MACPA PIU 2012 Fall Edition
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MACPA's CEO, Tom Hood recently named as the fourth most influential person in the Accounting Profession by Accounting Today Magazine is back on the road for the tenth year offering a key update on the trends, issues and opportunities facing CPAs. These engaging and interactive town halls are the cornerstone of the MACPA's "free CPE" initiative that provides members with 24 hours of high quality CPE with their membership. Tom offers his perspective and insights on the latest mega trends of technology (mobile, social, cloud) and the fast-changing legislative & regulatory environment. He covers the global, national, and Maryland landscape in an effort to help MACPA members thrive in a rapidly changing environment.
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MACPA PIU 2012 Fall Edition
- 1. Professional Issues Update / Town Hall By: Tom Hood, CPA, CITP, CGMA CEO Preparing for the Extreme Future Fall, 2012
- 2. A Message from our Chair
- 3. Our Sponsors MACPA Innovation Summit 3 http://cpa.tc/1g8
- 4. “People don’t buy what you do, they buy why you do what you do.” -‐ Simon Sinek
- 5. 5 Why MACPA?
- 6. Remember this? MANAGING THE SEA CHANGE • Change • Complexity • Compliance • Convergence • Competition
- 7. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
- 8. The Black Swan Lives An event that is a surprise to the observer, has a major impact, and often inappropriately rationalized with the benefit of hindsight. Author: Nassim Nicholas Taleb 8
- 9. The Top 100 Most InfluenFal • AICPA • SEC • PCAOB • MACPA! • IRS • Ron Baker – Value Pricing • FASB • Gary Boomer – Tech Guru • The next president • IASB
- 10. PrevenFng the future “Black Swan” • Technology – The Cloud – Big Data – Mobile – Social • Emerging Leaders & Influencers • Regulators • How to thrive amidst the chaos
- 13. Digital Information Created, Captured, Replicated Worldwide Exabytes 1,800 1,600 1,400 10-fold DVD 1,200 Growth in 5 RFID Digital TV 1,000 Years! MP3 players Digital cameras 800 Camera phones, VoIP Medical imaging, Laptops, 600 Data center applications, Games 400 Satellite images, GPS, ATMs, Scanners Sensors, Digital radio, DLP theaters, Telematics 200 Peer-to-peer, Email, Instant messaging, Videoconferencing, CAD/CAM, Toys, Industrial machines, Security systems, Appliances 0 2006 2007 2008 2009 2010 2011 Source: IDC, 2008
- 16. Source: Lee Rainie – Pew Internet Research
- 17. “The profession will need to adopt new technologies and demonstrate effec6ve leadership in doing so.” 1. CPAs must stay current with, embrace and exploit technology for their benefit for increased efficiency and expansion of services. 2. The profession must find soluFons to offer investors and stakeholders up-‐to-‐date, real-‐Fme financial informaFon and to increase transparency. 3. CPAs must embrace mobile technologies and social media to modernize and enhance interacFon and collaboraFon with clients and colleagues.
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- 19. The FAF & XBRL – An Interview with Terri Polley 19
- 20. 1998 2004 2006 2008 2011 2012 MDBIZEXPO Hudson May 2012 Charlie Hoffman MACPA lemer Hollister Eric Cohen XBRL Chairman Issa DATA Act Walter Hamscher sessions XBRL France Data Act Mike Willis – PWC DigitalNow Second Life June ‘09 MACPA XBRL XBRL US Advisory Wayne Harding MACPA Social Media Nashville Louis Matherne – J of A Sep ‘09 Sept 2011 MACPA/BLI facilitates MACPA MACPA The Future is InnovaFon XBRL Int’l MACPA Tags f/s Summit Strategic Mike Willis – PWC Now – J of A Summit June 2011 XBRL arFcle June 2012 Plan Chethan Gorur-‐ MSFT Rutgers – Nov 08 Taylor Hawes – MSFT Harm Jan -‐ Skip Falatko -‐ MACPA Netherlands Louis Matherne Skip Falatko – MACPA FASB -‐ NFP Eric Cohen – PWC MACPA arFcle Apr ‘11 Conor O’Kelly – HP Aug 2012 MeeFng w/ MD XBRL Int’l presents to SU CPA Vision -‐ 2001 Bob Laux – MSFT Comptroller on Mike Willis – PWC SBR for MD ‘08 Altova -‐ MACPA Altova -‐ MACPA Case Study Case Study #2 MACPA XBRL project CPA Island & CPE in J of A Use acct student to tag f/s June ‘08 From CPA Horizons 2025 Report, October, 2011 Integrity –Competence – Lifelong Learning ObjecFvity – Excellence – Global Relevance 1. CPAs must stay current with, embrace and exploit technology for their benefit for increased efficiency and expansion of services. 2. The profession must find soluFons to offer investors and stakeholders up-‐to-‐date, real-‐Fme financial informaFon and to increase transparency. 3. CPAs must embrace mobile technologies and social media to modernize and enhance interacFon and collaboraFon with clients and colleagues. FEI – Gartner Report 2010
- 21. The Data Act hmp://www.youtube.com/watch?v=Bnn3IsOhulE
- 23. Beloit College’s 2016 Mindset List • They have always lived in cyberspace, addicted to a new generation of "electronic narcotics.” • Michael Jackson's family, not the Kennedys, constitutes "American royalty.” • If they miss The Daily Show, they can always get their news on YouTube. • They have never seen an airplane "ticket.” • They can't picture people actually carrying luggage through airports rather than rolling it. • A significant percentage of them will enter college already some hearing loss. 23
- 24. Beloit College’s 2016 Mindset List • Having grown up with MP3s and iPods, they never listen to music on the car radio and really have no use for radio at all. • They have had to incessantly remind their parents not to refer to their CDs and DVDs as "tapes.” • History has always had its own channel. • They watch television everywhere but on a television. • They grew up, somehow, without the benefits of Romper Room. • Bill Clinton is a senior statesman of whose presidency they have little knowledge. 24
- 26. Top Seven Issues Facing Young professionals 1. InformaFon overload (including accounFng and tax complexity) 2. Work / life balance 3. GeneraFonal issues and communicaFons (including upper management not sharing knowledge with the younger generaFon) 4. Developing networking skills 5. Keeping up with technology -‐-‐ especially the cloud 6. Finding career guidance 7. Understanding social media benefits 26
- 27. What they want us to do to help 1. Mentorship / Advice on Career Development 2. Expand my Networking Skills 3. Young CPA entrepreneur group 4. Help bridge communicaFon with staff & leadership 5. Training on technology – cloud, social 6. Informal roundtable disucsisons among NYPN 27
- 28. 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. 28 Wisdom from the MACPA Leadership Academy Next class: December 4,5,6, 2012
- 31. Do you have the urge to merge? 31
- 32. Are we entering the age of the small firm? 1. Merger-‐Mania fall out 2. Corporate downsizing 3. Technology leveling the playing field
- 33. What makes a great CFO or Controller? Your role as a CFO is storyteller; make the numbers tell the company's story. The value of the business is created by employees, customers, and investors in that order and alignment of vision, mission and strategy across all three. 33
- 34. Top Risks facing CFOs Organizations are more likely to achieve Source: Deloitte CFO Signals 2Q 2012 goals when properly communicated risk appetite guides management in setting goals & making decisions 34
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- 37. US Treasury MD Comptroller MD Comptroller MD Comptroller CAQ Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan, CPA
- 38. The (infra) Structure of the CPA Profession Federal & State Laws & RegulaFons – SEC, DOL, Treasury, GAO, PCAOB CPA Profession Standards – AICPA & FASB, GASB, FASAB, IASB State CPA Statutes (Law) State Boards of Accountancy issue licenses and regulate CPAs
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- 42. What’s at Stake? 42
- 43. Maryland’s fiscal crisis Is there a third way? Not just conFnuous tax increases; Not just draconian spending cuts; But accountability and efficiency at a program and budgeFng review level.
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- 51. Mary land - 10 99R - 20 08 CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices. 51
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- 58. Are audits gexng worse? Or are the inspectors gexng pickier? Source: Ny Times
- 59. PEEC InterpretaFon 101-‐3, "Nonamest Services.” The commimee is proposing that financial statement preparaFon and cash-‐to-‐accrual conversions performed by a CPA member for a client should be considered nonamest services and subject to the revised requirements. Under the proposed revisions, the preparer is no longer required to perform a compilaFon with respect to those statements unless engaged to do so. The exposure dra{ also considers the cumulaFve effect that providing mulFple nonamest services can have on independence.
- 60. State LegislaFon CPA Day in Annapolis – January 16, 2013
- 61. CPA State Legislators 61
- 63. www.cpamobility.org • Collaborative effort with AICPA – CPA/SEA – NASBA & State CPA Societies • 49 + DC states passed legislation in five (5) years • Maryland enacted it in 2008
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- 66. State Legislation and Regulatory • Accountancy bills (20 states) - 51 • Auditor Rotation (3 states) - 8 • Mobility (2 states) - 6 • Regulation of Tax Preparers (3 states) - 5 • Tax on Accounting Services (6 states) - 11 • Peer Review (4 states) - 7 • State Board Consolidation (6 states) 8
- 67. Maryland & Federal Tax Preparer Law Threats to your CPA License • Well intentioned consumer group • Solving a problem – low income tax frauds • But…creating problems for CPAS – Licensed / Certified Tax Preparers would be confusing to the public – Tax Preparer Exam using ACAT / H&R Block designation (ATA, ATP) opens door for second tier license – Misinformation / confusion
- 68. CPA Licensing FAQs • 76 Hours of CPE Carryover – 4 hours of Ethics every two years • LICENSE TERMS DEFINED: INACTIVE VS. EXPIRED • Sole PracFFoners OperaFng as Corps or LLCs • Acceptable Use of Name (solo cannot use Group or Associates)
- 69. Maryland fees effecFve 6/1/2012 • CPA Exam – (1) AudiFng and AmestaFon — $[249] 200; – (2) Financial AccounFng and ReporFng — $[237] 200; – (3) RegulaFon — $[211] 180; – (4) Business Environment and Concepts — $[198] 180; • Licensing Fees – Renewal fee — $[80] 50; for two years! – ApplicaFon for inacFve status — $[40] 25; – Renewal for inacFve status — $[40] 25; – Reinstatement for inacFve status — $[60] 50; – ReacFvaFon from inacFve status — $[80] 50; – Reinstatement of expired license — $[120] 100; – Firm applicaFon fee — $[80] 60; – Firm permit fee — ${80] 60; – Firm renewal fee — $[160] 120; – Firm reinstatement fee — $240; – [Proctoring fee — $75]
- 70. 70 New CPA Swearing-in Ceremony – November 1st, BWI Hilton Hotel
- 71. Our 2013 Legislative / Regulatory Agenda • Federal • Workforce Mobility • Tax Return Due Dates • Data Act • Dodd-Frank – preventing regulatory burdens • PPACA – preventing regulatory burdens • State • Retaining Contributory negligence • Defeating Sales Tax on Services • Offering CPA perspectives on State Financials • State Board • Build relationships with ne DLLR team • Work on CPE for smaller units 71 • Monitor Peer Review implementation • Monitor CPA Exam application process
- 72. Surviving “Black Swans” 1. Have a vision for your future 2. Build on your strengths 3. Focus on High Leverage OpportuniFes 4. Keep your L > C 5. CollaboraFon is key 72
- 74. Top ten skills needed Source: IBM 2012 Global CEO Study 74
- 76. Staff Principal/ Decision making Director by specification, Leading and/or task specific work developing new practice areas, strategic alliances & talent Critical Turning Senior Point Senior 1st level supervision The on established Bounce Manager guidelines & Assess & understand standards longer-term variables & accomplishing future goals Manager 1st level of strategic thought & focus on boundary spanning activities Copyright 2012 – Business Learning Institute 76
- 77. • The organizations that will become the household names of this century will be renowned for sustained, large-scale, efficient innovation. • The key to that capability is neither company loyalty nor free-agent autonomy but, rather, a strong collaborative community. • HBR, July-August 2011 77 The collaboration curve replaces the experience curve
- 78. It really is about this...
- 79. What can you do to boost your odds? Tipping point which way will they go? This is your risk point! Inner Circle Informed Pragmatists Skeptics No-Nos Bought-in Leaders I’ll wait & see Prove it to me I don’t like this I support it Adoption of almost everything happens along a bell curve according to Geoffrey Moore. Change and ideas are no different, the key is to tip the odds in your favor and pay attention to the numbers of people in each level of your organization and within each group. www.bizlearning.net
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- 81. A leader s job is to set context and to provide hope and inspiration..." 81
- 82. 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 hNp://www,bizlearningblog.com 82
- 83. www.cpasuccess.com www.bizlearningblog.com Follow me on: ü Twitter: http://www.Twitter.com/tomhood ü LinkedIn: http://www.linkedin.com/in/tomhood ü Facebook: http://www.facebook.com/thoodcpa ü Slideshare: http://www.slideshare.net/thoodcpa ü Youtube: http://www.youtube.com/thoodcpa ü Second Life avatar name: Rocky Maddaloni Check our Customized Training Catalog out: http://www.bizlearning.net 83
- 84. CPA Vision Report, October, 1999
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