PIU 2012 - CPA Horizons 2025

Professional Issues Update CPA Horizons 2025

By: Tom Hood, CPA, CITP, CGMA

April 23, 2012 Loyola University

Columbia, MD

The Future

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Complexity “the biggest challenge facing enterprises from here on will be the accelerating complexity and the velocity of a world that is operating as a massively interconnected system.” 79%

51%

The “New Normal”

http://www.endofbusiness.com

http://www.bizlearning.net/live/i2afutureforums/

OUR GYROSCOPE!

30 Future Forums 1,000 CPAs

Identified these top trends

What CPAs think about the future

http://www.bizlearning.net/live/i2afutureforums

"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)

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3 Critical Workforce"Priorities Rapidly developing workforce skills and capabilities Fostering collaboration & knowledge sharing Developing future leaders

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  

CPAs... Making sense of a changing and complex world.

Our core purpose, our reason for being is

Here is what they said…

The  DNA  of  the  CPA  Values  &  Competencies  

•  Leadership  •  CommunicaLon  •  Strategic  Thinking  •  CollaboraLon  &  Synthesis  •  Technologically  Savvy  

Our  Vision  Statement  for  the  future  is:  (  mandates  to  ourselves  for  a  successful  future)  

•  CommunicaLng  the  total  picture  with  clarity  and  objecLvity,  

•  TranslaLng  complex  informaLon  into  criLcal  knowledge,  

•  AnLcipaLng  and  creaLng  opportuniLes,  and  

•  Designing  pathways  that  transform  vision  into  reality.  

CPAs are the trusted professionals who enable people and organizations to shape their future.

Combining insight with integrity, CPAs deliver value by:

How are you doing?

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The CPA Brand

The

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• Change • Complexity • Compliance • Convergence • Competition

MANAGING THE SEA CHANGE

Why MACPA?

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MACPA  PrioriLes  1.  Connect & Collaborate 2.  Span Generational Divide 3.  Alignment w/ Committees 4.  Legislative Task Force 5.  Leadership Development 6.  Connect Pipeline

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Connect – Connecting you to your Profession

Connecting the pipeline of CPAs

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http://www.facebook.com/TomorrowsCPA

Students CPA Candidates CPAs

Protect – Protecting the CPA License & Public Interest since 1901

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CPA Day in Annapolis – January 16, 2013

Federal Laws & Regulations

State Laws & Regulations

Professional Standards

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Tsunami of 1099K and info returns

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

MD Workplace Fraud Act

Private Company Standards

Decision due from FAF on May 24, 2012

Results – Legislature 2012

http://www.cpalegislativeinsider.com

MACPA Special Task Force

•  Annual cost of Federal Compliance $1.75 trillion

•  Federal burden exceed costs of health care per person by 50%

•  Cost per employee = $8,086

•  For SMB < 20 = $10,500 per employee

Offer CPA expertise to the state to help overcome budget issues in bi-

partisan, objective manner in order to bring about efficiency, transparency

and fiscal discipline.

The  Idea  Store  is  open  –  Harnessing  the  wisdom  of  the  crowd  

Mail Suggestions to ideastore@macpa.org

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Achieve – Achieving Success as a CPA

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

It really is about this...

Tom Peters advice on keeping your L > C

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“...where the most important skill is the ability to acquire new skills.”

Picture: John Drake - Flickr

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Wisdom from the MACPA Leadership Academy

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.

http://www.bizlearning.net/live/i2aleadership/

Achieve – Find Your Edge

http://youtu.be/e-zeOD79clA

Five Qualities of Extraordinary Leaders

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

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A leader’s job is to set the context and provide hope and inspiration..."

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