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The top trends and issues facing CPAs are discussed at MACPA's annual special Town Hall for Business, Industry, Government & NFP members. .A
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We Our Members in
BusinessEducationIndustryNFPGovernment
Welcome to the New Normal
Will the pace of change increase or decrease?
Will complexity increase or decrease?
The 5 C’s• Competition• Compliance• Convergence• Change• Complexity
We feel overwhelmed by the waves of change
Most CPAs feel like this with legislative, standards & regulatory changes
Federal
State
Standards
Pipeline
CPA Infrastructure
The Federal Issues – more waves of change
• FTC Red Flags rule – privacy & identity theft
• Tax Preparer Registration & PTIN issue
• Patient Protection Act & 1099’s
• Tax Strategy Patents• Dodd-Frank Act• 3% Withholding on Govt
Pmts
MACPA 2011 Agenda• Pass 120/150 legislation• Stop Sales Tax on Accounting
Services• Exempt CPAs from Debt
Counseling Bill• Stop Trial Lawyers attempts at
Tort Liberalization – Comparative Fault
• Pass Safe Harbor legislation
CPA Day in AnnapolisJanuary 18, 2012
SECFASB
FASBPCFRC
IASBIFRS & SME
PCAOB AICPAASB, ARSC, PRB
IAASB
AICPAPEEC
AICPAPEEC
IFAC
Public Company Private Company Int’l Company
FinancialReporting
Audit /Attest PerformanceStandards
Code of Conduct
Another way to look at standards & oversight
State Oversight & Enforcement of CPA LicenseCPALicensure
WEB 2.0WEB 2.0 THE NETGENERATI
ON
THE NETGENERATI
ON
Wikinomics -The New Economic
Order
Wikinomics -The New Economic
Order
Three Drivers of ChangeThree Drivers of Change
Inspired by Don Tapscott
RFTF – Reports from the Future
MACPA’s Board focuses on 2025
Top 10 Trends (and the time to address is now)
1. Pressures on Gov’t & rising deficit2. Changes in learning – informal & on-demand3. The cloud = flex, global, work anywhere4. Increasing complexity, ambiguity & change5. Globalization and economic shifts6. Information overload7. Shift to consumer power (push to pull)8. Workforce, demographics, the “she” economy9. Going mobile10. Social media = business
MACPA is positi oned well
“You can’t stop the waves, but you can learn to surf”- Jon Kabat-Zinn
Photo: Pratt’s surfing page
Turbulent times require new skills and new ways of thinking
IBM Global CFO Study shows movement to “Value Integrators”
The five enablers to high performance
• Technology• Process efficiency &
effectiveness• Operating model
(outsource & insource)• Data analytics• People
Source: IBM Global CFO study
Two major themes: Focus on execution and continuous improvement
Source: Ernst & Young : The DNA of the CFO
The DNA of the CFO
We see a group of people whose unique optic on the business has rightly earned them promotion to the forefront.
A group who are embracing their increasingly strategic remit. And, who see their career choice as one to be celebrated – not a staging post to the role of CEO.
1. Developing soft skills 2. Understanding and applying international accounting 3. Understanding complex accounting and auditing standards4. Adapting to an evolving regulatory framework5. Addressing new external reporting needs6. Understanding ERP or IT systems and technological7. Employing quantitative risk management techniques8. Possessing specialized industry knowledge and
understanding company's non-financial business drivers
GT: The Evolving Accounting Talent Profile
The Decade of the CFO?
The best CEOs in the world are a combination of CEO, COO and CFO. They are inspirational, financially literate and know the ins and outs of their business at a sophisticated level.
In 1997, the CPA profession crowd-sourced its future with over 3,500 CPAs in the CPA Vision Project
CPAs...Making sense of a changing and complex world.
CPAs...Making sense of a changing and complex world.
Our core purpose, our reason for being is
Here is what they said…
Our Vision Statement for the future is:( mandates to ourselves for a successful future)
• Communicating the total picture with clarity and objectivity,
• Translating complex information into critical knowledge,
• Anticipating and creating opportunities, and
• Designing pathways that transform vision into reality.
CPAs are the trusted professionals who enablepeople and organizations to shape their future.Combining insight with integrity, CPAs deliver value by:
The DNA of the CPA as CFO• Communication &
Leadership• Strategic & Critical Thinking• Focus on the Customer,
Client, and Market• Interpretation of
Converging Information• Technologically adept
How Leadership is changing?From
• Information Stocks• Hierarchy• Push• Centralized• Teacher
To
• Information Flows• Network• Pull• Distributed• Facilitator
Five Qualities of Extraordinary Leaders
1. Sight - Ability to see emerging patterns and shift perspective when necessary
2. Insight - Ability to learn faster than the rate of change in your industry
3. Create - Ability to think strategically and critically to gain insights that create new opportunities
4. Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work
5. Inspire – Ability to mobilize support and engage others to join you in ACTION
LC
The learning continues by using social media tools to connect the learners
Surfing Lessons!
www.bizlearningblog.com www.cpasuccess.com www.cpalegislativeinsidercom
Comments on BizLearningBlog include a participant and author of book
Jane Bozarth - author
Key events & dates
Business_Industry.mp4
MACPA Business & Industry Conference - May 20, 2010 – Turf ValleyMACPA Summit - Jun 2 & 3, 2010 - BWIBeach Retreat - Jul 5 – 7, 2011 - OCCPA Day in Annapolis - Jan 18, 2012 - Annapolis
What’s over the horizon for CPAs?
www.macpa.org/forumhttp://www.aicpa.org/Research/CPAHorizons2025/
• RJP Insurance• AON• Purchasing Power
of the profession– Savings of up to
70% off!
Resources
Products / Services
Business Solutions
Executive Level Learning
Executive Level Learning
Strategic Management Business Management Performance Measurement
Management Leadership Development Communications Skills
Strategic Management Business Management Performance Measurement
Management Leadership Development Communications Skills
MACPA’s affiliate, the Business Learning Institute (BLI) delivers competency-based curriculum for managers and executives:
Why we are here and what we are doing about it
Why we are here and what we are doing about it
CPA
The only question for leaders
Have I made you feel stronger and more capable?
Source: Emmanuel Gobillot - LeaderShift
Tom Hood, CPA.CITPCEO
Maryland Association of CPAsBusiness Learning Institute
(443) 632-2301E-mail [email protected]
Web http://www.macpa.orgBlog http://www.cpasuccess.com
CONNECT – PROTECT - ACHIEVE