MACPA 2010 Business & Industry
Conference Professional Issues Update Presented by: Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute “A pioneer in using social media and Web 2.0 technologies in accounting, Hood (and his team at MACPA) has tapped his expertise to roll out one of the most extensive sets of resources in the country for helping CPAs handle the recession.” - Bill Carlino, Editor Accounting Today Magazine
Five Qualities of Extraordinary Leaders
1. Sight - Ability to see emerging patterns and shift perspective when necessary 2. Insight - Ability to learn faster than the rate of change in your industry 3. Create - Ability to think strategically and critically to gain insights that create new opportunities 4. Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work 5. Inspire – Ability to mobilize support and engage others to join you in ACTION
5 Forces of Globalization 1.
Growth of consumers in emerging economies 2. Technologies that empower consumers & communities 3. Increase in labor productivity in developed markets 4. Shift of economic activity between and within regions 5. Increasingly global markets for labor & talent
Here are five major benefits that The Economist report says that social media has created: 1. Trusted online
venues where real people can meet up using their real identities. 2. New ways for firms and organizations to reach their customers and those who influence them. 3. Reduced friction in labor markets by allowing employers and prospective employees to find each other and connect. 4. Faster information flow and communication inside companies and organizations. 5. A "free and immensely powerful set of communication and collaboration tools to everyone on Earth who has access to a broadband internet connection."
Top 10 Opportunities for CPAs
1. Valuation 6. Green / sustainability 2. Forensics and fraud 7. XBRL 3. Governmental – 8. Tax planning State/local/NFP 9. Enterprise Risk 4. International Management (IFRS and tax) 10. Renewable energy 5. Health care
You will learn to become
a navigator of change using BLI's I2A - Insight to Action strategic thinking system Sight Insight Create Communicate Inspire!
An example of “us” -
The 120/150 Hour CPA Exam Bill (HB 1137) Changes the requirements to sit for the CPA exam to allow you to sit for the Exam upon completion of 120 hours (and the requirements of section 1 & 3) and get licensed upon completion of the final 30 credit hours (and the requirements in group 2)
Recent Leg / Reg Changes
you need to know! New Mobility Law Maryland Individual Tax Preparer Act New Corporate Reporting Requirements Peer Review Requirement – October 1st New CPA Exam Requirements New CPE regulations Mandatory e-file New Non-Profit Audit Requirements > $500,000 MD Independent Contractor Legislation CPA Day in Annapolis January 19, 2011
MACPA 2011 Agenda • Pass
120/150 legislation • Stop Sales Tax on Accounting Services • Exempt CPAs from Debt Counseling Bill • Stop Trial Lawyers attempts at Tort Liberalization – Comparative Fault
Standards Changes • AS 5
- PCAOB • IFRS – SEC International gets legs (again) • Fair Value Accounting • XBRL – SEC mandatory • Codification Project – FASB • Clarity Project – ASB – Convergence with international • Reliability Project (comps & reviews) • DOL 403 (b) Plans • Internal Control – COSO • Fin 48 effective 2009 • Form 990 Changes • Fraud & Forensic SAS 99 • FASB – IASB Convergence Project
SEC Roadmap released Early adopters
Large can file using Accelerated IFRS Filers Small-caps 2010 2014 2016 2011 2015 Official SEC Accelerated decision filers – point second wave
Top 5 Competencies needed to
ride the waves of change • Communication & Leadership • Strategic & Critical Thinking • Focus on the Customer, Client, and Market • Interpretation of Converging Information • Technologically adept
How to increase your odds
of roaring out of the recession from HBR 1. Focus on operational efficiency (smart spending and targeted headcount reduction for efficiency versus across- the-board headcount reductions). 2. Investment in developing new markets (leveraging your product / service mix into expanded markets -- geographic, new segments or niches). 3. Investments in enlarging the asset base. (In professional services, that is training and development and strategic staffing for new opportunities.) I call this placing careful bets on the future. http://www.cpasuccess.com/2010/03/how-to-beat-the-odds-and-roar-out-of-the-recession.html
Are you indispensable? Imagine an
organization with an employee who can accurately see the truth, understand the situation, and understand the potential outcomes of various decisions. And now imagine that this person is also able to make something happen. This is our leader, our marketer, our linchpin!
Professional Issues Update Spring, 2010 Tom Hood, CPA.CITP CEO & Executive Director
Maryland Association of CPAs http://www.MACPA.org firstname.lastname@example.org • Follow me on: Twitter: http://www.Twitter.com/tomhood LinkedIn: http://www.linkedin.com/in/tomhood Facebook: http://www.facebook.com/thoodcpa Plaxo: http://tomhood.myplaxo.com Slideshare: http://www.slideshare.net/thoodcpa Youtube: http://www.youtube.com/thoodcpa Second Life avatar name: Rocky Maddaloni