MACPA's semi-annual PIU series of Free four hour Professional Issues Updates for members. The Spring 2013 edition revolves around innovation and collaboration. This version covers the latest update from the Maryland General Assembly, Federal legislations, Accounting Standards, Cloud, generations in the workplace, and innovation.
These update hit over 20% of our membership annually reaching 2,000+ CPAs in all segments of our Profession - Public Accounting, CFOs, Controllers, GNFP, and more...
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MACPA 2013 Spring Professional Issues Update
1. Tom Hood, CPA, CITP, CGMA
CEO
MACPA & the Business Learning
Institute
MACPA Town Hall & Professional
Issues Update for MEMBERS
2. http://macpa.conferences.io
Ask and answer
questions throughout
the day here…
Conferences.io was used to engage
our members and encourage open
Q&A and feedback with this
exciting new technology we will
begin incorporating into strategic
planning and CPE courses for
engagement and collaboration.
3. Respond to a Poll
Ask a Question
Vote up a Question
http://macpa.conferences.io
29. U.S. financial statements differ from
other organizations
Most financial statements show obligations or
liabilities on balance sheet
US government’s financial statements do not include
Social Security and Medicare
• Footnote disclosures
• Not reflected as liabilities
30. Reality of future obligations
These future obligations equal:
$46.3 trillion in additional deficit
Plus $14.8 trillion cumulative deficit
Total deficit: $61 trillion deficit
$61 trillion is the equivalent of:
Every household in America owing the full cost
of two new homes and not getting to live in them
31. State of Maryland
Budget vs Financials
Budget surplus
$363 Million vs
Financial deficit
$1.2 Billion
2
46. State
Board
of
Accountancy
1. Projec0on
of
status
on
CPA
Board
fund.
How
it
will
be
monitored
to
determine
when
a
fee
increase
is
needed?
The
fund
must
cover
IT
improvement
costs.
2. Review
of
peer
review
process
for
monitoring
fail
and
2nd
pass
with
deficiency
reports.
3. Review
of
the
exam
applica0on
process.
Determine
if
processing
should
be
con0nued
in-‐house
or
contracted
out
to
a
third
party.
47. #GoodBills
• Separate
funding
for
the
State
Board
• Experience
requirement
to
make
Maryland
CPAs
compa0ble
with
UAA
(Uniform
Accountancy
Act)
• Ethics
requirement
for
CPE
• Mandatory
peer
review
and
prac0ce
quality
• Exemp0on
for
CPAs
from
Maryland
(and
federal)
tax
preparer
regula0on
• Prac0ce
mobility
• AG
opinion
allowing
CPAs
to
use
Social
Security
numbers
for
tax
services
• 120/150
CPA
exam
legisla0on
• Restricted
audits,
reviews,
and
compila0ons
to
CPAs
and
added
safe
harbor
for
compila0ons
• State
Board
of
Public
Accountancy
reauthoriza0on
48. #BADBills
• Sales
tax
on
accoun0ng
and
tax
services
(defeated
several
0mes)
• Maryland
corporate
accountability
(SOX
and
404
for
private
companies
and
non-‐profits)
• Debt
counseling
registra0on
by
CPAs
• Maryland
Tax
Prepapers
• Compara0ve
fault
(several
0mes)
• Elimina0on
of
audit
requirements
for
Maryland
cemeteries
53. Form
990
Data
Transparency
• NFP
tax
returns
are
public
informa0on
• And…they’re
not
easily
searchable
(PDFs)
• 30%
of
Form
990s
are
filed
electronically…
• Then
get
printed
and
scanned
and
loaded
on
disks.
• President
Obama’s
2014
budget
calls
for
electronic
filing
of
Form
990,
and…
• Requires
IRS
to
publish
data
in
a
machine
readable
format
(XBRL?)
54. FASB
Industry
Taxonomy
Project
• Develop
industry
specific
taxonomies
• BeTer
suited
for
each
industry
• Industries
par0cipa0ng
include:
• Insurance
• Banking
• Brokers
and
Dealers
• Real
Estate
• NFPs
55. FASB
NFP
Taxonomy
Project
-‐
Par0cipa0ng
Organiza0ons
• AICPA
• CFA
Ins0tute
• NACUBO
• Thurgood
Marshall
College
Fund
• FAF
• MACPA
56. The
process…
• Iden0fy
elements
and
concepts
unique
to
non-‐profit
accoun0ng
that
don’t
currently
exist
in
the
US
GAAP
Taxonomy.
Such
as:
• Split-‐interest
agreements
• Pledges
receivable
• Temporarily
restricted
net
assets
64. "The
speed
of
change
makes
you
uncomfortable
on
a
regular
basis,"
he
says.
"That's
so
difficult
for
people
who
are
paying
mortgages,
buying
cars,
trying
to
give
their
kids
the
things
they
had,
to
get
them
through
school.
You
want
to
feel
confident
in
the
last
15
years
of
your
career
that
arer
25
or
30
years
of
effort,
it's
just
going
to
work,"
he
says.
"But
it
isn't
so.
And
I
don't
think
you
ever
get
over
the
fear
of
not
knowing.”
–
Doug
Gould
Ad
Exec
65. Why
should
you
care
about
Social
Media?
“In-‐forming
is
the
individual
person's
analog
to
open-‐sourcing,
outsourcing,
insourcing,
supply-‐chaining,
and
offshoring.
Informing
is
the
ability
to
build
and
supply
your
own
personal
supply
chain—a
supply
chain
of
informa1on,
knowledge,
and
entertainment.
In-‐
forming
is
about
self-‐collabora1on—
becoming
your
own
self-‐directed
and
self-‐
empowered
researcher,
editor,
and
selector
of
entertainment.
–
Thomas
Friedman
68. 34
MACPA’s Social Media Ma
145,714 views
80,568 views
450 members
4,966 followers
2,049 connections
571 connections
Top 50 Business Blogs - 2011
Top Accounting
Blogs – 2009, 2010, 2011,
2012
74. Innova0on
for
CPAs
• Big
Four
Trends
– Social
– Mobile
– Cloud
– Big
Data
(XBRL)
• Innova0ve
Services
– Value-‐added
CFO
– CFO
Advisory
Services
– FRF-‐SME
– Assurance
on
XBRL
Tagging
– XBRL
for
research
76. Three
Rules
for
Success
1. BeTer
before
cheaper
(it's
best
to
compete
on
differen0ators
other
than
price);
2. Revenue
before
cost
(priori0ze
increasing
revenue
over
reducing
costs);
3. There
are
no
other
rules.
77. CGMA
–
CIMA
The
global
value-‐added
financial
professional
79. Business
Events Capture Report Insight
Communicate &
Engage Action
• Historical
• Compliance
• Technical
• Future
• Reliance
• Leadership
The Information Value Chain
• Communica0ng
the
total
picture
with
clarity
and
objec0vity,
• Transla0ng
complex
informa0on
into
cri0cal
knowledge,
• An0cipa0ng
and
crea0ng
opportuni0es,
and
• Designing
pathways
that
transform
vision
into
reality.
84. The
collaboration curve
is
replacing
the
experience
curve
“The organizations that will
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
#CC>EC
87. “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
88.
89. #CC>EC
# 1 Skill is Collaboration
# 2 Skill is Communication
according to 2012 IBM Global
CEO Study
97. #Ar0st&CPA
• Lots
of
ways
to
mess
up!
• Heat
is
needed
to
shape
the
glass
• Long
setup
0me
for
quick
finish
• Try,
learn
and
adjust
-‐Tim
McFadden
98. Innova0on
adop0on
=
Social
Networks
“The
degree
to
which
an
individual
in
a
social
network
is
connected
to
other
individuals
in
the
network
(actor
centrality)
has
been
shown
to
have
a
major
influence
on
that
individual’s
adop&on
of
business
innova&ons.”
–
Research
Report
by
Associa0on
of
American
Medical
Colleges
99. #MDSUMMIT13
Innova0on
thru
Collabora0on
13
Top
Thought
Leaders
25
Top
technology
&
Sorware
Vendors
Terri
Polley,
Gail
Perry,
Teresa
MacKintosh,
Jennifer
Warawa,
Donny
Shimamoto,
Byron
Patrick,
Clarke
Price,
Erik
Asgeirsson,
Tom
Hood,
Ron
Baker,
Jody
Padar,
Joel
Sinkin,
Reggie
Henry
and
more…
Collabora0on
Technologies
101. Tom
Hood,
CPA.CITP
CEO
Maryland
Associa1on
of
CPAs
Business
Learning
Ins1tute
(443)
632-‐2301
E-‐mail
tom@macpa.org
Web
h`p://www.macpa.org
Blog
h`p://www.cpasuccess.com
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h`p://www.bizlearningblog.com
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