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
CEO
of
MACPA
&
BLI
• Named
Fourth
Most
Influen2al
Person
by
Accoun2ng
Today
• Top
25
Influencers
in
Learning
&
HR
by
HR
Examiner
• Top
25
Public
Accoun2ng
Thought
Leaders
by
CPA
Prac2ce
Adviser
• Working
on
Learning
Management
with
AICPA/CPA2Biz,
Cloud
Curriculum,
Performance
Management
/XBRL,
Leadership
&
Genera2ons
Tom Hood, CPA, CITP, CGMA
CEO
MACPA
Business Learning Institute (BLI)
hQp://www.linkedin.com/in/tomhood
6/26/13
T

3. www.SlideShare.net/thoodcpa
@tomhood
@MACPA
Download
today’s
slides
at
…
6/26/13
T

4. hQp://macpa.cnf.io
Ask
and
answer
ques2ons
throughout
the
day
here…

5. Respond to a Poll
Ask a Question
Vote up a Question
hQp://macpa.cnf.io
6/26/13
T

6. Insights
to
Ac2on
“One
without
the
other
is
either
useless
or
destruc2ve”
T

7. Source:
WTF
What’s
the
Future
of
Business
by
Brian
Solis
What
I
have
been
thinking
about
T

8. Business
Not
for
Profits
NGOs
Government
Different
Worlds?
T

9. The New Normal -VUCA

10. 10
What is the #1 reason
organizations fail?

11. http://www.burrus.com
Inattentional blindness

12. The new “Big Four” + 1 + 3
• Economy
• Globalization
• Workforce
• Technology
+ Health Care
T

13. The Research
2
1,000
10,000
Source: CPA Horizons 2025

14. 6/26/13
T

15. • Change
• Complexity
• Compliance
• Convergence
• Competition
MANAGINGTHE “SEA” CHANGE
T

16. Compliance - Standards
• International – IASB &
IFRS
• FASB & PCC
• AICPA & FRF – SME
• ASB – Clarity (12/15)
• GASB Pension
• PEEC
• COSO
• IIRC
hQp://cpa.tc/1us
T

17. Convergence and IFRS
2013 FUTURE2014
Leases
re-exposure
Revenue
recognition
standard
Financial
instruments
IFRS?
Principles-
based
SEC milestone ─
IFRS decision
Affects virtually
all businesses

18. #MainStFinancials
6/26/13
T

19. Happy 40th Birthday FASB!
6/26/13
T

20. #AccountingStandards
Public
&
Private
Companies
Private
Companies-­‐
Small
Business
Public
&
Private
Companies
Private
Companies
Private
Companies-­‐
Small
Business
Financial
ReporHng
IFRS
(IASB)
IFRS-­‐SME
(IASB)
GAAP
(FASB)
GAAP-­‐PCC
(FASB)
FRF-­‐SME
(AICPA)
AudiHng
IAASB
IAASB
PCAOB
ASB
(AICPA)
ASB
(AICPA)
ASB
(AICPA)
Ethics
IFAC
IFAC
PEEC
(AICPA)
PEEC
(AICPA)
PEEC
(AICPA)

21. 21
Cascade!

22. Health Care is major issue
Source:
Thomson-­‐Reuters
6/26/13
T

23. And opportunity
6/26/13
T

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
Financial
Industry
Transparency
Act
using
XBRL
6/26/13
T

26. XBRL
FASB IndustryTaxonomy Project
• Develop
industry
specific
taxonomies
• BeQer
suited
for
each
industry
• Industries
par2cipa2ng
include:
• Insurance
• Banking
• Brokers
and
Dealers
• Real
Estate
• NFPs
• GASB?
• Form
990
6/26/13
T

27. Historical Context –The Perfect Storm
• Web 2.0
• Globalization
• Generations
Source: DonTapscott - Wikinomics

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 field.
- Allen Blue co-founder Linked-In
hQp://lnkd.in/HghTcX

30. #SocialAccoun2ng
6/26/13
T

31. T

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.

34. Workforce
#TalentWar
T

35. Workforce
#4Generations
T

36. Business
Not
for
Profits
NGOs
Government
Different Worlds?
T

37. T

38. #IIRC
hQp://www.theiirc.org
T
IR Framework
Consultation Draft –
released April 16

39. IIRC
Value
Crea2on
Process
T

40. CGMA
COSO
Balancing
Risk
Innova2on
hQp://cpa.tc/2qf
hQp://www.coso.org
T

41. Source:
DeloiQe
CFO
Signals™
survey,
fourth
quarter
2012
T

42. 424242

43. 434343
CGMAs are part of a new,
worldwide network of
management
accountants, working in
the world’s 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

44. 2/3
1/3

45. 454545
For businesses
Broader skills
Greater agility and adaptability
Increased mobility
Deeper leadership

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

47. 474747
CGMA qualifying criteria

48. Contact
bpayne@aicpa.org

49. Business
Not
for
Profits
NGOs
Government
When
Worlds
Collide
T

50. #CFOsSaveTheWorld
Through collaboration, our
CFO community manages
financial accountability,
compliance, and risk
across HHS by maximizing
resources to drive results.
T

51. T
You can’t stop the waves but you can learn how to surf.
– Jon Kabbat-Zin

52. #VisionStrategy
“If you don’t have a vision for
your firm or yourself, you’ll
just get sucked into
somebody else’s vision”
– adapted from Watts Wacker, Futurist
6/26/13
T

53. 6/26/13
T

54. CGMA – CIMA
The global value-added financial professional
T

55. CPAs
are
trusted
advisors
who,
combining
insight
with
integrity
deliver
value
by:
T
CommunicaHng
the
total
picture
with
clarity
and
objec2vity
TranslaHng
complex
informa2on
into
cri2cal
knowledge
AnHcipaHng
and
crea2ng
opportuni2es
Turning
insights
into
acHon
to
transform
vision
into
reality

56. Value-added Finance / Accounting Professional

57. The Research
6/26/13
T

58. 585858
1. Finance specialism – the
fundamentals
‘’The commercial finance roles may seem sexy – 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.” Hetal Shah, CFO, Streamline
“It is critical to develop credibility to progress within
the organisation.” The fast track to leadership

59. 595959
2. Information for insight – 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 C’s – communication and
collaboration
Two personal attributes that CEOs see as most
critical for the future success of staff:
IBM’s Leading through connections survey

61. 4. Experience of major projects and
strategic initiatives – in and out of
finance
• Internal projects
• Technology investments
• Mergers acquisitions
• Operations support
• Sales team support
• Business expansion, new
markets

62. 626262
5. Local and global perspectives –
exposure to different markets and
cultures
Accenture’s 2012 report, Turning the tide: How Europe
can rebuild skills and generate growth
Business decision makers…

63. 6. Leadership – talent management
• Developing leadership
skills is crucial
• Identifying opportunities:
– Seize opportunities as the
arise
– Think outside the box –
both inside and outside of
work

64. 646464
7. Strategic Vision
EIU’s Plugging the skills gap….

65. 656565
The action plan

66. 666666
Building influence via trust and credibility –
Finance leadership capabilities and behaviours

67. T

68. hQp://cpa.tc/2qh
6/26/13
T
theBounce

69. T

70. #AdaptorDie
#BendAdoptionCurve
• Technology Caveman
• L C
• CC EC
• CPA as Artist

71. Technology the Caveman
6/26/13
T

72. “In
a
period
of
rapid
change
and
increasing
complexity,
the
winners
are
going
to
be
the
people
who
can
LEARN
faster
than
the
rate
of
CHANGE
and
faster
than
their
COMPETITION.”
-­‐
Tom
Hood,
CPA.CITP.CGMA
6/26/13
T

73. #CCEC
#
1
Skill
is
CollaboraHon
#
2
Skill
is
CommunicaHon
according
to
2012
IBM
Global
CEO
Study
6/26/13
T

74. #ArtistCPA
• Lots
of
ways
to
mess
up!
• Heat
is
needed
to
shape
the
glass
• Long
setup
2me
for
quick
finish
• Try,
learn
and
adjust
-­‐Tim
McFadden
6/26/13
T

75. A leader s
job is to
define
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
Follow
me
on:
ü
TwiQer:
hQp://www.TwiQer.com/tomhood
ü
LinkedIn:
hQp://www.linkedin.com/in/tomhood
ü
Facebook:
hQp://www.facebook.com/thoodcpa
ü Google
+:
hQps://plus.google.com/104372556333854919205
ü Slideshare:
hQp://www.slideshare.net/thoodcpa
ü Youtube:
hQp://www.youtube.com/thoodcpa
ü Second
Life
avatar
name:
Rocky
Maddaloni
6/26/13