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Business & Industry Edition
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Download today’s slides at
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MACPA.CNF.IO
Select your
session,
and join the
conversation.
Vote for a question
Respond to Poll
Ask a Question
3
Membership
Organization
1
Lookout Post
2
Laws, Regulations,
& Standards
4
L > C2
2
Laws, Regulations,
& Standards
3
Membership
Organization
4
L > C2
1
Lookout Post
Lookout
Post
Trends in the Profession
What is causing
change today?
Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of E...
Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collaborate
JIT & Participative
Systems of E...
Leadership
Leadership
Learning
Learning
Learning
1.Social
2.Mobile/Nano
3.Cloud
4.Collaborative (MBSN)
5.Competency-based
Technology
Technology
Workplace
Workplace
Workplace
Workplace
Generations
Gen-X
Lookout Post
Trends by Segment:
Public Practice
Corporate - Business & Industry
Young Professionals
Students
What does this mean for
CPA Firms?
FIRMS	
  WITH	
  21+	
  PROFESSIONALS
2013 2011 2009 2007
1 Owner/partner	
  accountabi...
What does this mean for
Small Practitioners?
MACPA Member Survey
Top Challenges 2014
Sleeter Group Survey 2014
The researc...
Maryland Public Company
Collaboration
• Learning & Talent Development
• Global Structure of Finance Function
• Managing Ri...
1. Private Companies Dominate
2. Private Companies create wealth & jobs
3. Private Companies invest and drive growth
4. Pr...
What does this mean for
Young Professionals?
11 Things Young Professionals
Want You to Know

1. More collaboration.
2. Mor...
What does this mean for
Students?
Top 5 Things They Want:
1. Work-Life Balance
2. Career Growth & Stability
3. Competitive...
When you’re a part of an established entity, there’s so much incentive to maintain the status
quo. A lot of times, the peo...
What Got You Here,
Won’t Get You There.
So What?
Lookout
Post
1
Lookout Post
3
Membership
Organization
4
L > C2
2
Laws, Regulations,
& Standards
Laws,
Regulations,
& Standards
News you’ve got to
stay on top of
Federal Laws & Regulations
Workforce Mobility
Cash Basis Income Tax
DOL Pension Audits
ACA - Affordable Care Act
Supreme Court - SCOTUS
ACA and Tax Credits
Perez vs Mortgage Bankers
FTC vs NC State Board of Dental Examiners
Wynne Case ...
Workforce Mobility
Data Act
State Board of Public Accountancy
(Licensing Issues)
Current issues with your license
• Employee Benefit Plans Peer Review
• Responding to the Board
• CPE Tracking and Reporti...
Financial Accounting
Standards
Accounting Standards
Public	
  &	
  
Private	
  
Companies
Private	
  
Companies-­‐	
  
Small	
  
Business
Public	
  &	
  ...
• Rev Rec
Financial Accounting Standards
• Cash Flow
• GASB 67, 68
• Fair Value
Peer Review Standards
New Code of Ethics
• Intuitively arranged
• User-friendly online code:
aicpa.org/newcode
• Enforceable rules and principle...
Laws,
Regulations,
& Standards
1
Lookout Post
2
Laws, Regulations,
& Standards
4
L > C2
3
Membership
Organization
Membership
Organization
Membership Organization
How we connect, protect, and achieve.
Connecting CPAs to our
profession, each other, and
the world at large.
Connecting to Our Member Segments
Student Group Town Hall
NYPN
Women to Watch
Town Hall
Committee and Chapter Activity
MACPA Groups
http://cpa.tc/21g
https://twitter.com/macpaCPE
twitter.com/macpaCPE
Sales Tax Resources for MACPA
The MACPA Accountants
Resources Center gives
you the tools you need to
lead your clients thr...
MACPA Legislative and
Regulatory Advocacy
What is the #1 Thing
MACPA does
for CPAs and CPA
Firms that nobody else
does?
Legislative
Advocacy
“From then on, they are
no longer isolated men,
but a power one sees
from afar, whose actions
serve a...
3 Levels
2 Objectives
1. Offense: Pass Proactive Bills
2. Defense: Stop Bad Bills
1. Federal
2. State
3. State Board of Ac...
Federal Laws & Regulations
State Laws
Passage of MD Mandatory Peer Review Legislation
State Board of Public Accountancy
(Licensing Issues)
Our challenge
40% turnover in legislature
Governor
Attorney General
Secretary of DLLR
Key Committees
3 House
• Economic Ma...
CPA Day in Annapolis - 1/29/15
Our 2015 MD agenda
1. Appeal Bond Reform
2. Expanded definition of attest
3. Build new relationships with legislators
1. S...
How we do it
1. Build and maintain Key Relationships with
legislators and regulators (PAC, meetings and
events)
2. Grassro...
Your career, forward, faster.
CGMA Competency Framework
MACPA Upcoming Events
Innovation Summit 2015
June 23, 2015
Leadership Academy
Summary of MACPA Today
Lighting the Way for the Shift Change
Command &
ControlEpisodic &
PassiveSystems of Record
A place you go
Connect & Collab...
Senator
Feldman said
Maryland is the
best state in the
nation to have
your CPA
license.
The Next Chair of the AICPA
Kimberly Ellison-Taylor
“Tom Hood and
MACPA makes
every CPA kinda
wish they were
licensed in
Maryland.”
–
Greg Kyte, CPA, Utah
and Accounting Toda...
Learning
1.Social
2.Mobile/Nano
3.Cloud
4.Collaborative (MBSN)
5.Competency-based
Tom’s Favorite Tools
“Use the tools, don’t let the
tools use you.” 

– Francine McKenna
@retheauditors
• Twitter
• Linked-...
Our Digital Transformation Strategy
1. Digitization & workflow –shifting
resources and systems to growth
areas
2. Virtuali...
We identified three major goals for making this shift:
1. Help employees identify and address the challenges and opportunit...
Membership
Organization
1
Lookout Point
2
Laws, Regulations,
& Standards
3
Membership
Organization
4
L > C2
L>C2
“In a period of rapid change and increasing
complexity, the winners are going to be the people
who can LEARN faster than t...
92% of CPAs
are
NOT
Future Ready!
Future Ready is the
capacity to be aware,
predictive, and adaptive
of emerging challenge...
How Extraordinary Leaders Double Profits
Competencies – Research & Examples
“The hard stuff is soft and the soft stuff is hard.”
–Tom Peters
Interestingly enough, there is one
pivotal competency that is most
powerful in distinguishing the top
10th percentile from...
Anticipation: The Missing Competency
Strategic Thinking
External Awareness
Vision
Continuous Learning
Innovation
Creativity
Problem Solving
Prioritization
Busi...
“Leadership
and learning
are
indispensable
to each other.”
- JFK
L>C2
Why CPAs?
Thank You for Coming
Tom$Hood,$CPA.CITP$
CEO$
Maryland$Associa8on$of$CPAs$
Business$Learning$Ins8tute$
(443)$632F2301$
EFmail$tom@macpa.org$
We...
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
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MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition

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Professional Issues Update from the Maryland Association of CPAs and the Business Learning Institute - designed for CPAs and management accountants

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MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition

  1. Business & Industry Edition
  2. http://www.cpa.com/sites/default/files/default_images/cpapogo_press.gif Thank You to Our Sponsors us&ei
  3. Download today’s slides at www.SlideShare.net/thoodcpa
  4. MACPA.CNF.IO Select your session, and join the conversation. Vote for a question Respond to Poll Ask a Question
  5. 3 Membership Organization 1 Lookout Post 2 Laws, Regulations, & Standards 4 L > C2
  6. 2 Laws, Regulations, & Standards 3 Membership Organization 4 L > C2 1 Lookout Post
  7. Lookout Post
  8. Trends in the Profession
  9. What is causing change today?
  10. Command & ControlEpisodic & PassiveSystems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – CustomizedRigid, Cube farmsGeneration Gap Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap
  11. Command & ControlEpisodic & PassiveSystems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – CustomizedRigid, Cube farmsGeneration Gap Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap Incumbent practices, resources and institutions are in decline New business models, practices and technologies are emerging The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy Leadership Learning Technology Workplace Generations
  12. Leadership
  13. Leadership
  14. Learning
  15. Learning
  16. Learning 1.Social 2.Mobile/Nano 3.Cloud 4.Collaborative (MBSN) 5.Competency-based
  17. Technology
  18. Technology
  19. Workplace
  20. Workplace
  21. Workplace
  22. Workplace
  23. Generations
  24. Gen-X
  25. Lookout Post Trends by Segment: Public Practice Corporate - Business & Industry Young Professionals Students
  26. What does this mean for CPA Firms? FIRMS  WITH  21+  PROFESSIONALS 2013 2011 2009 2007 1 Owner/partner  accountability   and  unity Owner/partner  accountability   and  unity Retention  of  current  clients Finding  qualified  staff 2 Bringing  in  new  clients Bringing  in  new  clients Owner/partner  accountability   and  unity Retaining  qualified  staff 3 Retaining  qualified  staff Retention  of  current  clients Succession  planning Developing  new  partners 4 Succession  planning Fee  pressure/pricing  of   services Bringing  in  new  clients Work/life  balance  initiatives   5 Finding  qualified  staff Succession  planning Retaining  qualified  staff (1)  Management  of
 human  resources
 (2)  Seasonality/workload   compression PCPS CPA Firm Top Issues
  27. What does this mean for Small Practitioners? MACPA Member Survey Top Challenges 2014 Sleeter Group Survey 2014 The research: Anticipation is showing up across our Profession.
  28. Maryland Public Company Collaboration • Learning & Talent Development • Global Structure of Finance Function • Managing Risk & Innovation • Insight to Action
  29. 1. Private Companies Dominate 2. Private Companies create wealth & jobs 3. Private Companies invest and drive growth 4. Private Companies are agile & nimble and drive innovation
  30. What does this mean for Young Professionals? 11 Things Young Professionals Want You to Know
 1. More collaboration. 2. More transparency.  3. Encourage initiative. 4. Focus on strengths. 5. Expect the unexpected. 6. Take time to save time. 7. Look beyond the billable hour. 8. Engage your team in your vision. 9. Be realistic. 10.Train your staff and expect accountability. 11.Take a financial risk on leadership. http://cpa.tc/54r
  31. What does this mean for Students? Top 5 Things They Want: 1. Work-Life Balance 2. Career Growth & Stability 3. Competitive Pay 4. Flexibility 5. Learning & Development Top
  32. When you’re a part of an established entity, there’s so much incentive to maintain the status quo. A lot of times, the people who are leading are at the end of their careers, so they don’t want to throw everything up and see where it lands. They want to make it someone else’s problem. But I have seen the shift happening before my eyes, and have at times been frustrated that people weren’t taking advantage of this new platform in a way that would be effective for the content.
  33. What Got You Here, Won’t Get You There. So What?
  34. Lookout Post
  35. 1 Lookout Post 3 Membership Organization 4 L > C2 2 Laws, Regulations, & Standards
  36. Laws, Regulations, & Standards
  37. News you’ve got to stay on top of
  38. Federal Laws & Regulations
  39. Workforce Mobility
  40. Cash Basis Income Tax
  41. DOL Pension Audits
  42. ACA - Affordable Care Act
  43. Supreme Court - SCOTUS ACA and Tax Credits Perez vs Mortgage Bankers FTC vs NC State Board of Dental Examiners Wynne Case - MD out-of-state tax credits SCOTUS Allows federal challenge of CO “Amazon Tax”
  44. Workforce Mobility
  45. Data Act
  46. State Board of Public Accountancy (Licensing Issues)
  47. Current issues with your license • Employee Benefit Plans Peer Review • Responding to the Board • CPE Tracking and Reporting
  48. Financial Accounting Standards
  49. Accounting Standards Public  &   Private   Companies Private   Companies-­‐   Small   Business Public  &   Private   Companies   Private   Companies   Private   Companies-­‐   Small   Business State  &   Local  Gov’t Federal   Gov’t Financial   Reporting IFRS   (IASB)   IFRS-­‐SME   (IASB)   GAAP   (FASB)   GAAP-­‐PCC   (FASB)   FRF-­‐SME   (AICPA)   GASB FASAB Auditing IAASB IAASB PCAOB   ASB  (AICPA) ASB  (AICPA)   ASB  (AICPA)   GAGAS   Yellow   Book   GAO GAGAS   Yellow   Book   GAO Ethics IFAC IFAC PEEC   (AICPA) PEEC   (AICPA)   PEEC   (AICPA)   PEEC   (AICPA) PEEC   (AICPA)
  50. • Rev Rec Financial Accounting Standards • Cash Flow • GASB 67, 68 • Fair Value
  51. Peer Review Standards
  52. New Code of Ethics • Intuitively arranged • User-friendly online code: aicpa.org/newcode • Enforceable rules and principles not changed • Minimum substantive changes to interpretations • Non-authoritative guidance referenced • Effective December 15, 2014 • Additional year for Conceptual Frameworks
  53. Laws, Regulations, & Standards
  54. 1 Lookout Post 2 Laws, Regulations, & Standards 4 L > C2 3 Membership Organization
  55. Membership Organization
  56. Membership Organization How we connect, protect, and achieve.
  57. Connecting CPAs to our profession, each other, and the world at large.
  58. Connecting to Our Member Segments
  59. Student Group Town Hall
  60. NYPN
  61. Women to Watch
  62. Town Hall
  63. Committee and Chapter Activity
  64. MACPA Groups
  65. http://cpa.tc/21g
  66. https://twitter.com/macpaCPE twitter.com/macpaCPE
  67. Sales Tax Resources for MACPA The MACPA Accountants Resources Center gives you the tools you need to lead your clients through the complexities and dynamic challenges of sales and use tax compliance.
  68. MACPA Legislative and Regulatory Advocacy
  69. What is the #1 Thing MACPA does for CPAs and CPA Firms that nobody else does?
  70. Legislative Advocacy “From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens.” – Alexis de Tocqueville, on the power of Associations in Democracy in America
  71. 3 Levels 2 Objectives 1. Offense: Pass Proactive Bills 2. Defense: Stop Bad Bills 1. Federal 2. State 3. State Board of Accountancy
  72. Federal Laws & Regulations
  73. State Laws Passage of MD Mandatory Peer Review Legislation
  74. State Board of Public Accountancy (Licensing Issues)
  75. Our challenge 40% turnover in legislature Governor Attorney General Secretary of DLLR Key Committees 3 House • Economic Matters • Ways & Means • Judiciary 3 Senate • Education, Health & Environment • Budget & Tax • Judicial Proceedings
  76. CPA Day in Annapolis - 1/29/15
  77. Our 2015 MD agenda 1. Appeal Bond Reform 2. Expanded definition of attest 3. Build new relationships with legislators 1. Stop Sales Taxes on Services 2. Stop Comparative Fault by Trial Lawyers 3. Monitor 2,500 active bills in MD legislature Numbers Count! Defense Offense
  78. How we do it 1. Build and maintain Key Relationships with legislators and regulators (PAC, meetings and events) 2. Grassroots capabilities through membership - we can target specific legislators by committee and district 3. Financial support of key legislators via our PAC 4. High profile events that increase visibility of CPA Profession (CPA Day for legislators and Swearing-in for DLLR/State Board)
  79. Your career, forward, faster.
  80. CGMA Competency Framework
  81. MACPA Upcoming Events
  82. Innovation Summit 2015 June 23, 2015
  83. Leadership Academy
  84. Summary of MACPA Today
  85. Lighting the Way for the Shift Change Command & ControlEpisodic & PassiveSystems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – CustomizedRigid, Cube farmsGeneration Gap Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap
  86. Senator Feldman said Maryland is the best state in the nation to have your CPA license.
  87. The Next Chair of the AICPA Kimberly Ellison-Taylor
  88. “Tom Hood and MACPA makes every CPA kinda wish they were licensed in Maryland.” – Greg Kyte, CPA, Utah and Accounting Today Top 100 Influencer
  89. Learning 1.Social 2.Mobile/Nano 3.Cloud 4.Collaborative (MBSN) 5.Competency-based
  90. Tom’s Favorite Tools “Use the tools, don’t let the tools use you.” 
 – Francine McKenna @retheauditors • Twitter • Linked-In • Blog • Slideshare.net • Evernote • Tweetdeck.com • Hootsuite.com • Zite.com • Kindle
  91. Our Digital Transformation Strategy 1. Digitization & workflow –shifting resources and systems to growth areas 2. Virtualization – Moving IT infrastructure to cloud 3. Transformation to cloud – Increase use of existing systems of engagement 4. Transformation to cloud – New cloud based systems – accounting 5. Transformation to cloud – Move AMS and MACPA website
  92. We identified three major goals for making this shift: 1. Help employees identify and address the challenges and opportunities that have the greate impact on the business. 2. Help employees strengthen high-impact connections by enabling them to collaborate easily with others inside and outside the organization. 3. Amplify the impact of those efforts by building an infrastructure that allows small improvements to scale easily across the organization.
  93. Membership Organization
  94. 1 Lookout Point 2 Laws, Regulations, & Standards 3 Membership Organization 4 L > C2
  95. L>C2
  96. “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
  97. 92% of CPAs are NOT Future Ready! Future Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment. Source: CPA.COM 2014 CPA of the Future Study
  98. How Extraordinary Leaders Double Profits
  99. Competencies – Research & Examples
  100. “The hard stuff is soft and the soft stuff is hard.” –Tom Peters
  101. Interestingly enough, there is one pivotal competency that is most powerful in distinguishing the top 10th percentile from the rest: inspiring and motivating others to high performance.
  102. Anticipation: The Missing Competency
  103. Strategic Thinking External Awareness Vision Continuous Learning Innovation Creativity Problem Solving Prioritization Business Acumen Decisiveness Influencing/Persuading Emotional Intelligence Consensus Building Collaboration Inspiration Risk Management Anticipatory Organization: Finance / Accounting Edition
  104. “Leadership and learning are indispensable to each other.” - JFK
  105. L>C2
  106. Why CPAs?
  107. Thank You for Coming
  108. Tom$Hood,$CPA.CITP$ CEO$ Maryland$Associa8on$of$CPAs$ Business$Learning$Ins8tute$ (443)$632F2301$ EFmail$tom@macpa.org$ Web$hNp://www.macpa.org$ hNp://www.blionline.org$ Blog$hNp://www.cpasuccess.com$ $

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