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Petra Learning LLC
Ohio Society of CPAs
A Look Ahead
November 14, 2013

11/23/2013

www.petralearning.com

Page
1
Navigating the Unfolding
Landscape
What Questions Are You
Asking?
Changing
Frameworks
Q: Where do
we fit?
Q: What
changes are
needed?

Social
Media
Activism
Q: Who’s
speaking for
you?
Q: What are
they saying?

11/23/2013

Fraud/Governan
ce Focus
Q: Where am I
weak?
Q: Have can I
batten down the
hatches?

www.petralearning.com

Page 2
1. What’s required?
2. How to present?
3. Pros / cons?

Result
Need dynamic
reporting systems and
processes
11/23/2013

1. U.S. GAAP / IFRS
2. Private Company
3. Small / Medium
Enterprises
4. Non-Profit
5. OCBOA

1. Global
reporting
initiative
(G4)
2.
Integrated
Reporting
(IIRC)

www.petralearning.com

Coalescing

Bottom line:
What we have right
now is not getting the
job done
Therefore:
Search for answers

Segmentin
g

Frameworks

Page 3
Integrated Reporting
Guiding Principles
(www.theiirc.org)
 Strategic focus
 Future orientation
Adoption
 Connectivity
 90 global businesses
 Stakeholder
responsiveness  50 institution investors
 Materiality
 U.S. Companies:
 Conciseness
◦ Coca-Cola, SAP, Cliff’s Natural
 Consistency
Resources, Jones Lang
 Comparability
Lasalle, Microsoft, Prudent Financial
Inc., The Clorox Company
Comments
July 15

V1 Dec
2013

Pilot to
Sept 2014

11/23/2013

www.petralearning.com

Page 4
Social Media Activism
Who Controls Your Financial
Brand?

Access to
Information

Public
Relations
Nightmare
Social
Media

Example 1:
Imaging3, Inc.
 Example 2: Netflix
CEO personal
Facebook
messaging / SEC
FD decision
 Example 3:
Snowden


Who’s speaking for you?
How much sensitive data floats around your team?

11/23/2013

www.petralearning.com

Page 5
Fraud / Governance
Pressures
 COSO IC Framework
 Whistleblower provisions
 Increased enforcement action
Response System
 Dynamic, Integrated, Comprehensive,
Understood, Accepted
11/23/2013

www.petralearning.com

Page 6
THANKS FOR YOUR ATTENTION.
ENJOY THE REST OF THE DAY.
If there are comments, questions we did not get a
chance to address, you can send them to me at:

tiffany@petralearning.com

11/23/2013

www.petralearning.com

Page 7

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OSCPA - Managing Through Change (Big Picture)

  • 1. Petra Learning LLC Ohio Society of CPAs A Look Ahead November 14, 2013 11/23/2013 www.petralearning.com Page 1
  • 2. Navigating the Unfolding Landscape What Questions Are You Asking? Changing Frameworks Q: Where do we fit? Q: What changes are needed? Social Media Activism Q: Who’s speaking for you? Q: What are they saying? 11/23/2013 Fraud/Governan ce Focus Q: Where am I weak? Q: Have can I batten down the hatches? www.petralearning.com Page 2
  • 3. 1. What’s required? 2. How to present? 3. Pros / cons? Result Need dynamic reporting systems and processes 11/23/2013 1. U.S. GAAP / IFRS 2. Private Company 3. Small / Medium Enterprises 4. Non-Profit 5. OCBOA 1. Global reporting initiative (G4) 2. Integrated Reporting (IIRC) www.petralearning.com Coalescing Bottom line: What we have right now is not getting the job done Therefore: Search for answers Segmentin g Frameworks Page 3
  • 4. Integrated Reporting Guiding Principles (www.theiirc.org)  Strategic focus  Future orientation Adoption  Connectivity  90 global businesses  Stakeholder responsiveness  50 institution investors  Materiality  U.S. Companies:  Conciseness ◦ Coca-Cola, SAP, Cliff’s Natural  Consistency Resources, Jones Lang  Comparability Lasalle, Microsoft, Prudent Financial Inc., The Clorox Company Comments July 15 V1 Dec 2013 Pilot to Sept 2014 11/23/2013 www.petralearning.com Page 4
  • 5. Social Media Activism Who Controls Your Financial Brand? Access to Information Public Relations Nightmare Social Media Example 1: Imaging3, Inc.  Example 2: Netflix CEO personal Facebook messaging / SEC FD decision  Example 3: Snowden  Who’s speaking for you? How much sensitive data floats around your team? 11/23/2013 www.petralearning.com Page 5
  • 6. Fraud / Governance Pressures  COSO IC Framework  Whistleblower provisions  Increased enforcement action Response System  Dynamic, Integrated, Comprehensive, Understood, Accepted 11/23/2013 www.petralearning.com Page 6
  • 7. THANKS FOR YOUR ATTENTION. ENJOY THE REST OF THE DAY. If there are comments, questions we did not get a chance to address, you can send them to me at: tiffany@petralearning.com 11/23/2013 www.petralearning.com Page 7