MACPA Professional Issues Update - Spring 2009 edition. Preso covers major trends affecting the CPA profession including the economic crisis, globalization, regulation/standards, technology, workforce, and Maryland legislative & regulatory developments
Presentation to Accounting Educators at the Pearson - Presentice-Hall Accounting Symposium in 2009. Includes update of three major trends facing Profession - Globalization - Workforce - Technology
Fall, 2009 1st draft Professional Issues Update for CPAs - focusing on Top 5 Trends: Economy, Regulations/Standards, Globalization, Workforce, Technology
Presentation to Accounting Educators at the Pearson - Presentice-Hall Accounting Symposium in 2009. Includes update of three major trends facing Profession - Globalization - Workforce - Technology
Fall, 2009 1st draft Professional Issues Update for CPAs - focusing on Top 5 Trends: Economy, Regulations/Standards, Globalization, Workforce, Technology
The time is now! MACPA task force supports creation of private company standards board, says GAAP exceptions and modifications are essential to meet the needs of private company users of financial statements and reduce overly complex and unnecessary accounting standards.
A panel of task force members presented their report, recommendtaions and analysis at the MACPA CPA Summit on June 3, 2011 at the BWI Hilton Hotel in Maryland.
The report was accepted and endorsed unaimously by the MACPA Board the day before.
What does a career in accounting (CPA) offer? What are the major trends and issues facing CPAs today? This special session for accounting students was presented to Salisbury University's students from Beta Alpha Psi and IMA campus chapters.
Every small business, regardless of size or industry needs a solid records management system to comply with federal, state and local regulations.
Having these recordkeeping practices in place establishes your business as a trustworthy organization that clients and vendors can feel comfortable doing business with.
Update to Maryland CPA Firms covering the latest developments & issues facing CPA Firms. This meeting covered the special session and 2012 session of the Maryland General Assembly and updates on other issues like generations, leadership & success planning, talent, and technology. Put on by the Maryland Association of CPAs
How will the new 3 Rs – Recession, Regulation, and Recovery – affect you and your profession? How can you keep up with the increasing rate of change and complexity facing the CPA profession?
This Professional Issues Update, presented by MACPA's Executive Director and CEO Tom Hood, will help you make sense of this new world by covering the major changes happening at the global, national, and state level with new legislation, regulation, and standards. Come hear the latest updates on GAAP codification, new tax legislation (federal & state), XBRL, IFRS, Fair Value, and more as we help you keep up with accounting. You will also get the latest updates and review changes in CPA licensing and regulation including CPA exam requirements, new CPE rules, and multistate practice issues.
Presentation to UNSW School of Taxation and Business Law May 2016 Jason Harris
This presentation discussed the current state of insolvency law reform within the context of insolvency practitioner regulation in Australia and the pending Insolvency Law Reform Act 2016 (Cth).
Tom Hood, CEO of Maryland Association of CPAs provides these special updates on the CPA Profession to their members. This is the latest developments in the CPA Profession featuring the latest developments in trends and issue in the legislative & regulatory areas. Covering the latest from the IRS, FASB, IASB, and the State of Maryland.
This presentation was made in the Awareness Seminar on Draft Companies Bill, 2015 organized by ICMA Pakistan on February 20, 2016 at Seminar Hall, Head Office of ICMA Pakistan.
The presentation contains Comments on the Draft Companies Bill, 2015 and proposal for improvement submitted to SECP in the Consultative Session held at FPCCI, Federation House, Clifton, Karachi on January 18, 2016.
The presentation also contains analysis of the Monopoly of Chartered Accountants in respect of the numbers and composition of their firms.
With talent recruitment and retention topping the list of issues facing CPA Firms along with partner alignment and succession planning issues, the stakes have never been higher for CPA Firms in their recruitment and retention strategies. BLI just announced the 'magnetic firm' framework and the 'big four' ways for firms to become talent magnets.
This presentation has the latest scores on the magnetic firm index which is averaging 67% or a D+ across CPA Firms.
The four categories for a magnetic firm are:
1) Purpose driven workplace
2) Culture of growth (Career Development)
3) Inspiring workplace – flexible and inclusive
4) Great leadership – trust & transparent
Visit us at www.blionline.org
Future of Learning - innovative new learning formats for accounting and finan...Tom Hood, CPA,CITP,CGMA
MACPA and the Business Learning Institute release the first nano-learning course for CPAs, accounting and finance professionals that meets the new CPE standards.
NASBA and the AICPA approved the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) effective September 1, 2016. Among the most significant changes to the Standards is the addition of two new instructional delivery methods: nano learning and blended learning.
The Maryland Association of CPAs and its Business Learning Institute believe that Learning is THE only competitive advantage in this rapidly changing world. They have been on the forefront of learning for the past ten years. Since passing nano-learning in 2015 at the Maryland State Board of Public Accounting, they have been integrating new formats of learning to make learning continuous, engaging and ultimately transformative. The Anticipatory Organization: Accounting and Finance Edition is THE First nano-learning program in North America for accounting and finance professionals. Winner of the Accounting Today 2016 Product of the Year in the learning category. This program combines nano learning format (three to four minute single concept videos) with rapid application exercises to accelerate learning of complex competencies in less times than traditional CPE / CPD programs.
MACPA and its Business Learning Institute have pioneered new methods of learning including second life (CPA Island), remote collaboration via the ThinkTank platform, participation engagement via conferences.io and their #MBSN Management by Sticky Notes collaboration process.
Here are five ways we are changing up learning:
Social;
Mobile / nano, or “Just When You Need It” learning;
Cloud: In what we call the four Cs of talent development, the AICPA Navigator allows us to offer Competencies, Career Path, and a Curriculum on a Cloud-based learning platform that allows firms and companies to move their talent development to a strategic and systematic approach;
Collaborative: MBSN (Management By Sticky Notes), Conferences.io, and the ThinkTank Collaboration platform are highly engaging ways of increasing learning through involvement (see our post on LinkedIn);
Competency-based learning: With our Bounce framework (which maps BLI programs to the new CGMA Competency framework) and our new program to develop a special self-directed action learning program to build a competency around anticipation and strategic thinking.
The time is now! MACPA task force supports creation of private company standards board, says GAAP exceptions and modifications are essential to meet the needs of private company users of financial statements and reduce overly complex and unnecessary accounting standards.
A panel of task force members presented their report, recommendtaions and analysis at the MACPA CPA Summit on June 3, 2011 at the BWI Hilton Hotel in Maryland.
The report was accepted and endorsed unaimously by the MACPA Board the day before.
What does a career in accounting (CPA) offer? What are the major trends and issues facing CPAs today? This special session for accounting students was presented to Salisbury University's students from Beta Alpha Psi and IMA campus chapters.
Every small business, regardless of size or industry needs a solid records management system to comply with federal, state and local regulations.
Having these recordkeeping practices in place establishes your business as a trustworthy organization that clients and vendors can feel comfortable doing business with.
Update to Maryland CPA Firms covering the latest developments & issues facing CPA Firms. This meeting covered the special session and 2012 session of the Maryland General Assembly and updates on other issues like generations, leadership & success planning, talent, and technology. Put on by the Maryland Association of CPAs
How will the new 3 Rs – Recession, Regulation, and Recovery – affect you and your profession? How can you keep up with the increasing rate of change and complexity facing the CPA profession?
This Professional Issues Update, presented by MACPA's Executive Director and CEO Tom Hood, will help you make sense of this new world by covering the major changes happening at the global, national, and state level with new legislation, regulation, and standards. Come hear the latest updates on GAAP codification, new tax legislation (federal & state), XBRL, IFRS, Fair Value, and more as we help you keep up with accounting. You will also get the latest updates and review changes in CPA licensing and regulation including CPA exam requirements, new CPE rules, and multistate practice issues.
Presentation to UNSW School of Taxation and Business Law May 2016 Jason Harris
This presentation discussed the current state of insolvency law reform within the context of insolvency practitioner regulation in Australia and the pending Insolvency Law Reform Act 2016 (Cth).
Tom Hood, CEO of Maryland Association of CPAs provides these special updates on the CPA Profession to their members. This is the latest developments in the CPA Profession featuring the latest developments in trends and issue in the legislative & regulatory areas. Covering the latest from the IRS, FASB, IASB, and the State of Maryland.
This presentation was made in the Awareness Seminar on Draft Companies Bill, 2015 organized by ICMA Pakistan on February 20, 2016 at Seminar Hall, Head Office of ICMA Pakistan.
The presentation contains Comments on the Draft Companies Bill, 2015 and proposal for improvement submitted to SECP in the Consultative Session held at FPCCI, Federation House, Clifton, Karachi on January 18, 2016.
The presentation also contains analysis of the Monopoly of Chartered Accountants in respect of the numbers and composition of their firms.
With talent recruitment and retention topping the list of issues facing CPA Firms along with partner alignment and succession planning issues, the stakes have never been higher for CPA Firms in their recruitment and retention strategies. BLI just announced the 'magnetic firm' framework and the 'big four' ways for firms to become talent magnets.
This presentation has the latest scores on the magnetic firm index which is averaging 67% or a D+ across CPA Firms.
The four categories for a magnetic firm are:
1) Purpose driven workplace
2) Culture of growth (Career Development)
3) Inspiring workplace – flexible and inclusive
4) Great leadership – trust & transparent
Visit us at www.blionline.org
Future of Learning - innovative new learning formats for accounting and finan...Tom Hood, CPA,CITP,CGMA
MACPA and the Business Learning Institute release the first nano-learning course for CPAs, accounting and finance professionals that meets the new CPE standards.
NASBA and the AICPA approved the revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) effective September 1, 2016. Among the most significant changes to the Standards is the addition of two new instructional delivery methods: nano learning and blended learning.
The Maryland Association of CPAs and its Business Learning Institute believe that Learning is THE only competitive advantage in this rapidly changing world. They have been on the forefront of learning for the past ten years. Since passing nano-learning in 2015 at the Maryland State Board of Public Accounting, they have been integrating new formats of learning to make learning continuous, engaging and ultimately transformative. The Anticipatory Organization: Accounting and Finance Edition is THE First nano-learning program in North America for accounting and finance professionals. Winner of the Accounting Today 2016 Product of the Year in the learning category. This program combines nano learning format (three to four minute single concept videos) with rapid application exercises to accelerate learning of complex competencies in less times than traditional CPE / CPD programs.
MACPA and its Business Learning Institute have pioneered new methods of learning including second life (CPA Island), remote collaboration via the ThinkTank platform, participation engagement via conferences.io and their #MBSN Management by Sticky Notes collaboration process.
Here are five ways we are changing up learning:
Social;
Mobile / nano, or “Just When You Need It” learning;
Cloud: In what we call the four Cs of talent development, the AICPA Navigator allows us to offer Competencies, Career Path, and a Curriculum on a Cloud-based learning platform that allows firms and companies to move their talent development to a strategic and systematic approach;
Collaborative: MBSN (Management By Sticky Notes), Conferences.io, and the ThinkTank Collaboration platform are highly engaging ways of increasing learning through involvement (see our post on LinkedIn);
Competency-based learning: With our Bounce framework (which maps BLI programs to the new CGMA Competency framework) and our new program to develop a special self-directed action learning program to build a competency around anticipation and strategic thinking.
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...Tom Hood, CPA,CITP,CGMA
This is the first accelerated learning system for accounting and finance professionals featuring nano-learning and rapid application tools. The Business Learning Institute and the Maryland Association of CPAs customized the learning system with a co-creation group working with Daniel Burrus. Accounting Today Magazine recognized this learning system as a 2016 Top Product in Learning.
This presentation covers the experience of firm-wide adoption of the Anticipatory Organization: Accounting and Finance Edition at several major organizations with focus on the first firm to adopt this for their entire firm. Joey Havens, Executive Partner of HORNE, LLP a Top 50 CPA Firm outlines the reasons he made the AOAF learning system a cornerstone of his Growth Mindset and implemented it across his entire workforce of almost 400 people. he also explains why he thinks an "anticipatory skill set is essential for today's accounting and finance professionals.
The Anticipatory Organization™ Model, created and developed by Daniel Burrus of Burrus Research, Inc., has changed how many of the world’s most successful businesses plan their future and accelerate growth. Now, Daniel Burrus is bringing what he calls the greatest missing competency – the ability to anticipate change – to CPAs, CFOs, controllers and management accountants. This model represents a new way of thinking, planning, and acting – a paradigm shift that’s required in a world of accelerating change, competition, and uncertainty.
This innovative learning system will jump start your ability to anticipate and learn critical competencies like strategic thinking, external awareness, vision, continuous learning, innovation, creativity, problem solving, prioritization, business acumen, decisiveness, influencing/persuading, emotional intelligence, consensus building, collaboration, inspiration, risk management, and immediately apply it to your own situation at work.
For more information visit our website http://www.blionline.org/ao
What do next generation leaders say they need to be 'future ready'? This report is from 200+ next generation leaders attending the #AICPA_EDGE Conference in Las Vegas in August, 2016.
Next Gen leaders will be called to lead in a different environment than many leaders of the past. These times of exponential change will require a different skill set. They will be leading in transformational and adaptive times which require new skills and new practices.
This report highlights top challenges, top skills, insights from the session and more.
These polls were integrated during a presentation on "The Future Ready CPA" where we covered the 5 C's - Context, Certainty, Capacity, Competency, and Core Purpose & Values.
We are living in “exponential times” where the size, scale and scope of change is incredible. That means there are incredible opportunities for those who can see through the fog of uncertainty and anticipate what’s next. The biggest opportunity is to harness the wisdom of our older generations with the fresh perspectives of the tech-savvy younger generations. The next generation of leaders is enthusiastically ready to have a seat at the table. The future is not created; the future is co- created. Let’s get to work!
“Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.” - Daniel Hood, Editor-in-Chief of Accounting Today (when recognizing AOAF as a 2016 Top Product in Learning
The competency of “anticipation” actually includes a number of competencies included in many of the top companies of today.
Across these models, you'll see a common theme of “strategic thinking," "innovation" and “leading change."
Many of these organizations build (and validate) fantastic competency models and know what they want people to do.
The top five skills and competencies identified for CPAs, accounting and finance professionals are:
1. Strategic and critical thinking;
2. Communication;
3. Anticipating and serving evolving needs;
4. Inspiring and motivating others;
5. Collaboration and mobilizing consensus
The beauty of the Anticipatory Organization model is that it offers a clear process that makes highly-abstract leadership competencies attainable and trainable. Using nano-leanring in very short 3-4 minute single concept videos (imagine a series of shirt Ted Talks) with rapid application exercises to immediately apply the concepts to the job, and visual job aids to reinforce and remember the learning. Add a team implementation and collaboration guide and you can create a shared language and culture of being anticipatory and proactive.
If an organization wants to make "strategic thinking" or "innovation" a core competency, we can provide clear, trainable activities that can be targeted to a wide range of learners (from individual contributors to senior leadership). We provide the bridge between the competency model and the desired observable behaviors.
For more information visit www.blionline.org/ao or contact Tom Hood tom@blionline.org
Will your firm thrive or just survive? Anticipation - The critical competency...Tom Hood, CPA,CITP,CGMA
Today, the world of professional education, and accordingly the accounting profession, is migrating toward a competencies-based learning approach. But what are the most critical competencies for practitioners and firms to thrive in today’s ever changing, fast paced business environment?
Research from the Business Learning Institute identified the Top 5 Competencies for CPAs, accounting and financial professionals as:
1. Strategic & Critical Thinking
2. Communication
3. Anticipating and serving evolving needs
4. Inspiring and motivating others
5. Collaboration and mobilizing consensus
In addition, research from CPA.COM shows that only 8% of CPAs are future ready. Future Ready is the Is the capacity to be ANTICIPATORY (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry.
Together this group of skills and competencies have been researched with a leading global futurist who has put together an innovative learning system, the Anticipatory Organization: Accounting and Finance Edition which is being used to transform firm cultures to build and enhance proactive business advisor skills.
Most of us wish we had the power to predict future trends, and would benefit by learning tactics to do so. Daniel Burrus is one of the world’s leading technology forecasters and innovation experts and the featured keynoter speaker at this year’s DCPA16. He is globally recognized for his exceptional 30+ year record of accurately predicting how technological, social, and business forces converge to create untapped opportunities.
Joey Havens, Executive Partner at Horne, LLP (A top 50 CPA Firm) discusses how he has used the Anticipatory Organization as a foundational learning system throughout his firm. He is requiring his whole firm of 400+ professionals to take this and running collaboration sessions by practice areas to create group learning and a shared language around anticipatory thinking that is being applied inside the firm and outside with clients.
This presentation is from the July 20th, 2016 webcast by CPA.COM. CPA.com President and CEO, Erik Asgeirsson as he discusses the critical Anticipatory competency with Daniel Burrus, HORNE LLP executive partner Joey Havens and the CEO of the Maryland Association of CPAs and the Business Learning Institute, Tom Hood.
For more information http://www.blionline.org/ao
You will learn:
Why anticipation is the critical competency for today's accounting and finance professionals
The difference between hard trends and soft trends
Why it is important to identify trend types
Use cases of how these skills are being used in the profession
How this learning system can be used as a foundational skill set to help CPAs and accounting professionals be more proactive business advisors.
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...Tom Hood, CPA,CITP,CGMA
What is the accounting professionals' role in creating a culture of innovation? How are CPA Firms innovating? Reinventing themselves? Creating magnetic cultures?
Studies are showing a growing expectation for accounting professionals to lead these initiatives. In this session we will discuss tactics to foster innovation in your firms, technology's role and advising clients to do the same through tools you provide.
This session covers the latest research from the Business Learning Institute (BLI) about what it takes to create a magnetic firm culture and scores the latest issues facing CPA firms, top skills needed, and an innovation index.
From a session at the CPAFMA National Practice Management Conference in Baltimore in 2016.
For more information see www.blionline.org
Recent research says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency--how to accurately anticipate the future. The key to success in this fast-changing environment is to learn how to move from being reactive to proactive and flip from crisis manager to an opportunity manager. Tom will show how to explore new value added services and position their practices for success in a rapidly changing world.
Recent research from the AICPA says that the business environment for CPAs and their clients will be characterized by “unprecedented, massive and highly accelerated change” through 2025. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency–how to accurately anticipate the future. This session will show how to anticipate these trends and move from being a crisis manager to an opportunity manager. At the end of the session participants will set actionable steps to elevate and accelerate their organization’s strategy.
VUCA stands for Volatility, Uncertainty, Complexity and Ambiguity and describes the fast-arriving future we are living in. This inspirational session will talk about how leadership, culture, and talent management are changing in these exponential times. Participants thru an exercise to leave with a person action plan.
Learning Objective:
Understand emerging trends and issues facing business and CPA Profession.
Learn about how leadership is changing to lead change in rapidly changing times.
Develop an action plan to take back and apply the principles learned.
The #1 reason clients leave their CPAs is that they are receiving service instead of proactive advice. Tom will show how firms are exploring new value added services and position their practices for success in a rapidly changing world. He will discuss the major "shift change" and the trends shaping business today and give participants a framework to provide more proactive services and strategic advice and a plan to get started. But these services require new skills and approaches which is a big opportunity for firm HR and Learning Leaders.
Presentation to AGN International in San Diego #NARM16 for Managing Partners in MAP Track
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...Tom Hood, CPA,CITP,CGMA
The # 1 challenge facing CPAs, Accounting and Finance Professionals is 'not enough time' who creates the equivalent of a gravitational pull of the past when it comes to changing their mindsets and thinking. How will we go from a historical perspective to a more future-focused, from rearview mirror to windshield and from being reactive to proactive?
Our latest research from the Business Learning Institute sows the critical competencies that will make a difference have not changed in the past seven years. What has changed is the gravitational pull has gotten worse as we enter what Josh Bersin calls the age of the 'overwhelmed employee'.
What we need is a new approach to learning these critical competencies. A blended approach that uses nano-learning nuggets (very short 2-3 minute single-concept videos), rapid application templates to apply each concept to the business, and a series of job aids and performance support tools to turn the learning into immediate on the job application. This is our award-winning Anticipatory Organization learning system by Burrus Research. In about one third of the time as traditional CPE, CPAs and accounting and finance professionals can learn the critical competencies of:
Anticipation; Strategic Thinking; External Awareness; Vision; Continuous Learning; Innovation ;Creativity; Problem Solving; Prioritization; Business Acumen; Decisiveness; Influencing/Persuading; Emotional Intelligence; Consensus Building; Collaboration; Inspiration; Risk Management; and Communication.
The Anticipatory Organization can support an entire cultural shift for an organization or team with the added implementation guide and collaboration tools. See more at http://www.blionline.org/ao
Our new MBA Express is another option to create or add a series of critical success skills to your technical training portfolio in on-site, on-line and on-demand learning formats. http://blionline.org/featured/8-hour-mba/
We believe we need new approaches and new tools to break the pull of the past and the inertia from 'overwhelmed employees'. These exciting new learning formats are one step in this direction.
Accounting Today Editor, Daniel Hood said this after selecting the Anticipatory Organization as a Top Product for 2016 in the Learning Category, “Everyone keeps telling accountants that they need to change their focus from the historic and the backward-looking, and to start being proactive and offering future-focused advice – but no one tells them how. The beauty of the Anticipatory Organization program is that it actually gives you a set of tools to harness the hard trends that are shaping the future, and use them to create new value for your firm and your clients.”
What does innovation look like in a CPA Firm? How are leading CPA firms creating a culture of innovation?
We are in a fast-paced world where growth/change is exponential not incremental. The CPA profession has been late adopters of change and “anticipation” is a missing skill set for many CPAs. We will soon be living in a world where global competition and automation will be performing basic accounting tasks currently being performed in our firms today. Tom Hood, Executive Director of the MACPA will lead a discussion on where accounting firms
fit into a rapidly changing world. Hood, along with Jim Powers, CEO of Crowe Horwath LLP and Bill Balhoff, Managing Director of Postlethwaite & Netterville will explore how firms can maintain their competitive edge through inNEWvation.
The CPA Vision 2011 is the report from the AICPA from a project to create a comprehensive grassroots vision for the future of the CPA Profession. The first profession to ever create a vision for itself. Using a volunteer team of CPAs and State CPA Society executives aided by a team from the AICPA and led by Jeannie Patton in 1997-1998.
MACPA Spring 2016 Professional Issues Update - Business & Industry EditionTom Hood, CPA,CITP,CGMA
What are the latest trends and issues facing the CPA profession? What is the future of finance and accounting in an age of exponential change? What is the future of the profession and what is the MACPA doing about it?
Tom Hood, the second most influential person in the CPA Profession and CEO of the Maryland Association of CPAs attempts to answer these questions and offer his perspective in this special update for MACPA members only focusing on CPAs in business industry, government and NFP.
Keynote for Beta Alpha Psi Atlantic Coast Regional Meeting
on March 18, 2016 in Towson, Maryland
What are the latest trends and issues facing accounting and business? What are the outlooks for careers in accounting, finance, information systems and business majors?
Tom Hood, CEO of the MACPA and Business Learning Institute covers this and career advice for accounting students in this inspirational keynote.
State of Accounting for Linked-in Influencer Series #MyIndustry
Big Waves of Change, Oceans of Opportunity
These big waves of change are the result of a “perfect storm” of sorts -- the convergence of three “hard trends” of exponential technological innovation, the demographic shift as baby boomers retire, and globalization. Key challenges facing accounting and finance professionals are automation and digital transformation, succession and talent shortages, a “brain drain” as experienced people retire, business model changes, and the increasingly VUCA world (that’s volatility, uncertainty, complexity and ambiguity) in which we find ourselves.
Several recent studies (from WEF, Oxford, McKinsey and MIT) report that accounting, auditing and tax are among the occupations most at risk for complete automation within the next 20 years.
As a result, the accounting and finance profession is rapidly approaching what Andy Grove, retired CEO of Intel Corporation, described as a “strategic inflection point,” -- “a time in the life of a business when its fundamentals are about to change. That change can mean an opportunity to rise to new heights. But it may just as likely signal the beginning of the end.” This is where there are two major pathways: doing business as usual, or embracing and adapting to the new. At the moment these are fairly close together, but they will soon diverge into a growing gap between growth and success, or entropy and decline.
“You can’t stop the waves, but you can learn how to surf.” - Jon Kabat-Zinn
To take advantage of these oceans of opportunity, accounting and finance professionals will need to learn how to ride these big waves or risk being crushed by their frequency and force. The critical thing to know is that what got you here, won’t get you there. Business as usual simply won’t work.
Here are six ways to learn how to ride these big waves of change now and in the future:
1. Embrace digital: Learn how to elevate and accelerate your job using technology and to race with the machines, not against them.
2. Anticipate: Learn the critical competency of anticipation. Only those who constantly try to anticipate change will survive when change happens.
3. Collaborate: The collaboration curve is quickly replacing the experience curve. Who you know is replacing what you know.
4. Learning is the next competitive advantage: As Fast Company editor Robert Safian wrote, “the most important skill is the ability to acquire new skills.”
5. Protect the core: When everything is changing, it is important to know what should not change. Purpose and values for individuals and organizations should serve as that anchor or grounding.
6. Make time for the future. Your time and those of your people will be your number one challenge, and nothing will change if you are overwhelmed and too busy.
The hard trends are forming these big waves of disruption and change. Surf's Up - Are you ready?
What are the Top Competencies (Knowledge, Skills and Abilities) needed by CPAs, Accounting and Finance Professionals today?
The Business Learning Institute shares its latest research and correlates it with other leading global research (Conference Board, AICPA, CGMA, IFAC, CPA Canada, Burrus Research, Bersin by Deloitte). These skills were identified and then surveyed across over 1,000 finance and accounting professionals to identify the top five skills needed today.
In our survey work at the Business Learning Institute (http://www.blionline.org) we found that the top five skills ranked by survey respondents covered 75% or everyone's top five list, providing a great starting point for skills development and targeting in talent development.
1. Strategic and Critical Thinking
2. Communication
3. Anticipating and serving evolving needs
4. Inspiring and motivating others
5. Collaboration and mobilizing consensus
BLI also developed a framework, called The Bounce to describe the career trajectory of today's finance and accounting professional. The Bounce is the natural career trajectory for accounting and finance professionals. It talks about the process of acquiring technical mastery in the early career and beginning to supplement wit the critical skills (competencies) needed for long-term success. BLI has been leading the training and development of accounting and finance with these ‘success skills’ for eighteen years.
The Business Learning Institute (BLI) is the largest talent development and and learning provider to CPAs, accounting and finance professionals in the US. We bring our leading approach to ‘success skills’ and competency-based curriculums to the leading organizations, public companies and CPA firms all over North America.
We tend to think of “innovation” in terms of new technology – gadgets, hardware, new apps, and software. But true innovation more often comes in the form of new business models, workflows, service offerings, and office and staffing patterns. This session will center on those innovations that are significantly impacting our firms and our clients. You never know where innovation might sprout!
This session was produced for the DCPA15 Conference in Las Vegas.
A recent HBR special edition headline said "Got to war for talent", but how. BLI has developed a guidance and a six step process to give you new weapons to win in the war for talent.
Our Magnetic Firm framework outlines the critical elements of a magnetic culture and our six step Talent and Leadership Development framework show you how to develop a winning career and curriculum aligned to your overall firm strategy and objectives.
This presentation was developed and presented for the Digital CPA Conference in December #DCPA15
The Business Learning Institute can help you build your magnetic firm framework and strategic learning plan - contact us at http://www.blionline.org
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Pride Month Slides 2024 David Douglas School District
MACPA PIU - Spring 2009
1. Professional Issues Update
Spring 2009 Edition
Tom Hood, CPA.CITP
CEO & Executive Director
Maryland Association of CPAs
2.
3.
4. The Formula that blew up our 401(k)s
Source: Wired magazine 17.03 March, 2009
5. Bernard Madoff
Law of Intractable Systemic Corruption
Any significant breach of a syndrome’s integrity
(Government & Commerce) – usually by adopting an
inappropriate function – causes some normal virtues to
convert automatically to vices, and still others to bend
and break for necessary expedience.
Over the course of time, corrupted organizations
accumulate in society. Without correction, the
accompanying rancid cooperation blurs more than the
afflicted organizations.
-Jane Jacobs – Systems of Survival
Ponzi scheme of $ 50 billion
Facing 150 years in prison
6. This is the key question –
What will the new normal look like?
7. “It is increasingly clear that the current
downturn is fundamentally different from
recessions of recent decades. We are
experiencing not merely another turn of the
business cycle, but a restructuring of the
economic order.”
– Ian Davis, McKinsey Quarterly March, 2009
You are not alone
8. Emergency Economic Stabilization Act of 2008
• Signed into law on October 3, 2008
• $700 Billion
• TARP (Troubled Assets Relief Program
13. Mega-trends
1. Regulations &
Standards
2. Globalization Economic Meltdown
3. Workforce – More Government
4. Technology – Less Leverage
/Credit Crunch
14. MACPA is here for you
But a time of turbulence is also one of great opportunity
for those who can understand, accept and exploit the
new realities. It is above all a time of opportunity for
leadership.
- Peter Drucker, Managing in Turbulent Times
Our goal is for us to survive this
recession together and position
you, our members for the
recovery.
The power of your Profession is
ready to work for you!
15. Our Agenda - The New Normal?
• The Mega-trends
– Regulations &
Standards
– Globalization
– Workforce
– Technology
• Opportunities
• So what we are
doing for you
• Tools for surviving
& thriving
17. the basic physical and organizational
structures needed for the operation of a
society or enterprise
The infrastructure for the free market was found to be in disrepair
in this latest market crisis and the CPA profession is a critical
component
21. Federal Laws & Regulations –
SEC, DOL, Treasury, GAO, PCAOB
CPA Profession Standards – AICPA
& FASB, GASB, FASAB, IASB, IFAC
State CPA Statutes
police power of the states to protect their citizens vs commerce clause
22. Another View
Int’l Company
Public Company Private Company
SEC IASB
Financial
FASB
Reporting
FASB IFRS
Attest
AICPA
PCAOB IAASB
Performance
Standards ASB
Code of AICPA AICPA
IFAC
Conduct
PEEC PEEC
CPA
State Oversight & Enforcement of CPA License
Licensure
23. US Treasury
MD Comptroller
MD Comptroller
MD Comptroller
CAQ
Courtesy of the Maryland Association of CPAs – 2008 edition
Drawing by Carol Kirwan, CPA
24. A Tale of Two Frauds
Then : December, 2001 Now : December, 2008
25. Madoff’s auditor
• Sole Practitioner
• Accused of issuing audits of Madoff Securities
• Lied on AICPA membership renewal about peer
review
David Friehling, CPA faces 105 years in prison
For issuing false audit reports
26. Satyam + PWC
Ramalinga Raju – CEO created $40 billion in
fake billing and cash
PWC auditors missed cash accounts?
27. Changes in our Infrastructure
The Infrastructure for the CPA Profession is maintained by your
Professional Associations
AICPA & State CPA societies (MACPA)
28. The Obama Cabinet
The year of the REGULATOR
Timothy Geithner, Paul Volcker, Mary Schapiro,
Secretary of the Chair, Economic Recovery SEC Chief
Treasury Advisory Board
Gary Gensler,
Ben Bernanke,
Sheila Bair,
Chair, Federal Chair, Commodity Futures
Chair, FDIC Trading Commission
Reserve Board
30. First PCAOB now FAOB?
New 5 member oversight board
proposed by Congress – March 6th,
2009
31. The Real Costs of Changing
FMV?
“Confidence, trust, and numbers that investors
can believe in are the stuff that make or break
the capital markets. When investors question
the validity of numbers, they sell and
wait, rather than buy and invest.
Yet those charged with building confidence and
trust and presenting numbers that can be
believed are under sustained attack -- and they
are losing.”
- Arthur Levitt, Weakening a Market
Watchdog in Washington Post – March
26, 20009
32. Standards Changes
• AS 5 - PCAOB
• IRFS – SEC International gets legs
• Fair Value Accounting
• XBRL – SEC mandatory
• Codification Project – FASB
• Clarity Project – ASB
– Convergence with international
– Risk-based standards already in int‟l format
(SAS 104-111)
• SAS 112 Communication
• Internal Control – COSO
• Fin 48 delay
• Delay of SOX 404 for “small” caps
33. US Treasury
MD Comptroller
MD Comptroller
MD Comptroller
CAQ
Courtesy of the Maryland Association of CPAs – 2008 edition
Drawing by Carol Kirwan, CPA
34. Improving Your Infrastructure –
The CPA License
• Initial Licensure
– Transfer of Grades
• Temporary Practice (mobility)
• Reciprocal License – 4 in 10
• Reinstatement – requires 80 hours of CPE
• Built around „substantial equivalency‟
35. History of CPA Legislation
KEY In the
Beginning...
Rights & Recognition
Max Teichman,
GOALS/ •Privilege of Self-
RESULTS Frank Blacklock & AG opinion of 1981
Regulation SB 560 Defeated
William Rogers Grants rights to non- Maryland Corporate
•Right to Sole Control CPAs for Reviews & Accountability Act
over an Area of Practice Comps. MACPA requests
HB 1296
reversal of AG Opinion
– “This is not an audit”
Mobility
language added
• CPA Bill signed April 10, 1900
Passes
PROJECTS/
MACPA wins use of
• MD is 3rd state (NY & PA)
STRATEGIES “consultants” in firm Maryland
letterhead at State
Special
Board
Session
State Board of
Accounting Oct – Nov 07
Accountancy Reform task
formed Maryland Force
KEY EVENTS MACPA defeats Sales
addresses
becomes the 1st SOX
Tax on Services
HB 1261 re-writes
state to restrict State Board Hearing
CPA Law - 1986 May 1, 2003 Amends Corporate Tax
practice for CPAs
MACPA amendments Reporting Bill from
to ed requirements fail
special session
PEOPLE MACPA Forms Task Force and
New simpler CPA
surveys members
exam Education Rules
88% Sub Equivalency
76% Peer Review & Safe Harbor
68% Non-CPA Ownership
Terry Hancock
chairs Legislative
PRODUCTS/ Larry Kamanitz
Dawson Grove Committee Allen Deleon
SERVICES/ chairs Legislative
SITES chairs Legislative chairs Legislative
Committee
Committee Committee
Dateline
1900 1901 1922 1924 1974 1976 1981 1987 1993 1999 2001 2003 2005 2006 2007 2008
35
Maryland Association of CPAs
36. Meet Bill…
• Bill files tax returns in 9
states + Maryland
• Last year he would have
required additional state
licenses in all states (except
OH, VA, MO, WI)
• He would have had to
register as a tax advisor (est
$250)
• He would have to report to
two state boards with different
CPE requirements
• He would have had to
charge & collect sales taxes
What would this cost you?
on his accounting & tax
services
37. Meet Jane…
• She is a CFO of a mid-
size company operating
in 5 states with original
license in Virginia
• Last year she would have
faced a $1,500,000
penalty and 5 years in jail
• Had to implement Fin 48
• Pay sales tax on all
accounting, tax, and
computer services
• Could use CPA and not
get her MD license
without taking 150 hours
38. Meet James…
• James is a CFO of a
public company
• He let his CPA license
lapse
• He was told he cannot get
his license reinstated
• He has to make sure his
accounting team complies
with SOX
• Last year he would have
faced a $1,500,000 penalty
and 5 years in jail
• Pay sales tax on all
accounting, tax, and
computer services
41. CPA Mobility Legislative Activity 2009
WA
VT
ME
MT ND
MN
OR NH
ID WI
SD MA
NY
WY MI
CT RI
IA PA
NE
NV NJ
UT OH
DE
IN
IL WV
CO
CA VA MD
KS MO KY
DC
NC
AZ TN
OK AR SC
NM
MS AL GA
AK
TX LA
PR
HI FL
GU
V
2009 -2010 Anticipated
Legislative
Mobility Enacted - 32
No Formal Activity
Activity Legislation Introduced 7
Mobility Enacted Only for Other
Awaiting Governor Signature 2
Mobility States -3 GA OK PA
AICPA March 2009
42. Leg / Reg Changes you
need to know!
New Mobility Law
Maryland Individual Tax Preparer Act
New Corporate Reporting Requirements
Peer Review Requirement – October 1st
Prevent Sales Tax on Accounting & Tax Services
Stop trial lawyers efforts at repealing contributory
fault doctrine
New CPA Exam Requirements
New CPE regulations
120 – 150 hours?
CPA Day in Annapolis
January 28, 2009
43. What you (and the world) would miss if MACPA went away…
45. IFRS – International
Financial Reporting Standards
Not if but when…
Goodbye GAAP?
Think about this – If SEC timeline is 2014 – what year
do you have to convert to show three years of
comparable f/s?
46. SEC Roadmap released
Early adopters Large
can file using Accelerated
Small-caps
IFRS Filers
2016
2010 2014
2011 2015
Official SEC Accelerated
filers –
decision
point second
wave
48. Convergence ≠ Sameness
US GAAP IFRS
– Rules based – Principles based
– Based on a GAAP – No hierarchy, consists
hierarchy (level A – D) of IASs, IFRSs &
– Primary accounting interpretations
standard setting body – Standards and
is the FASB interpretations
– Accounting guidance approved by the IASB
and interpretation is – Interpretations of IFRIC
provided by FASB, and its predecessor the
SEC, AICPA and EITF SIC
25,000 pages vs 2,000 pages
49.
50. Private Company Reporting
1. IFRS with Private Entities Option
2. U.S. Adapted version of Private
Entities
3. IFRS with differential reporting
4. Separate U.S. Private Co. GAAP -
Revised
5. Separate U.S. GAAP- Maintained
and Updated for Private
Companies
51. Questions?
• What happens when FASB moves to
IASB?
• FAF Funding goes to IASB
• Who funds GASB?
• Who funds US private company
standards (GAAP)?
53. Pipeline - Good News
20% avg increase in
Graduates & enrollments!
54. Promoting the CPA Career
New/Young
Tomorrows
MACPA
Professionals
CPA.org
Network
55. Four Generations in the Workplace
Issue: Generational Differences
• Matures – 1909-45
• Boomers – 1946-64
• Gen X – 1965-80
• Millennials - 1981 +
up (Y2K, Netgen,
Echo-boom, Gen
Y)
Which one are you?
58. Biggest Issue Facing NYPNs
• Bridging the Gap between college & real world
• Under-Developed Skill Sets
– Leadership & Communication
– Time Management & Organization
– Analytical Skills
– Technical Skills
• Work-Life Balance
• Limited Networking Opportunities
• Intimidation
• CPA Exam
• Lack of a Voice in Profession
59. Meet the NYPNs…
Remember when you were „made‟ to be a
member of MACPA & AICPA?
According to the William E. Smith study of Association
value: Benefits to the professionals and their employers
include higher morale, increased employer
loyalty, networking, professional development, leadership
experience, professional community and big-picture
thinking.
60. Deloitte‟s Global Workforce Advice
• Long-term career development and multiple
experiences within a single organization
• Sense of purpose and meaning in work
• Availability and access to mentors across the
company. (The focus should not only be on
making senior staff mentor younger
associates, but also ensuring that people
connect and share experiences across all levels
of the organization, and across relevant
departments and areas of expertise.)
• Work-life flexibility
• Tech-savvy work environment (for
example, access to online problem-solving and
learning tools)
• Open social networks that embrace open and
honest communication
Source Deloitte Global Manufacturing survey
61. CPA Exam changes
Then: Now:
• Paper-based • Computerized
• 2 x year May & • Anytime
November • 2 months per quarter
• 5 sections • Pass all sections in 18
months (to keep passed
sections)
• 4 sections
• 70% new content!
62. Steps to become a CPA
1. Get Accounting Education – 150 hours
2. Sit for & Complete CPA Exam
3. Take AICPA Ethics self-study & report
grades to State Board
4. Complete 2,000 hour experience
requirement (interning counts) RPE
form
5. Take the official oath at the Swearing-in
Ceremony
63. Promote the CPA license
Maryland DLLR Swearing-in of new CPAs
Next ceremony - June 16, 2009
At the Maryland Business & Accounting Expo
64. Meet Karen…
• Recent graduate from U
of MD
• She has 150 hours but
missed a oral
communication course
and has wrong ethics
course
• She does not know what
the rules are or when to
sit
• She is thinking about
sitting in Delaware or
Virginia to get around
rules
65. New CPAs in Maryland – Filling the Pipeline
350
300
291
250
236
200
194
166
150
100
74
50
0
67. “As it relates to science and technology, the
rate of change in the next decade, is likely
to be 4 to7 times faster than in the last
decade. If it is 4x faster it would be like
planning for 2006 in 1890, if it is 7x faster
it would be like planning for 2006 in 1670.”
-Expert on Education Panel, The Aspen
Institute, 2007
68. Guardians cannot keep up with Commerce
“Even the regulators can't
keep up. A Senate study in
2002 found that the SEC
had managed to fully
review just 16 percent of
the nearly 15,000 annual
reports that companies
submitted in the previous
fiscal year; the recently
disgraced Enron hadn't
been reviewed in a
decade.quot;
Source: Wired magazine 17.03 March, 2009
71. Technology & Web 2.0
By 2010, Millenials/Gen Y-ers will outnumber
Baby Boomers.
72. “If you think about the media
environment an average American
teenager lives in, to walk into a classroom
(or one of our Associations) that doesn’t
have any of that media must be like
walking into a desert.”
– Steve Maher, High School teacher PBS
Special “Growing Up On-line”
73. Meet the Gaming Generation
• Games make it easier to understand difficult
concepts – 51%
• I would be more engaged in the subject – 50%
• I would learn more about the subject – 46% (56%
of students in K-2 chose this as their #1 reason)
• It would be more interesting to practice problems –
44%
Source: Project Tomorrow – Speak Up 2007 report
74. Five Learning Trends for 2009
1.Mobile Learning
2.DIY - Do-it-Yourself
Learning
3.Flexible Learning
Environments
4.Virtual Worlds
5.Games & Simulation
Chief Learning Officer Magazine – January 2009
75. Accounting Educators in Second Life
Dr. Mike Kraten
Suffolk University
Dr. Robert Bloomfield
Cornell University
Dr. Steve Hornik
University of Central Florida
77. Tools to keep you ahead of the game
• Listservs
• Podcasts
• Blogs
– CPASuccess.com
– NewCPAs.com
– TCPAblog.com
– CPALegislativeinsider.com
– CPAIsland.com
– SLACPA.org
– CPALearning2.com
MACPA.org -> Resources - > Communications
78. More ways to CONNECT with MACPA
• Linked-In – MACPA Group
• Facebook – NYPN Group
• MACPA on Twitter
• Tom on Twitter
• Bill on Twitter
• Youtube videos from MACPA
• Slideshare
• Visit us in Second Life
79. 4 tips to cross the digital divide
1. Start Gaming and take a
session in Second Life
2. Do our 33 things in 15
minutes a day
www.cpalearning2.com
3. Get an iPod and listen to
our cool podcasts – CPA
Spotlight
4. Check out our blogs and
post a comment or
subscribe in a blog reader
(RSS)
83. Perceptions of CPAs Largely
Consistent Across All Audiences
Rank
BDMs Large Biz BDMs Sm-Med Biz Investors CPAs YPs
1 Has integrity Competent Competent Has integrity Competent
2 Competent Has integrity Has integrity Competent Has integrity
Able to synthesize Able to synthesize
3 information from multiple Objective Objective Objective information from multiple
sources sources
Able to synthesize Able to synthesize Able to synthesize
4 Objective information from multiple information from multiple information from multiple Able to see the big picture
sources sources sources
5 Focused on client needs Focused on client needs Focused on client needs Focused on client needs Objective
Able to identify potential Able to identify potential Able to identify potential
6 Able to see the big picture Focused on client needs
problems before they happen problems before they happen problems before they happen
Able to identify potential
7 Technologically adept Technologically adept Technologically adept Demonstrates leadership
problems before they happen
Able to identify potential
8 Communicates effectively Able to see the big picture Able to see the big picture Demonstrates leadership
problems before they happen
9 Able to see the big picture Communicates effectively Communicates effectively Technologically adept Technologically adept
10 Demonstrates leadership Demonstrates leadership Creative and innovative Communicates effectively Communicates effectively
11 Creative and innovative Creative and innovative Demonstrates leadership Creative and innovative Creative and innovative
85. The Year of the CFO
As financial skills are valued more
highly, CFOs will make it to the corner
office in greater numbers than before.
Recession, credit crunch and the
increasingly complex nature of global
companies will all play directly into the
bean counter‟s hands.
Source: The Economist Magazine The World in 2009 Nov, 2008
86. IFRS Opportunity? – Meet Joe Box, CPA -
CFO of Joe Money Machinery
“Well, the IASB is coming out with a
simplified version for private companies.
With IFRS, you mark-to-market more
assets. We're a 72-year-old company that
has real estate on our books at historical
cost, so there could be a big benefit in
IFRS based on the substantially higher fair
market value for that property. Any private-
company CFO should be knowledgeable
about it, to determine whether to consider
adoption.”
“But even more importantly, it has been my
objective that our key bankers consider me
knowledgeable in the issues important to
their commercial portfolio. XBRL is another
one.”
87. Recession Playbook
Two priorities:
1) manage your short-term
credit, cash and
performance needs
2) effectively position and
utilize assets with an eye
toward post-recession
growth.
88. CFO Competencies Needed
• Change • Communication &
Management (C) Leadership
• Strategic Ability (S) • Strategic & Critical
Thinking
• Critical Thinking (S)
• Focus on the
• Business
Customer, Client, and
Perspective (C)
Market
• Organizational
• Interpretation of
Agility (C)
Converging Information
• Dealing with
• Technologically adept
Ambiguity (S)
C – Catalyst
S - Strategist
89. CFO Opportunities
• Business process efficiency – LEAN
• Cash flow & Financing
• Risk Management
• Budget Scenarios
• Young Professionals – reverse mentoring
91. Transparency & Accountability
“Publicity is justly
commended as a remedy
for social and industrial
diseases. Sunlight is said
to be the best of
disinfectants; electric light
the most efficient
policeman.”
- Supreme Court Justice Louis Brandeis
Source: Wired magazine 17.03 March, 2009
95. Six ways to help you weather the storm
1. 24 Hours of Free CPE
2. New Career Center
3. Economic Resource Center
4. Shared Services Purchasing Programs
5. Maryland Business & Accounting EXPO
6. Promoting & protecting your CPA
license
98. Managing in Turbulent Times
1. Context - Understand the “brutal facts of
your reality”
2. Strengths Challenges Opportunities &
Threats – Differentiate yourself for high
leverage opportunities
3. Envision your future
4. Manage for today & tomorrow
– Liquidity (balance sheet
– Productivities – 3 types of IC
(human, structural & social)
– Costs of the future
99. “You must never confuse faith that you
will prevail in the end – which you can
never afford to lose – with the discipline
to confront the most brutal facts of your
current reality, whatever they might be.”
Holding those two seemingly
contradictory notions in his head
simultaneously was the key to
Stockdale surviving, even
thriving, in his experience.
Admiral James Stockdale 1923- 2005
He returned home after eight years of imprisonment in the “Hanoi Hilton”
during the Vietnam War
100. Connect – Protect - Achieve!
“Association members
earn, on average, $10,000
more per year than non-
members”
And
“are 19% more likely to
say they are “very-
satisfied” with their jobs
than non-members”
Where the Winners Meet Study by the
William E. Smith Institute for
Association Research
101. Tom Hood, CPA.CITP
CEO
Maryland Association of CPAs
Business Learning Institute
(443) 632-2301
E-mail tom@macpa.org
102. Maryland Association of CPAs – founded 1901 to
promote and protect CPAs and help them thrive in
the rapidly changing environment – 10,000
members
Business Learning Institute – founded in 2000 with
a mission to help organizations deliver competency-
based curriculum, courses, content and community to
enhance learning and grow intellectual capital for
organizational and executive leadership
Second Life Association of CPAs – founded in
2006 With 459 members and two islands (CPA
Island & CPA Island 2) with a mission of building a
community of people interested in exploring the
possibilities of CPAs in Second Life