, that 93% of the practices surveyed did not have a leadership development program, 90% did not have a career professional program and 89% did not have a partner-in-training program. Such programs can reassure ambitious staff members about the career opportunities within a firm and clarify firms’ expectations.
Here are the top talents’ top 10 reasons to join a firm:
Career growth opportunities: 80%
Paid personal/vacation time: 79%
Salary: 78%
Respect for company mission statement: 73%
Interesting, challenging projects: 71%
Medical benefits: 70%
Comfortable office atmosphere: 69%
Open door/accessible management style: 68%
Retirement savings plan: 67%
Flexible work schedule: 65%
In comparison, the partners’ top reason was Salary at 93% followed by Heathcare at 83% and Paid Time Off at 79%. The good news for firms is Salary isn’t the top reason for joining a firm. While important and firms need to be within a market range, its not the primary reason. Firms should note that item 7, Management style at 68% for Top Talent, it wasn’t even in the top 20 in the opinion of partners. Firms should develop a Unique Selling Proposition for recruits that address the top 10 according to Top Talent.
The top talent’s top 10 reasons to stay with a firm:
Respect for company mission statement: 93%
Career growth opportunities: 92%
Salary: 89%
Open-door/accessible management style: 89%
Interesting/challenging projects: 88%
Flexible work schedule: 88%
Paid personal/vacation time: 86%
Comfortable office atmosphere: 83%
Equity incentives: 79%
Retirement savings plan: 78% (tied)
Training/professional development opportunities: 78% (tied)
In comparison, the partners top reasons were Salary: 91%,Career growth opportunities: 90%,Respect for company mission statement: 88%. Again partner opinions put salary at the top, while its third on the list for top talent. Again, paying market rate is important, but other factors are equally important in retention. The two areas with the greatest difference between top talent and partners are Management Style and Equity Incentives with each having a 20 point difference between the two groups. Firms may find that differences between top talent and the style of managers may have a greater impact on losing talent. Its important for firms to work with personalities within the practice and try to manage teams to reduce conflict.
As previously noted, career growth was number one on the Top Talent’s list of reasons to join a firm and number two on their list of reasons to stay with a firm.
Top Talent Insight: When it comes to promotion and advancement, there were several apparent disconnects of which partners should be aware:
First, among the top talent, 31% said their firms had a partner track, 37% said their firms did not and 32% weren’t sure. Among the partners, 41% said their firms had one, 55% said they did not and 4% did not know. Partners may have to communicate better about the existence of a career track and how it works in their firm.
Top Talent Questionnaire question – Does your firm have a “partner track” in place?
Third, 55% of the top talent said their firms encouraged them to pursue possible partner status, 23% said they didn’t and 22% didn’t know. Compare that with the partner responses: 81% believe their firms encourage promising people to become partners. Perhaps this message is not being expressed forcefully enough.
Top Talent Questionnaire question – Does management encourage you to pursue possible partner status?
Top Talent Insight: 59% of the young professionals surveyed agreed or strongly agreed that their job stress was high. However, there’s good news for those who don’t want to move up the career ladder and, perhaps, experience more stress. Many of the top talent believe that it’s possible to remain with a firm even if they don’t want to become owners. In one healthy sign, 65% of respondents did not believe it hindered their career if they did not want to become partner. Only 9% thought it did, and 27% weren’t sure. Once again, a communications effort might be in order, since 83% of partners said this decision will not hinder someone’s career. In the same vein, 50% of top talent said there were alternative career paths for those who did not want to be partner, while 33% weren’t sure. Among partners, 76% believed their firms offered alternative career paths.
Firms can and should offer paths other than firm ownership. And clearly, firms should communicate all available options to their employees early before their talent seek the ideal opportunity elsewhere.
Top Talent Questionnaire questions:
– I would consider my job high-stress. (scale of 1-5)
-- If you are not interested in becoming a partner, does that hinder your professional success there?
-- Are there alternatives career paths available at your firm for those who did not aspire to be partner?
Here is some advice for all of us that have anguished over the events of the past year as our Profession has gotten bruised and battered. This is the closing slide we use at our town hall meetings and captures the fellings of this task force.