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Uploaded byTom Hood, CPA,CITP,CGMA
PIU Summer 2012 - Marriott Global Finance
The document discusses the evolving landscape for professionals, with a focus on the challenges that organizations face, particularly relating to complexity and compliance. It highlights the changing mindset of the upcoming generation, their relationship with technology, and the need for adaptability in today’s chaotic business environment. Additionally, it emphasizes the importance of continuous learning, collaboration, and proactive leadership within the CPA profession to regain trust and enhance innovation.
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PIU Summer 2012 - Marriott Global Finance
- 1. Professional Issues Update For BIG (biz-ind-ed-govt-nfp) Professionals By: Tom Hood, CPA, CITP, CGMA Prepared for Marriott International Finance & Accounting Team August 23, 2012
- 2. What’s gone away orbeen invented in your lifetime? 2
- 3. Beloit College’s 2016Mindset List • They have always lived in cyberspace, addicted to a new generation of "electronic narcotics.” • Michael Jackson's family, not the Kennedys, constitutes "American royalty.” • If they miss The Daily Show, they can always get their news on YouTube. • They have never seen an airplane "ticket.” • They can't picture people actually carrying luggage through airports rather than rolling it. • A significant percentage of them will enter college already some hearing loss. 3
- 4. Beloit College’s 2016Mindset List • Having grown up with MP3s and iPods, they never listen to music on the car radio and really have no use for radio at all. • They have had to incessantly remind their parents not to refer to their CDs and DVDs as "tapes.” • History has always had its own channel. • They watch television everywhere but on a television. • They grew up, somehow, without the benefits of Romper Room. • Bill Clinton is a senior statesman of whose presidency they have little knowledge. 4
- 5. What is the#1 reason organizations fail? 5
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- 7. Research from CGMA,Deloitte, PWC, & IBM 7
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- 9. “…an indisputable leadership challenge that ul3mately requires new models, bold ideas and personal courage to ensure that this century improves the human condi3on rather than capping its poten3al.” – World Economic Forum 9
- 10. In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way. Generation Flux is a term that describes all of this - the chaotic business era that we have moved into - as well as the people who are poised to thrive in this environment. - Robert Safian - editor FastCompany
- 11. The Process –i2a: Strategic Thinking - Future Forums
- 12. What CPAs thinkabout the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
- 16. The Letter for todayis C Change Complexity Compliance Convergence Cascade Competition 16
- 17. Complexity the biggestchallenge facing enterprises from here on will be the accelerating complexity and the velocity of a 79% world that is operating as a massively interconnected system. 51% 17
- 18. The CPA Professionand CPE 6,000 pages 17,000 pages 500 Million words
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- 20. Professional Standards Federal Laws State Laws & & Regulations Regulations
- 21. Top Risks facingCFOs Organizations are more likely to achieve Source: Deloitte CFO Signals 2Q 2012 goals when properly communicated risk appetite guides management in setting goals & making decisions 21
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- 23. State Legisla3on CPADay in Annapolis – January 16, 2013
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- 25. CPA Day – Jan 16, 2013 25
- 26. Cascade “a seriesof steps or stages that, once initiated, continues to the final step because each step is triggered by the preceding one, resulting in amplification of the signal, information, or effect at each stage.”
- 27. State Legislation andRegulatory • Accountancy bills (20 states) - 51 • Auditor Rotation (3 states) - 8 • Mobility (2 states) - 6 • Regulation of Tax Preparers (3 states) - 5 • Tax on Accounting Services (6 states) - 11 • Peer Review (4 states) - 7 • State Board Consolidation (6 states) 8
- 28. 28 Tsunami of 1099Kand info returns
- 29. Mary land - 10 99R - 20 08 CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices. 29
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- 31. Public Private Int’l Company Company Company Financial Reporting Auditing Ethics State Boards of Accountancy
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- 33. CPAs required toregister as debt settlement advisors 33 Dodd-Frank - the bill that keeps on giving
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- 37. "For Gen Y,training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses."
- 39. Our new researchbears out that the human dimension – relationships with customers, employees, partners and communities – will be key to getting things moving again and sustaining success over the long run. CGMA & our Business & Industry members
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- 41. The Letter for todayis still C Continuous Learning Collaboration Competencies = Career Success! 41
- 42. 42 Picture: John Drake - Flickr ...where the most important skill is the ability to acquire new skills.
- 43. It really isabout this...
- 45. Top ten skillsneeded Source: IBM 2012 Global CEO Study 45
- 46. CFOs moving upthe value chain! The Wall Street Journal, Feb 27, 2012 The current view pushed by business schools & carried into the executive suite sees CFOs as little more than numbers crunchers who settle the books & look after regulatory compliance The people who have the strongest grasp of a company’s finances need to be part of strategic thinking from the ground up! 46
- 47. The new valuedrivers 47
- 48. New Skills –Existing Talents Source: CGMA Report – New Skills – Existing Talents 48
- 49. CGMA – Fast-trackto Leadership 49
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- 53. Staff Principal/ Decision making Director by specification, Leading and/or task specific work developing new practice areas, strategic alliances & talent Critical Turning Senior Point Senior 1st level supervision The on established Bounce Manager guidelines & Assess & understand standards longer-term variables & accomplishing future goals Manager 1st level of strategic thought & focus on boundary spanning activities Copyright 2012 – Business Learning Institute 53
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- 55. According to theseyoung professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators. 55 Wisdom from the MACPA Leadership Academy Next class: December 4,5,6, 2012
- 56. 1. Ask thenaive question 2. Be the house (measure, odds, risk) 3. A willingness to try anything 4. look around (especially outside) 5. Confidence matters - believe in yourself Paul DePodesta - VP of Player Development for the New York Mets formerly Asst GM of Oakland A’s 56 Adopt a moneyball mindset
- 57. The organizations thatwill become the household names of this century will be renowned for sustained, large-scale, efficient innovation. The key to that capability is neither company loyalty nor free-agent autonomy but, rather, a strong collaborative community. HBR, July-August 2011 57 The collaboration curve replaces the experience curve
- 58. A final wordon collaboration… 58
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- 60. A leader s jobis to provide hope and inspiration..." 60
- 61. Tom Hood, CPA.CITP CEO Maryland Associa8on of CPAs Business Learning Ins8tute (443) 632-‐2301 E-‐mail tom@macpa.org Web hNp://www.macpa.org Blog hNp://www.cpasuccess.com hNp://www,bizlearningblog.com 61
- 62. www.cpasuccess.com www.bizlearningblog.com Follow me on: ü Twitter: http://www.Twitter.com/tomhood ü LinkedIn: http://www.linkedin.com/in/tomhood ü Facebook: http://www.facebook.com/thoodcpa ü Slideshare: http://www.slideshare.net/thoodcpa ü Youtube: http://www.youtube.com/thoodcpa ü Second Life avatar name: Rocky Maddaloni Check our Customized Training Catalog out: http://www.bizlearning.net 62