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Professional	

Issues	

Update	

For BIEG	

Professionals	

   By: Tom Hood, CPA,
       CITP, CGMA	


      March 21, 2012	

    Crowne Plaza Hotel	

      Timonium, MD
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
THE MAP IS USELESS
                         	

"The map keeps getting redrawn,
because it's cheaper than ever to
    go offroad, to develop and
 innovate and remake what we
  thought was going to be next.	


Technology keeps changing the
   routes we take to get our
projects from here to there. It
 doesn't pay to memorize the
  route, because it's going to
         change soon."   	

          - Seth Godin
Welcome to the “New Normal”

“…an	
  indisputable	
  leadership	
  
challenge	
  that	
  ul3mately	
  
requires	
  new	
  models,	
  bold	
  
ideas	
  and	
  personal	
  courage	
  
to	
  ensure	
  that	
  this	
  century	
  
improves	
  the	
  human	
  
condi3on	
  rather	
  than	
  
capping	
  its	
  poten3al.”	
  
	
  
	
  –	
  World	
  Economic	
  Forum	
  
In our hyper-networked,
  mobile, social, global world,
  the rules and plans of
  yesterday are increasingly
  under pressure; the
  enterprises and individuals that
  will thrive will be those willing
  to adapt in a disciplined,
  unsentimental way.

Generation Flux is a term that describes all of this -
the chaotic business era that we have moved into - as
well as the people who are poised to thrive in this
environment. - Robert Safian - editor FastCompany
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
NAVIGATORS OF CHANGE
1. Sight - Ability to see emerging patterns
  and shift perspective when necessary
2. Insight – Ability to think strategically and
  critically to gain insights 
3. Create – Seek high leverage
  opportunities that build on your strengths
4. Communicate - Ability to make your
  thinking visible to others and the ability to
  collaborate inside and outside your
  organization
5. Inspire – Ability to mobilize support and
  engage others involved in doing the work
  to join you in ACTION
                                                  10


    Five Qualities of
    Extraordinary Leaders
OUR GYROSCOPE!
What CPAs think about the future	

                                                               30 Future Forums	

                                                                  1,000 CPAs	

                                                           Identified these top trends	





      http://www.bizlearning.net/live/i2afutureforums
Surfing	
  lessons!	
  




http://www.macpa.org/Content/26336.aspx
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
How are you doing?
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MANAGING THE SEA
      CHANGE	

• Change	

• Complexity	

• Compliance	

• Convergence	

• Competition
Complexity
 the biggest challenge
facing enterprises from
here on will be the
accelerating complexity
and the velocity of a



                          79%
world that is operating
as a massively
interconnected
system.




                          51%
   20
Compliance
Professional	

 Standards	


                  Federal Laws	

    State Laws & 	

                  & Regulations	

    Regulations
Private Company Standards
State Legislation
                      	





Next CPA Day in Annapolis - January 16, 2013
State	
  Legisla3on	
  
Maryland	
  Legisla3ve	
  update	
  
•  Sales	
  Tax	
  on	
  Services	
  –	
  No	
  vote	
  yet	
  from	
  
   CommiKee	
  (House	
  Ways	
  &	
  Means)	
  
•  Digital	
  Download	
  –	
  wai3ng	
  for	
  CommiKee	
  
   (House	
  Ways	
  &	
  Means	
  CommiKee)	
  
•  Combined	
  Repor3ng	
  	
  -­‐	
  we	
  oppose	
  due	
  top	
  
   compliance	
  complexity	
  
•  Recoupling	
  Deprecia3on	
  &	
  Estate	
  Tax	
  	
  
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
Maryland	
  Legisla3ve	
  update	
  
Other	
  Issues:	
  	
  
•  Across	
  the	
  Board	
  Income	
  Tax	
  hike	
  +	
  Surcharge	
  
   for	
  $500,000	
  +	
  
•  Possible	
  across	
  the	
  board	
  Sales	
  Tax	
  increase	
  
•  Possible	
  extended	
  or	
  special	
  session	
  
State	
  Board	
  of	
  Accountancy	
  
•  CPA	
  Exam	
  applica3ons	
  delayed	
  90	
  days	
  
•  PTIN	
  rush	
  to	
  reinstate	
  &	
  Industry	
  CPAs	
  
State Legislation and Regulatory	


•  Accountancy bills (20 states) - 51	

•  Auditor Rotation (3 states) - 8	

•  Mobility (2 states) - 6	

•  Regulation of Tax Preparers (3 states) - 5	

•  Tax on Accounting Services (6 states) - 11	

•  Peer Review (4 states) - 7	

•  State Board Consolidation (6 states) 8
31



Tsunami of 1099K and info returns
dAct
                                 rkpla ce Frau
                           MD Wo

CPAs in Tax
The increase in IRS
activity is swamping our
tax practitioners and
costing them hundreds
of hours in chasing
down IRS notices.




                                                      32
33
Convergence
Public	

    Private         Int’l	

                Company	

   Company	

     Company	

 Financial	

Reporting	



Auditing	



  Ethics	



                    State Boards of Accountancy
35



Sarbanes-Oxley Act of 2003
CPAs required to register as
                         debt settlement advisors




                                                       36


Dodd-Frank - the bill that keeps on giving
37


Cascade from
across the pond!
Federal Accounting Standards?
So what? What does this mean to BIEG CPAs?




                                              39
                                              39
Our new research bears out
that the human dimension –
relationships with customers,
employees, partners and
communities – will be key to
getting things moving again
and sustaining success over
the long run.


CGMA & Business & Industry
members
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
What	
  do	
  young	
  professionals	
  need	
  to	
  
         Drivers of Value
                 be	
  leaders?	
  
Transparency	
  &	
  Accountability	
  
"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."



                                 Generation Y Born btw 1980 – 2000 (12 to 32)
                                 Generation X Born btw 1965 – 1979 (33 – 47)
                                 Boomers 
Born        btw 1946 – 1964 (48 – 66)
                                 Traditionalists Born prior to 1945 (67 & older)
•  Transparency &
   Performance Management
   = Accountability
•  Free the Data & Free Skip
•  Outside in vs Inside Out
•  CPA as interpreter &
   business guide

                                45



    Summing it all up…
Moneyball	
  
1. Ask the naive question
2. Be the house (measure, odds,
risk)
3. A willingness to try anything
4. look around (especially
outside)
5. Confidence matters - believe
in yourself

                                   Paul DePodesta - VP of Player
                                    Development for the New York Mets
                                    formerly Asst GM of Oakland A’s

                                                                        47




    Adopt a moneyball mindset
MANAGING THE SEA CHANGE
    Captain of your own ship!
                            	


•  Continuous
   Learning	

•  Competency	

•  Collaboration	

=	

Career Success
49
                       Picture: John Drake - Flickr


 ...where the most important skill is the ability to
acquire new skills.
It really is about this...
3 Critical
Workforce
Priorities
Rapidly developing
workforce skills and
capabilities
Fostering collaboration
 knowledge sharing
Developing future
leaders




                          51
OUR GYROSCOPE!
In	
  1997,	
  the	
  CPA	
  profession	
  crowd-­‐sourced	
  its	
  future	
  with	
  
            over	
  3,500	
  CPAs	
  in	
  the	
  CPA	
  Vision	
  Project	
  
         That	
  was	
  re-­‐validated	
  in	
  2011	
  by	
  8,000+	
  CPAs	
  

                                            Our core purpose, our reason for
                                                        being is


                                              CPAs...
                                                    
                                          Making sense of
                                          a changing and
                                          complex world.
 Here is what they said…
The	
  DNA	
  of	
  the	
  CPA	
  as	
  CFO	
  
               Values	
  	
  Competencies	
  



•    Leadership	
  
•    Communica3on	
  
•    Strategic	
  Thinking	
  
•    Collabora3on	
  	
  Synthesis	
  
•    Technologically	
  Savvy	
  
Our	
  Vision	
  Statement	
  for	
  the	
  future	
  is:	
  
         (	
  mandates	
  to	
  ourselves	
  for	
  a	
  successful	
  future)	
  

     CPAs are the trusted professionals who enable    
     people and organizations to shape their future.  
  Combining insight with integrity, CPAs deliver value by:

                            •  Communica3ng	
  the	
  total	
  
                               picture	
  with	
  clarity	
  and	
  
                               objec3vity,	
  
                            •  Transla3ng	
  complex	
  
                               informa3on	
  into	
  cri3cal	
  
                               knowledge,	
  
                            •  An3cipa3ng	
  and	
  crea3ng	
  
                               opportuni3es,	
  and	
  
                            •  Designing	
  pathways	
  that	
  
                               transform	
  vision	
  into	
  reality.	
  
MACPA	
  Priori3es	
  
1.    Connect  Collaborate
2.    Span Generational Divide
3.    Alignment w/ Committees
4.    Legislative Task Force
5.    Leadership Development
6.    Connect Pipeline
Reflec3ons	
  from	
  BLI	
  Thought	
  Leaders	
  
Critical Turning
Entry-level
                       Point
                      CFO
  Staff




               Supervisor
                       Controller




                                Manager
The	
  Idea	
  Store	
  is	
  open!	
  




Mail Suggestions to ideastore@macpa.org
MACPA	
  Special	
  Task	
  Force	
  
                                         •  Annual cost of Federal
 Offer CPA expertise to the state to        Compliance $1.75 trillion
 help overcome budget issues in bi-      •  Federal burden exceed
partisan, objective manner in order to      costs of health care per
 bring about efficiency, transparency        person by 50%
         and fiscal discipline.
          •  Cost per employee =
                                            $8,086
                                         •  For SMB  20 = $10,500
                                            per employee
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
According to these young professionals, the
future is one in which CPAs:

● are proactive, flexible, adaptive and
collaborative by nature;
● have regained the trust of their clients and
the public at large;
● have successfully bridged the profession’s
“leadership gap” by focusing on succession
planning, personal growth, and generational
cooperation;
● have created the profession’s premier
global industry standards and best practices;
● have redefined the profession through
work / life integration, collaboration, and a
team-first approach; and
● have earned a reputation as technological
innovators.                                      63
                          


Wisdom from the MACPA Leadership
Academy
Leadership Academy	





 May 7-9, 2012 Crowne Plaza Timonium, MD
MACPA Your Trusted Filter
MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs
Providing a unique interface between
members of the organization
Delivering unique creativity
Managing a situation or organization
of great complexity
Leading customers
Inspiring staff
Providing deep domain knowledge
Possessing a unique talent

                                       67



Become a Linchpin
A leader s
job is to
provide
hope and
inspiration...



                  68
Tom	
  Hood,	
  CPA.CITP	
  
                      CEO	
  
  Maryland	
  Associa8on	
  of	
  CPAs	
  
   Business	
  Learning	
  Ins8tute	
  
             (443)	
  632-­‐2301	
  
        E-­‐mail	
  tom@macpa.org	
  
  Web	
  hNp://www.macpa.org	
  
Blog	
  hNp://www.cpasuccess.com	
  
                       	
  

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MACPA Spring 2012 Professional Issues Update for Biz/Industry CPAs

  • 1. Professional Issues Update For BIEG Professionals By: Tom Hood, CPA, CITP, CGMA March 21, 2012 Crowne Plaza Hotel Timonium, MD
  • 4. THE MAP IS USELESS "The map keeps getting redrawn, because it's cheaper than ever to go offroad, to develop and innovate and remake what we thought was going to be next. Technology keeps changing the routes we take to get our projects from here to there. It doesn't pay to memorize the route, because it's going to change soon." - Seth Godin
  • 5. Welcome to the “New Normal” “…an  indisputable  leadership   challenge  that  ul3mately   requires  new  models,  bold   ideas  and  personal  courage   to  ensure  that  this  century   improves  the  human   condi3on  rather  than   capping  its  poten3al.”      –  World  Economic  Forum  
  • 6. In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way. Generation Flux is a term that describes all of this - the chaotic business era that we have moved into - as well as the people who are poised to thrive in this environment. - Robert Safian - editor FastCompany
  • 10. 1. Sight - Ability to see emerging patterns and shift perspective when necessary 2. Insight – Ability to think strategically and critically to gain insights 3. Create – Seek high leverage opportunities that build on your strengths 4. Communicate - Ability to make your thinking visible to others and the ability to collaborate inside and outside your organization 5. Inspire – Ability to mobilize support and engage others involved in doing the work to join you in ACTION 10 Five Qualities of Extraordinary Leaders
  • 12. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
  • 15. How are you doing?
  • 19. MANAGING THE SEA CHANGE • Change • Complexity • Compliance • Convergence • Competition
  • 20. Complexity the biggest challenge facing enterprises from here on will be the accelerating complexity and the velocity of a 79% world that is operating as a massively interconnected system. 51% 20
  • 22. Professional Standards Federal Laws State Laws & & Regulations Regulations
  • 24. State Legislation Next CPA Day in Annapolis - January 16, 2013
  • 26. Maryland  Legisla3ve  update   •  Sales  Tax  on  Services  –  No  vote  yet  from   CommiKee  (House  Ways  &  Means)   •  Digital  Download  –  wai3ng  for  CommiKee   (House  Ways  &  Means  CommiKee)   •  Combined  Repor3ng    -­‐  we  oppose  due  top   compliance  complexity   •  Recoupling  Deprecia3on  &  Estate  Tax    
  • 29. Maryland  Legisla3ve  update   Other  Issues:     •  Across  the  Board  Income  Tax  hike  +  Surcharge   for  $500,000  +   •  Possible  across  the  board  Sales  Tax  increase   •  Possible  extended  or  special  session   State  Board  of  Accountancy   •  CPA  Exam  applica3ons  delayed  90  days   •  PTIN  rush  to  reinstate  &  Industry  CPAs  
  • 30. State Legislation and Regulatory •  Accountancy bills (20 states) - 51 •  Auditor Rotation (3 states) - 8 •  Mobility (2 states) - 6 •  Regulation of Tax Preparers (3 states) - 5 •  Tax on Accounting Services (6 states) - 11 •  Peer Review (4 states) - 7 •  State Board Consolidation (6 states) 8
  • 31. 31 Tsunami of 1099K and info returns
  • 32. dAct rkpla ce Frau MD Wo CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices. 32
  • 34. Public Private Int’l Company Company Company Financial Reporting Auditing Ethics State Boards of Accountancy
  • 36. CPAs required to register as debt settlement advisors 36 Dodd-Frank - the bill that keeps on giving
  • 39. So what? What does this mean to BIEG CPAs? 39 39
  • 40. Our new research bears out that the human dimension – relationships with customers, employees, partners and communities – will be key to getting things moving again and sustaining success over the long run. CGMA & Business & Industry members
  • 42. What  do  young  professionals  need  to   Drivers of Value be  leaders?  
  • 44. "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." Generation Y Born btw 1980 – 2000 (12 to 32) Generation X Born btw 1965 – 1979 (33 – 47) Boomers Born btw 1946 – 1964 (48 – 66) Traditionalists Born prior to 1945 (67 & older)
  • 45. •  Transparency & Performance Management = Accountability •  Free the Data & Free Skip •  Outside in vs Inside Out •  CPA as interpreter & business guide 45 Summing it all up…
  • 47. 1. Ask the naive question 2. Be the house (measure, odds, risk) 3. A willingness to try anything 4. look around (especially outside) 5. Confidence matters - believe in yourself Paul DePodesta - VP of Player Development for the New York Mets formerly Asst GM of Oakland A’s 47 Adopt a moneyball mindset
  • 48. MANAGING THE SEA CHANGE Captain of your own ship! •  Continuous Learning •  Competency •  Collaboration = Career Success
  • 49. 49 Picture: John Drake - Flickr ...where the most important skill is the ability to acquire new skills.
  • 50. It really is about this...
  • 51. 3 Critical Workforce Priorities Rapidly developing workforce skills and capabilities Fostering collaboration knowledge sharing Developing future leaders 51
  • 53. In  1997,  the  CPA  profession  crowd-­‐sourced  its  future  with   over  3,500  CPAs  in  the  CPA  Vision  Project   That  was  re-­‐validated  in  2011  by  8,000+  CPAs   Our core purpose, our reason for being is CPAs... Making sense of a changing and complex world. Here is what they said…
  • 54. The  DNA  of  the  CPA  as  CFO   Values    Competencies   •  Leadership   •  Communica3on   •  Strategic  Thinking   •  Collabora3on    Synthesis   •  Technologically  Savvy  
  • 55. Our  Vision  Statement  for  the  future  is:   (  mandates  to  ourselves  for  a  successful  future)   CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by: •  Communica3ng  the  total   picture  with  clarity  and   objec3vity,   •  Transla3ng  complex   informa3on  into  cri3cal   knowledge,   •  An3cipa3ng  and  crea3ng   opportuni3es,  and   •  Designing  pathways  that   transform  vision  into  reality.  
  • 56. MACPA  Priori3es   1.  Connect Collaborate 2.  Span Generational Divide 3.  Alignment w/ Committees 4.  Legislative Task Force 5.  Leadership Development 6.  Connect Pipeline
  • 57. Reflec3ons  from  BLI  Thought  Leaders  
  • 58. Critical Turning Entry-level Point CFO Staff Supervisor Controller Manager
  • 59. The  Idea  Store  is  open!   Mail Suggestions to ideastore@macpa.org
  • 60. MACPA  Special  Task  Force   •  Annual cost of Federal Offer CPA expertise to the state to Compliance $1.75 trillion help overcome budget issues in bi- •  Federal burden exceed partisan, objective manner in order to costs of health care per bring about efficiency, transparency person by 50% and fiscal discipline. •  Cost per employee = $8,086 •  For SMB 20 = $10,500 per employee
  • 63. According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators. 63 Wisdom from the MACPA Leadership Academy
  • 64. Leadership Academy May 7-9, 2012 Crowne Plaza Timonium, MD
  • 67. Providing a unique interface between members of the organization Delivering unique creativity Managing a situation or organization of great complexity Leading customers Inspiring staff Providing deep domain knowledge Possessing a unique talent 67 Become a Linchpin
  • 68. A leader s job is to provide hope and inspiration... 68
  • 69. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hNp://www.macpa.org   Blog  hNp://www.cpasuccess.com