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 hereâŚ
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
22. Legisla0on
 &
 Regula0on
Â
hTp://cpa.tc/1ut
Â
â˘âŻFederal
 â
Â
Fiscal
 CliďŹ
Â
â˘âŻState
Â
â˘âŻ Budget
 DeďŹcit
Â
â˘âŻ Sales
 Tax
 on
 Services
Â
â˘âŻ Tort
 Reform
Â
23. First
 the
 facts
 about
 Fiscal
 CliďŹ,
Â
Sequester
 and
 Fed
 Budget
Â
25. Accoun&ng
 bodies
 hail
 G20
 emphasis
Â
on
 public
 sector
 repor&ng
Â
Â
DATA
 Act
 &
 Financial
 Industry
 Transparency
Â
Act
 using
 XBRL
Â
26. What's at Stake?
The US Governmentâs Financial
Statements and the Country's
Fiscal Health
27. Revenue
 =
 $2.4
Â
trillion
 Expenses
 =
 exceeded
Â
revenue
 by
 $1.3
Â
trillion
Â
2011 Financial Statements
29. U.S. financial statements differ from
other organizations
Most financial statements show obligations or
liabilities on balance sheet
US governmentâs financial statements do not include
Social Security and Medicare
â˘âŻ Footnote disclosures
â˘âŻ 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 deďŹcit
$1.2 Billion
2
46. State
 Board
 of
 Accountancy
Â
Â
1.⯠Projec0on
 of
 status
 on
 CPA
 Board
Â
fund.
Â
 How
 it
 will
 be
 monitored
 to
Â
determine
 when
 a
 fee
 increase
 is
Â
needed?
 The
 fund
 must
 cover
 IT
Â
improvement
 costs.
Â
2.⯠Review
 of
 peer
 review
 process
 for
Â
monitoring
 fail
 and
 2nd
 pass
 with
Â
deďŹciency
 reports.
Â
3.⯠Review
 of
 the
 exam
 applica0on
Â
process.
Â
 Determine
 if
 processing
Â
should
 be
 con0nued
 in-Ââhouse
 or
Â
contracted
 out
 to
 a
 third
 party.
Â
47. #GoodBills
Â
â˘âŻ Separate
 funding
 for
 the
 State
 Board
Â
â˘âŻ Experience
 requirement
 to
 make
 Maryland
 CPAs
 compa0ble
 with
Â
UAA
 (Uniform
 Accountancy
 Act)
Â
â˘âŻ Ethics
 requirement
 for
 CPE
Â
â˘âŻ Mandatory
 peer
 review
 and
 prac0ce
 quality
Â
â˘âŻ Exemp0on
 for
 CPAs
 from
 Maryland
 (and
 federal)
 tax
 preparer
Â
regula0on
Â
Â
â˘âŻ Prac0ce
 mobility
Â
â˘âŻ AG
 opinion
 allowing
 CPAs
 to
 use
 Social
 Security
 numbers
 for
 tax
Â
services
Â
â˘âŻ 120/150
 CPA
 exam
 legisla0on
Â
â˘âŻ Restricted
 audits,
 reviews,
 and
 compila0ons
 to
 CPAs
 and
 added
Â
safe
 harbor
 for
 compila0ons
Â
â˘âŻ State
 Board
 of
 Public
 Accountancy
 reauthoriza0on
Â
48. #BADBills
Â
â˘âŻ Sales
 tax
 on
 accoun0ng
 and
 tax
 services
Â
(defeated
 several
 0mes)
Â
â˘âŻ Maryland
 corporate
 accountability
 (SOX
 and
 404
Â
for
 private
 companies
 and
 non-ÂâproďŹts)
Â
â˘âŻ Debt
 counseling
 registra0on
 by
 CPAs
Â
â˘âŻ Maryland
 Tax
 Prepapers
Â
â˘âŻ Compara0ve
 fault
 (several
 0mes)
Â
â˘âŻ Elimina0on
 of
 audit
 requirements
 for
 Maryland
Â
cemeteries
Â
50. Standards
Â
â˘âŻ Interna0onal
 â
Â
IASB
 &
 IFRS
Â
â˘âŻ FASB
 &
 PCC
Â
â˘âŻ AICPA
 &
 FRF
 â
Â
SME
Â
â˘âŻ ASB
 â
 Clarity
Â
(12/15)
Â
â˘âŻ GASB
 Pension
Â
â˘âŻ PEEC
 hTp://cpa.tc/1us
Â
53. Form
 990
 Data
 Transparency
Â
â˘âŻ NFP
 tax
 returns
 are
 public
 informa0on
Â
â˘âŻ AndâŚtheyâre
 not
 easily
 searchable
 (PDFs)
Â
â˘âŻ 30%
 of
 Form
 990s
 are
 ďŹled
 electronicallyâŚ
Â
â˘âŻ Then
 get
 printed
 and
 scanned
 and
 loaded
 on
Â
disks.
Â
â˘âŻ President
 Obamaâs
 2014
 budget
 calls
 for
Â
electronic
 ďŹling
 of
 Form
 990,
 andâŚ
Â
â˘âŻ Requires
 IRS
 to
 publish
 data
 in
 a
 machine
Â
readable
 format
 (XBRL?)
Â
54. FASB
 Industry
 Taxonomy
 Project
Â
â˘âŻ Develop
 industry
 speciďŹc
 taxonomies
Â
â˘âŻ BeTer
 suited
 for
 each
 industry
Â
â˘âŻ Industries
 par0cipa0ng
 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
55. FASB
 NFP
 Taxonomy
 Project
 -Ââ
Â
Â
Par0cipa0ng
 Organiza0ons
Â
â˘âŻ AICPA
Â
â˘âŻ CFA
 Ins0tute
Â
â˘âŻ NACUBO
Â
â˘âŻ Thurgood
 Marshall
 College
 Fund
Â
â˘âŻ FAF
Â
â˘âŻ MACPA
Â
56. The
 processâŚ
Â
â˘âŻ Iden0fy
 elements
 and
 concepts
 unique
 to
Â
non-ÂâproďŹt
 accoun0ng
 that
 donât
 currently
Â
exist
 in
 the
 US
 GAAP
 Taxonomy.
Â
Such
 as:
Â
â˘âŻ Split-Ââinterest
 agreements
Â
â˘âŻ Pledges
 receivable
Â
â˘âŻ Temporarily
 restricted
 net
 assets
Â
64. "The
 speed
 of
 change
Â
makes
 you
 uncomfortable
Â
on
 a
 regular
 basis,"
 he
 says.
Â
"That's
 so
 diďŹcult
 for
Â
people
 who
 are
 paying
Â
mortgages,
 buying
 cars,
Â
trying
 to
 give
 their
 kids
 the
Â
things
 they
 had,
 to
 get
Â
them
 through
 school.
 You
Â
want
 to
 feel
 conďŹdent
 in
Â
the
 last
 15
 years
 of
 your
Â
career
 that
 arer
 25
 or
 30
Â
years
 of
 eďŹort,
 it's
 just
Â
going
 to
 work,"
 he
 says.
Â
"But
 it
 isn't
 so.
 And
 I
 don't
Â
think
 you
 ever
 get
 over
 the
Â
fear
 of
 not
 knowing.â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
 â
 Doug
 Gould
 Ad
 Exec
Â
65. Why
 should
 you
 care
 about
 Social
 Media?
Â
âIn-Ââforming
 is
 the
 individual
 person's
Â
analog
 to
 open-Ââsourcing,
 outsourcing,
Â
insourcing,
 supply-Ââchaining,
 and
Â
oďŹshoring.
 Informing
 is
 the
 ability
 to
 build
Â
and
 supply
 your
 own
 personal
 supply
Â
chainâa
 supply
 chain
 of
 informa1on,
Â
knowledge,
 and
 entertainment.
 In-Ââ
forming
 is
 about
 self-Ââcollabora1onâ
becoming
 your
 own
 self-Ââdirected
 and
 self-Ââ
empowered
 researcher,
 editor,
 and
Â
selector
 of
 entertainment.
Â
Â
Â
Â
Â
Â
Â
 â
 Thomas
 Friedman
Â
68. 34
MACPAâs 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 â 2009, 2010, 2011,
2012
74. Innova0on
 for
 CPAs
Â
â˘âŻ Big
 Four
 Trends
Â
â⯠Social
Â
â⯠Mobile
Â
â⯠Cloud
Â
â⯠Big
 Data
 (XBRL)
Â
â˘âŻ Innova0ve
 Services
Â
â⯠Value-Ââadded
 CFO
Â
â⯠CFO
 Advisory
 Services
Â
â⯠FRF-ÂâSME
Â
â⯠Assurance
 on
 XBRL
 Tagging
Â
â⯠XBRL
 for
 research
Â
Â
76. Three
 Rules
 for
 Success
Â
1.⯠BeTer
 before
 cheaper
Â
(it's
 best
 to
 compete
 on
Â
diďŹeren0ators
 other
Â
than
 price);
Â
2.⯠Revenue
 before
 cost
Â
(priori0ze
 increasing
Â
revenue
 over
 reducing
Â
costs);
Â
3.⯠There
 are
 no
 other
 rules.
Â
77. CGMA
 â
 CIMA
Â
The
 global
 value-Ââadded
 ďŹnancial
 professional
Â
Â
79. Business
Events Capture Report Insight
Communicate &
Engage Action
â˘âŻ Historical
â˘âŻ Compliance
â˘âŻ Technical
â˘âŻ Future
â˘âŻ Reliance
â˘âŻ Leadership
The Information Value Chain
â˘âŻ Communica0ng
 the
 total
 picture
 with
 clarity
 and
 objec0vity,
Â
â˘âŻ Transla0ng
 complex
 informa0on
 into
 cri0cal
 knowledge,
Â
â˘âŻ An0cipa0ng
 and
 crea0ng
 opportuni0es,
 and
Â
â˘âŻ Designing
 pathways
 that
 transform
Â
vision
 into
 reality.
Â
84. The
 collaboration curve
 is
 replacing
Â
the
 experience
 curve
Â
âThe 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.â
HBR, July-August 2011
#CC>EC
Â
87. 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
Â
88.
89. #CC>EC
# 1 Skill is Collaboration
# 2 Skill is Communication
according to 2012 IBM Global
CEO Study
97. #Ar0st&CPA
Â
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
 0me
 for
Â
quick
 ďŹnish
Â
â˘âŻ Try,
 learn
 and
 adjust
Â
Â
 -ÂâTim
 McFadden
Â
98. Innova0on
 adop0on
 =
 Social
 Networks
Â
Â
âThe
 degree
 to
 which
 an
 individual
 in
 a
 social
 network
 is
Â
connected
 to
 other
 individuals
 in
 the
 network
 (actor
Â
centrality)
 has
 been
 shown
 to
 have
 a
 major
 inďŹuence
 on
Â
that
 individualâs
 adop&on
 of
 business
 innova&ons.â
Â
Â
Â
Â
Â
Â
Â
Â
 â
 Research
 Report
 by
 Associa0on
 of
 American
Â
Medical
 Colleges
Â
99. #MDSUMMIT13
Â
Â
Innova0on
 thru
 Collabora0on
Â
13
 Top
 Thought
Â
Leaders
Â
25
 Top
 technology
 &
 Sorware
 Vendors
Â
Terri
 Polley,
 Gail
 Perry,
 Teresa
Â
MacKintosh,
 Jennifer
 Warawa,
Â
Donny
 Shimamoto,
 Byron
Â
Patrick,
 Clarke
 Price,
 Erik
Â
Asgeirsson,
 Tom
 Hood,
 Ron
Â
Baker,
Â
 Jody
 Padar,
 Joel
 Sinkin,
Â
Reggie
 Henry
 and
 moreâŚ
Â
Collabora0on
 Technologies
Â
101. Tom
 Hood,
 CPA.CITP
Â
CEO
Â
Maryland
 Associa1on
 of
 CPAs
Â
Business
 Learning
 Ins1tute
Â
(443)
 632-Ââ2301
Â
E-Ââmail
 tom@macpa.org
Â
Web
 h`p://www.macpa.org
Â
Blog
 h`p://www.cpasuccess.com
Â
Blog
 h`p://www.bizlearningblog.com
Â
Â
Â
Follow
 me
 on:
Â
ĂźďźâŻ
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 hTp://www.TwiTer.com/tomhood
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