Future of CPAs, CFOs & Accounting - Marriott Finance/Accounting
1. Tom Hood, CPA, CITP, CGMA
CEO
MACPA & the Business Learning Institute
Professional Issues Update andThe
Future of CPAs, CFOs and Accounting
Professionals
Prepared for:
Global Accounting & Finance Team
June 27, 2013
2. Tom
 Hood
Â
CEO
 of
 MACPA
 &
 BLI
Â
â˘âŻ Named
 Fourth
 Most
 InďŹuen2al
Â
Person
 by
 Accoun2ng
 Today
Â
â˘âŻ Top
 25
 InďŹuencers
 in
 Learning
 &
 HR
Â
by
 HR
 Examiner
Â
â˘âŻ Top
 25
 Public
 Accoun2ng
 Thought
Â
Leaders
 by
 CPA
 Prac2ce
 Adviser
Â
â˘âŻ Working
 on
Â
 Learning
 Management
Â
with
 AICPA/CPA2Biz,
Â
 Cloud
Â
Curriculum,
 Performance
Â
Management
 /XBRL,
 Leadership
 &
Â
Genera2ons
Â
Tom Hood, CPA, CITP, CGMA
CEO
MACPA
Business Learning Institute (BLI)
hQp://www.linkedin.com/in/tomhood
 6/26/13
 T
Â
20. #AccountingStandards
Public
 &
Â
Private
Â
Companies
Â
Private
Â
Companies-Ââ
Â
Small
Â
Business
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Public
 &
Â
Private
Â
Companies
Â
Â
Private
Â
Companies
Â
Â
Private
Â
Companies-Ââ
Â
Small
Â
Business
Â
Financial
Â
ReporHng
Â
IFRS
Â
(IASB)
Â
Â
IFRS-ÂâSME
Â
(IASB)
Â
Â
GAAP
Â
(FASB)
Â
Â
GAAP-ÂâPCC
Â
(FASB)
Â
Â
FRF-ÂâSME
Â
(AICPA)
Â
Â
AudiHng
 IAASB
 IAASB
 PCAOB
Â
ASB
 (AICPA)
Â
ASB
 (AICPA)
Â
Â
ASB
 (AICPA)
Â
Â
Ethics
 IFAC
 IFAC
 PEEC
Â
(AICPA)
Â
PEEC
Â
(AICPA)
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Â
PEEC
Â
(AICPA)
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24. 80
40
1950 1960 1970 1980 1990 2000 20101940
100%
60
20
Total U.S. debt
as a percentage
of GDP
2013
101.6%
1981:
32.5%
25. Accounting bodies hail G20 emphasis
on public sector reporting
DATA
 Act
Â
 Financial
 Industry
 Transparency
Â
Act
 using
 XBRL
 6/26/13
 T
Â
26. XBRL
FASB IndustryTaxonomy Project
â˘âŻ Develop
 industry
 speciďŹc
 taxonomies
Â
â˘âŻ BeQer
 suited
 for
 each
 industry
Â
â˘âŻ Industries
 par2cipa2ng
 include:
Â
â˘âŻ Insurance
Â
â˘âŻ Banking
Â
â˘âŻ Brokers
 and
 Dealers
Â
â˘âŻ Real
 Estate
Â
â˘âŻ NFPs
Â
â˘âŻ GASB?
Â
â˘âŻ Form
 990
Â
6/26/13
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29. FiveThings Every Professional Needs to
be Good At
1.⯠Learning and staying on the cutting edge.
2.⯠Managing your career (yep, you have to
take charge of your own career).
3.⯠Doing the work (research, productivity,
communication).
4.⯠Interacting with your peers and colleagues.
5.⯠Becoming a thought leader in your ďŹeld.
- Allen Blue co-founder Linked-In
hQp://lnkd.in/HghTcX
Â
32. Four Generations in the Profession
Millennials (GenY)
- Born btw 1980 2000
Generation X
- Born btw 1965 1979
Baby Boomers
- Born btw 1946 1964
Matures (Traditionalists)
- Born btw 1945 1925
33. 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.
43. 434343
CGMAs are part of a new,
worldwide network of
management
accountants, working in
the worldâs leading
corporations, private and
public organizations,
small businesses and
start-ups.
Code of
ethics and
enforcement
Continuous
professional
development
Financial and
non-financial
expertise
Powered by a
JV between
AICPA and
CIMA
46. 464646
Benefit specifics
Designatory letters
Affiliation with
world-leading
accounting
organizations
Tools for self-
promotion
Commitment to
inform market of
CGMA value
Commitment to
global management
accounting
Website (cgma.org)
Online social
community
Affiliation with
leaders in business
Inaugural print
magazine
Online magazine
Thought leadership
papers
Global Economic
Outlook Survey
Advocacy voice of a
half-million
accounting
professionals
around the world
Certificate
Professional
Development
49. Business
Â
Not
 for
 ProďŹts
Â
NGOs
Â
Government
Â
When
 Worlds
 Collide
Â
T
Â
50. #CFOsSaveTheWorld
Â
Through collaboration, our
CFO community manages
ďŹnancial accountability,
compliance, and risk
across HHS by maximizing
resources to drive results.
Â
T
Â
51. T
Â
You canât stop the waves but you can learn how to surf.
â Jon Kabbat-Zin
52. #VisionStrategy
Â
âIf you donât have a vision for
your ďŹrm or yourself, youâll
just get sucked into
somebody elseâs visionâ
â adapted from Watts Wacker, Futurist
6/26/13
 T
Â
55. CPAs
 are
 trusted
 advisors
 who,
 combining
Â
insight
 with
 integrity
 deliver
 value
 by:
Â
T
Â
CommunicaHng
 the
 total
 picture
 with
 clarity
 and
 objec2vity
Â
TranslaHng
 complex
 informa2on
 into
 cri2cal
 knowledge
Â
AnHcipaHng
 and
 crea2ng
 opportuni2es
Â
Â
Turning
 insights
 into
 acHon
 to
 transform
 vision
 into
 reality
Â
Â
58. 585858
1. Finance specialism â the
fundamentals
ââThe commercial finance roles may seem sexy â in there
with the buying and marketing teams doing deals. In these
situations people may believe that the financial substance is
a bit in the back, but the truth is that it is at the centre. You
always need the bedrock of financial integrity and
control.â Hetal Shah, CFO, Streamline
âIt is critical to develop credibility to progress within
the organisation.â The fast track to leadership
59. 595959
2. Information for insight â being part of
the solution
IBM report, Leading through connections
Turning the tide: How Europe can rebuild skills
and generate growth, by Accenture
60. 606060
3. The two Câs â communication and
collaboration
Two personal attributes that CEOs see as most
critical for the future success of staff:
IBMâs Leading through connections survey
61. 4. Experience of major projects and
strategic initiatives â in and out of
finance
â˘âŻ Internal projects
â˘âŻ Technology investments
â˘âŻ Mergers acquisitions
â˘âŻ Operations support
â˘âŻ Sales team support
â˘âŻ Business expansion, new
markets
62. 626262
5. Local and global perspectives â
exposure to different markets and
cultures
Accentureâs 2012 report, Turning the tide: How Europe
can rebuild skills and generate growth
Business decision makersâŚ
63. 6. Leadership â talent management
â˘âŻ Developing leadership
skills is crucial
â˘âŻ Identifying opportunities:
â⯠Seize opportunities as the
arise
â⯠Think outside the box â
both inside and outside of
work
72. âIn
 a
 period
 of
 rapid
 change
 and
 increasing
Â
complexity,
 the
 winners
 are
 going
 to
 be
 the
Â
people
 who
 can
 LEARN
 faster
 than
 the
 rate
 of
Â
CHANGE
 and
 faster
 than
 their
 COMPETITION.â
Â
-Ââ
 Tom
 Hood,
 CPA.CITP.CGMA
 6/26/13
 T
Â
73. #CCEC
#
 1
 Skill
 is
 CollaboraHon
Â
#
 2
 Skill
 is
 CommunicaHon
Â
according
 to
 2012
 IBM
 Global
Â
CEO
 Study
Â
6/26/13
 T
Â
74. #ArtistCPA
â˘âŻ Lots
 of
 ways
 to
 mess
Â
up!
Â
â˘âŻ Heat
 is
 needed
 to
Â
shape
 the
 glass
Â
â˘âŻ Long
 setup
 2me
 for
Â
quick
 ďŹnish
Â
â˘âŻ Try,
 learn
 and
 adjust
Â
Â
 -ÂâTim
 McFadden
Â
6/26/13
 T
Â
75. A leader s
job is to
deďŹne
context and
provide
hope and
inspiration...
76. Tom Hood, CPA.CITP
CEO
Maryland Association of CPAs
Business Learning Institute
(443) 632-2301
E-mail tom@macpa.org
Web http://www.macpa.org
Web http://blionline.org
Â
Â
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 me
 on:
Â
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ĂźďźâŻSecond
 Life
 avatar
 name:
 Rocky
 Maddaloni
Â
6/26/13
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