Future of CPAs, CFOs and Accounting - COCPA Leadership Council
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Leading in the Age of Transformation is the theme of the Colorado Society of CPAs Leadership Council. This is the professional issues update to provide context from future trends and issues facing the CPA Profession. For more information about that meeting contact Mary Medley, CEO of the COCPAs
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Más de Tom Hood, CPA,CITP,CGMA
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Future of CPAs, CFOs and Accounting - COCPA Leadership Council
- 1. Tom Hood, CPA, CITP, CGMA CEO MACPA & the Business Learning Institute Professional Issues Update and The Future of CPAs Prepared for:
- 2. Tom Hood CEO of MACPA & BLI • Named Fourth Most Influen2al Person by Accoun2ng Today • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accoun2ng Thought Leaders by CPA Prac2ce Adviser • Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Genera2ons Tom Hood, CPA, CITP, CGMA CEO MACPA Business Learning Institute (BLI) hQp://www.linkedin.com/in/tomhood 6/12/13 T
- 3. www.SlideShare.net/thoodcpa @tomhood @MACPA Download today’s slides at … 6/12/13 T
- 4. hQp://macpa.cnf.io Ask and answer ques2ons throughout the day here… Conferences.io was used to engage our members and encourage open Q&A and feedback with this exci2ng new technology we will begin incorpora2ng into strategic planning and CPE courses for engagement and collabora2on. 6/12/13 T
- 5. Respond to a Poll Ask a Question Vote up a Question hQp://macpa.cnf.io 6/12/13 T
- 6. Insights to Ac2on “One without the other is either useless or destruc2ve” T
- 7. Source: WTF What’s the Future of Business by Brian Solis What I have been thinking about T
- 8. 8 What is the #1 reason organizations fail?
- 9. Business Not for Profits NGOs Government Different Worlds? T
- 11. The new “Big Four” + 1 + 3 • Economy • Globaliza2on • Workforce • Technology + Health Care T
- 12. 6/12/13 T
- 14. Compliance -‐ Standards • Interna2onal – IASB & IFRS • FASB & PCC • AICPA & FRF – SME • ASB – Clarity (12/15) • GASB Pension • PEEC • COSO • IIRC hQp://cpa.tc/1us T
- 15. Convergence and IFRS 2013 FUTURE2014 Leases re-exposure Revenue recognition standard Financial instruments IFRS? Principles- based SEC milestone ─ IFRS decision Affects virtually all businesses
- 17. Happy 40th Birthday FASB! 6/12/13 T
- 18. #Accoun2ngStandards Public & Private Companies Private Companies-‐ Small Business Public & Private Companies Private Companies Private Companies-‐ Small Business Financial ReporHng IFRS (IASB) IFRS-‐SME (IASB) GAAP (FASB) GAAP-‐PCC (FASB) FRF-‐SME (AICPA) AudiHng IAASB IAASB PCAOB ASB (AICPA) ASB (AICPA) ASB (AICPA) Ethics IFAC IFAC PEEC (AICPA) PEEC (AICPA) PEEC (AICPA)
- 19. When do we think about infrastructure? 19
- 20. • Accountancy bills (20 states) -‐ 51 • Auditor Rota2on (3 states) -‐ 8 • Mobility (2 states) -‐ 6 • Regula2on of Tax Preparers (3 states) -‐ 5 • Tax on Accoun2ng Services (6 states) -‐ 11 • Peer Review (4 states) -‐ 7 • State Board Consolida2on (6 states) 8 State Legislation and Regulatory
- 21. 21 Sarbanes-Oxley Act of 2002
- 22. 22 Dodd-Frank - the bill that keeps on giving CPAs required to register as debt settlement advisors
- 23. 23 Cascade!
- 24. Health Care is major issue Source: Thomson-‐Reuters 6/12/13 T
- 25. And opportunity 6/12/13 T
- 26. 80 40 1950 1960 1970 1980 1990 2000 20101940 100% 60 20 Total U.S. debt as a percentage of GDP 2013 101.6% 1981: 32.5%
- 27. GASB Whitepaper 6/12/13 T hQp://cpa.tc/2gx
- 28. Accoun&ng bodies hail G20 emphasis on public sector repor&ng DATA Act & Financial Industry Transparency Act using XBRL 6/12/13 T
- 29. XBRL FASB Industry Taxonomy Project • Develop industry specific taxonomies • BeQer suited for each industry • Industries par2cipa2ng include: • Insurance • Banking • Brokers and Dealers • Real Estate • NFPs • GASB? • Form 990 6/12/13 T
- 30. Education Continuing competency and quality Financial reporting Tax Auditing and assurance Management accounting Delivery of services GlobalizationSpecialization Financial reporting Management accounting Specialization Delivery of services Education Auditing and assurance Globalization Continuing competency and quality Tax Horizons 2025 The journey to constantly transform the profession and remain relevant is by innovating in incremental steps driven by a vision of what is possible
- 31. #SocialAccoun2ng 6/12/13 T
- 32. The Evolution of a Practice A Necessary Evil A Viable Practice A High-Growth Practice A High-Value Practice Digitization Virtualization Transformation CLOUD
- 33. "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."
- 36. Business Not for Profits NGOs Government Different Worlds? T
- 37. T
- 38. #IIRC hQp://www.theiirc.org T <IR> Framework Consultation Draft – released April 16
- 39. IIRC Value Crea2on Process T
- 40. CGMA & COSO Balancing Risk & Innova2on hQp://cpa.tc/2qf hQp://www.coso.org T
- 41. Source: DeloiQe CFO Signals™ survey, fourth quarter 2012 T
- 42. Business Not for Profits NGOs Government When Worlds Collide T
- 43. #CFOsSaveTheWorld Through collaboration, our CFO community manages financial accountability, compliance, and risk across HHS by maximizing resources to drive results. T
- 44. T You can’t stop the waves but you can learn how to surf. – Jon Kabbat-Zin
- 45. #Vision&Strategy “If you don’t have a vision for your firm or yourself, you’ll just get sucked into somebody else’s vision” – adapted from Watts Wacker, Futurist 6/12/13 T
- 46. 6/12/13 T
- 47. CGMA – CIMA The global value-‐added financial professional T
- 48. CPAs are trusted advisors who, combining insight with integrity deliver value by: T CommunicaHng the total picture with clarity and objec2vity TranslaHng complex informa2on into cri2cal knowledge AnHcipaHng and crea2ng opportuni2es Turning insights into acHon to transform vision into reality
- 49. T
- 50. hQp://cpa.tc/2qh 6/12/13 T theBounce
- 51. T
- 52. #AdaptorDie #BendAdop2onCurve • Technology & Caveman • L > C • CC > EC • CPA as Ar2st 6/12/13 T
- 53. Technology & the Caveman 6/12/13 T
- 54. “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 6/12/13 T
- 55. #CC>EC # 1 Skill is CollaboraHon # 2 Skill is CommunicaHon according to 2012 IBM Global CEO Study 6/12/13 T
- 56. #Ar2st&CPA • Lots of ways to mess up! • Heat is needed to shape the glass • Long setup 2me for quick finish • Try, learn and adjust -‐Tim McFadden 6/12/13 T
- 57. A leader s job is to define context and provide hope and inspiration..."
- 58. Tom Hood, CPA.CITP CEO Maryland AssociaHon of CPAs Business Learning InsHtute (443) 632-‐2301 E-‐mail tom@macpa.org Web hWp://www.macpa.org Blog hWp://www.cpasuccess.com Blog hWp://www.bizlearningblog.com Follow me on: ü TwiQer: hQp://www.TwiQer.com/tomhood ü LinkedIn: hQp://www.linkedin.com/in/tomhood ü Facebook: hQp://www.facebook.com/thoodcpa ü Google +: hQps://plus.google.com/104372556333854919205 ü Slideshare: hQp://www.slideshare.net/thoodcpa ü Youtube: hQp://www.youtube.com/thoodcpa ü Second Life avatar name: Rocky Maddaloni 6/12/13 T