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Keeping up with Accounting - Business & Industry edition


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Professional Issues Update / Town Hall update for CPAs in business, Industry, Government/NFP. Semi-annual update to help CPAs stay on top of the rapid changes in business and the CPA profession. Offered throughout the year as a member service - these popular programs are a place for CPAs to get current and share their latest issues and ideas to their professional home - the Maryland Association of CPAs.

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Keeping up with Accounting - Business & Industry edition

  1. Welcome to the Spring 2010 <br />Professional Issues Update – B&I special edition<br />“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.”<br /> - Bill Carlino, Editor Accounting Today Magazine<br />1<br />
  2. Health care & your companies<br />Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.<br />
  3. Is this just another downturn?<br />Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.<br />
  4. The fact of the matter is, this is not a downturn, this is a …RESET.<br />- Steve Ballmer – CEO Microsoft<br />
  5. What is the #1 issue facing Maryland CPAs?<br />
  6. Answer: Keeping up with the tsunami of changes<br />7<br />
  7. You need new skills to ride the waves of change<br />Photo: Pratt’s surfing page<br />
  8. MACPA can help you become a navigator of change!<br />Connect – Protect - Achieve<br />
  9. Let’s start by connecting you to the AICPA!<br />
  10. The Pace of Change is Accelerating Faster<br /> “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 2010 in 1890, if it is 7x faster it would be like planning for 2010 in 1670.”<br /> -Expert on Education Panel, The Aspen Institute, 2007<br />
  11. Economy – What’s your take?<br />Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.<br />
  12. MACPA can help you become a navigator of change!<br />Connect – Protect - Achieve<br />
  13. Connect<br />To your Profession<br />To our community<br />To each other<br />
  14. Protect<br />
  15. Achieve<br />
  16. Connect<br />Chapters<br />Committees<br />Conferences<br />CPE events<br />NYPN<br />Educators<br />Students<br />
  17. Despite a turbulent economy, <br />learn how to make your business thrive<br />MACPA’s Business & Industry ConferenceMay 14 Turf Valley, Ellicott City<br />Topics:<br />• Annual Update<br />• National & Local Professional Issues Update<br />• Enterprise Risk Management<br />• The Virtual Workplace<br />• Strategic Planning<br />• Professional/Career Development<br />• Political & Social Changes in the Business Environment<br />• Economic Update<br />
  18. 2010 Event<br />April 30 GNFP Conference<br />May 14 Business and Industry<br />June 7 Employee Benefit Plan Audit<br />June 28-29New!Maryland CPE Summit<br />June 30- July 3 Annual Holiday Beach Retreat<br />Sept 21 Government Contractors<br />Sept 27-28 Chesapeake Tax<br />Oct 26 Practitioners’<br />Nov 1-5 Advanced Tax Institute<br />Dec Technology <br />Jan 2011 Educator’s Conference<br />
  19. Protect<br />“No man’s life, liberty, or happiness are safe when the legislature is in session” <br /> – Mark Twain<br />IRS 7216, FTC Red Flags, Sales Tax on Services, Tax Preparer regulations, Wall Street Reform Act, Sarbanes-Oxley Act…<br />
  20. police power of the states to protect their citizens vs commerce clause<br />
  21. Where do major changes come from?<br />Us – MACPA & AICPA<br />Them<br />OR<br />
  22. An example of “us” - The 120/150 Hour CPA Exam Bill (HB 1137)<br />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)<br />
  23. An example of “they” - The Consumer Financial Protection Act<br />Promote robust supervision and regulation of financial firms<br />Establish comprehensive regulation of financial markets<br />Protect consumers and investors form financial abuse<br />Provide the government with the tools it needs to manage financial crisis<br />Raise international regulatory standards & improve international cooperation<br /><br />
  24. Wordle from<br />Sales tax on services, gross receipts tax, privacy legislation, tax preparer, consumer debt regulation, combined reporting, accounting legislation at the Federal & State level<br />
  25. CPAs swear oath to “protect the public interest”<br />Maryland DLLR Swearing-in of new CPAs<br /> June 28, 2010<br />At the MACPA Member Summit<br />
  26. Do the math!<br />90 Days<br />188 legislators<br />2,500+ bills<br />House = 141<br />Senate = 47<br />MACPA<br /><ul><li>Legislative Executive Committee
  27. PAC
  28. State Tax Committee
  29. Board of Directors</li></li></ul><li>Achieve<br />
  30. Five Qualities of Extraordinary Leaders<br />Sight - Ability to see emerging patterns and shift perspective when necessary<br />Insight - Ability to learn faster than the rate of change in your industry<br />Create - Ability to think strategically and critically to gain insights that create new opportunities<br />Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work<br />Inspire – Ability to mobilize support and engage others to join you in ACTION<br />LC<br />
  31. It’s not what you look at that matters, it is what you see – Henry David Thoreau<br />“The faster you go, the further ahead you have to see.”<br />
  32. Insights & Opportunities<br />“But a time of turbulence is also one of great opportunity for those who can understand, accept and exploit the new realities. It is above all a time of opportunity for leadership.”<br /> - Peter Drucker, <br /> Managing in Turbulent Times<br />
  33. Action<br />“The best way to predict the future is to create it.”<br /> - Peter Drucker, <br /> Managing in Turbulent Times<br />
  34. CPA re:Vision –the wisdom of the crowd<br />Our core purpose, our reason for being is<br />CPAs...<br />Making sense of a changing and complex world.<br />Here is what they said…<br />
  35. What are MACPA members saying?<br />What should be MACPA’s #1 priority?<br /><ul><li>Advocacy with regulators & legislators
  36. Protecting our CPA license
  37. Insuring integrity of the CPA profession
  38. Continuing Professional Education </li></ul>Insights form the Spring & Fall, 2009 PIU / town hall meetings covering 1,500+ members<br />
  39. What are MACPA members saying?<br />What phrases, images, topics stuck out for you?<br /><ul><li>Generations
  40. IFRS
  41. XBRL
  42. Social Networking
  43. Transparency
  44. Change!</li></li></ul><li>Top 10 Issues Facing CPAs<br />1. Economic Outlook <br />2. Tax <br />3. Business Operations <br />4. Implementation and Execution of Plans <br />5. New Business Development <br />6. Personal/Professional Development <br />7. Management and Leadership <br />8. Financial Regulatory Reform <br />9. Access to Financing and Credit <br />10 New Accounting Standards, IFRS<br />Source: CPA Trendlines for AICPA Feb, 2010<br />
  45. Economic Recovery and the U.S. Fiscal Outlook<br />Health-Care Reform<br />Employee Benefits<br />Financial Regulatory Reform<br />Global Convergence of U.S. GAAP and IFRS<br />Financial Instruments<br />Financial Statement Regulation<br />Revenue Recognition<br />Business Taxation<br />*XBRL<br />37<br />Top Ten Issues for FEI<br />
  46. Top Ten Issues for MFG<br />Regulatory/Legislative (56)<br />Private Company Leadership (47)<br />Capital Markets Awareness / Recognition (34)<br />Rethinking Business Model (25)<br />Protect Audit/CPA Franchise (20)<br />Risk Management (Audit efficiencies) (20)<br />Leadership Development / Succession Planning (19)<br />Global / International (Clients / IFRS / Branding) (17)<br />Leveraging Technology & Social Media (17)<br />MFG Issues specific forums / focus groups (8)<br />38<br />
  47. Has your job changed?<br />Don’t forget: You can copy-paste this slide into other presentations, and move or resize the poll.<br />
  48. Are you a value integrator?Efficiency, insight, integration<br />Scorekeeper<br />Disciplined operators<br />Constrained advisors<br />Value Integrators<br /><br />
  49. # 1 Gap is developing people in Finance<br />Source: 2010 IBM Global CFO study<br />
  50. How to increase your odds of roaring out of the recession from HBR<br />Focus on operational efficiency (smart spending and targeted headcount reduction for efficiency versus across-the-board headcount reductions). <br />Investment in developing new markets (leveraging your product / service mix into expanded markets -- geographic, new segments or niches). <br />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. <br /><br />
  51. So what does the future look like for CPAs?<br />
  52. Top 5 Attributes of CPAs from the public (investors & BDMs)<br />Has integrity<br />Competent<br />Objective<br />Able to synthesize information<br />Focused on client needs<br />44<br />The most trusted advisor<br />
  53. Accounting is the quickest path to the corner office<br />Broader and longer line of sight (future focus)<br />Network leadership <br />Strong analysis skills (financial and operational)<br />Communication skills<br />Global perspective<br />Top 5 skills of the post-recession leader – CLO Magazine<br />
  54. Are you an untouchable?<br />A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed. <br />He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. <br />But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables.<br />
  55. Are you indispensable?<br />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.<br />This is our leader, our marketer, our linchpin!<br />
  56. Tom Hood, CPA.CITP<br />CEO<br />Maryland Association of CPAs<br />Business Learning Institute<br />(443) 632-2301<br />E-mail<br />Web<br />Blog<br />Connect – Protect - Achieve<br />
  57. MACPA resources<br />CPA Success, our daily<br /> CPA Spotlight, our weekly<br /> Other MACPA blogs:<br /><ul><li>
  59. CPA Learning 2, a Web 2.0 playground by CPAs for</li></ul>49<br />
  60. Professional Issues UpdateSpring, 2010<br />Tom Hood, CPA.CITP<br />CEO & Executive Director<br />Maryland Association of CPAs<br /><br /><br />Follow me on:<br /><ul><li>Twitter:
  61. LinkedIn:
  62. Facebook:
  63. Plaxo:
  64. Slideshare:
  65. Youtube:
  66. Second Life avatar name: Rocky Maddaloni</li>