MACPA - PIU Spring 2014 - Surviving the Shift Change
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MACPA CEO Tom Hood, voted second most influential leader in the CPA Profession in Accounting Today’s 2013 list of the Top 100 Most Influential People in Accounting (his ninth time on the list) sees five fundamental shifts facing accounting now – Leadership, Learning, Technology, Generations and Workplace. In a world of rapid change and increasing complexity, the winners will be those individuals and organizations who can keep their L>C², their rate of learning must be greater than the rate of change and greater than their competition. Tom’s updates are always popular for CPAs and include the latest trends and issues the profession is facing locally, nationally, and globally.
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MACPA - PIU Spring 2014 - Surviving the Shift Change
- 1. Tom Hood, CPA, CITP, CGMA #PIU14 @tomhood @macpa
- 2. Tom Hood, CPA, CITP, CGMA! Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org! http://www.linkedin.com/in/tomhood/! If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Magazine! • Named the Second Most Influential in Accounting by Accounting Today Magazine 2013 • Linked-In Top 150 Influencer • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Thought Leaders in Public Accounting by CPA Practice Adviser • Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management !
- 3. Thanks to our Sponsors!!
- 4. http://macpa.cnf.io! ! Respond to a Poll! Ask a Question! Select the session: MACPA 2014 PIU
- 5. Download today’s slides at … www.SlideShare.net/thoodcpa
- 6. Insights to Ac,on “One without the other is either useless or destruc,ve”
- 10. #Accoun,ngStandards Public Private Companies Private Companies-‐ Small Business Public Private Companies Private Companies Private Companies-‐ Small Business Financial Repor9ng IFRS (IASB) IFRS-‐SME (IASB) GAAP (FASB) GAAP-‐PCC (FASB) FRF-‐SME (AICPA) Audi9ng IAASB IAASB PCAOB ASB (AICPA) ASB (AICPA) ASB (AICPA) Ethics IFAC IFAC PEEC (AICPA) PEEC (AICPA) PEEC (AICPA)
- 11. FASB, PCC, FRF-‐SME • 13-01A Identifiable Intangible Assets – Business Combinations • 13-02 Variable Interest Entities • 13-01B Accounting for Goodwill • 13-03A Variable Pay – Fixed Interest Rate Swaps • 13-013B Variable Pay – Fixed Interest Rate Swaps
- 12. GASB 67 68
- 14. Federal Agenda • Mobile Workforce • What’s at Stake • DATA Act • Keep cash basis for personal service companies (S Corps Partnerships) • Stop Patent Trolls
- 15. “If you don’t want to be involved in poli,cs, then be prepared for the consequences of those that do.” 2,500 Bills -‐ 188 Legislators – 90 days
- 16. CPA Day 2014 CPA Day in Annapolis – January 29th, 2015
- 17. “It is more important to stop bad bills than pass good ones.” -‐ Calvin Coolidge – President • Sales tax on accoun,ng and tax services (defeated several ,mes) 1997 -‐ HB 580 ,2001 HB 1337, 2004 HB 1364, 2007 -‐ HB 448 , 2012 HB 1051 • Maryland corporate accountability (SOX and 404 for private companies and non-‐profits) 2003 – SB 560 • Debt counseling registra,on by CPAs 2011 -‐ SB 741 • Maryland Tax Preparers 2007 -‐ HB 998 • Compara,ve fault (several ,mes) 1998 SB 618 , 2000 -‐ SB 779, 2001 SB 483 , 2007 -‐ HB 110 • Elimina,on of audit requirements for Maryland cemeteries 2011 – SB 352 • AG opinion allowing CPAs to include Social Security numbers on documents for tax services – 8/30/2011 • Got Exemp,on from MSP Private Inves,gator Registra,on If not us, Who?
- 18. Building and Maintaining the CPA Infrastructure • Separate funding for the State Board 2006 -‐ HB 103 • Experience requirement to make Maryland CPAs compa,ble with UAA (Uniform Accountancy Act) 2001 -‐MD COMAR 09.24.03.1 • Ethics requirement for CPE 2006 -‐MD COMAR 09.24.02.02 • Mandatory peer review and prac,ce quality 2005 – HB 1223 • Exemp,on for CPAs from Maryland (and federal) tax preparer regula,on 2008 -‐ SB 817 • Prac,ce mobility 2008 -‐ HB 1296 • Expanding acceptable CPE methods 2009 -‐ HB 69 • 120/150 CPA exam legisla,on 2011 -‐ SB 287 • Restricted audits, reviews, and compila,ons to CPAs and added safe harbor for compila,ons 2011 -‐ HB 328 • State Board of Public Accountancy reauthoriza,on 2013 -‐ SB 238
- 19. The MACPA 2014 Agenda ü Stop sales taxes on services ü Protect contributory negligence ü Prevent combined reporting ü Prevent unnecessary CPA legislation ü Promote the Maryland Competitiveness Coalition’s Work
- 20. Students NABA at CPA Day
- 23. MACPA State Budget Task Force to Host GASB Pension Summit – Dec 1st
- 24. New Appointments: Art Flach – Grant Thornton Phil Korb – University of Bal,more Two emerging issues: 1) Firm Mobility 2) Defini,on of Ajest (SAS, SSARS + SSAEs (SOC reports) 3) CPE in small bytes
- 25. New CPA Swearing-‐in Ceremony November 4, 2014 BWI Hilton
- 27. “Our world is governed by numbers generated by the accounts of nations and corporations.” – Jane Gleesom-White Maryland founded on March 25, 1634 (380 years old) MD CPA Law passed on April 10, 1900 (114 years old)
- 31. The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event http://cpa.tc/4aa
- 32. Expects a 13% growth rate in accounting and auditing jobs from 2012 to 2022
- 33. # 3 2014
- 34. CPA credential in high demand! Source: Wall Street Journal, 8/13/13 Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
- 36. www.blionline.org/rita Top Five Issues Facing CPA firms Source:AICPA PCPS
- 37. www.blionline.org/rita Top Five Issues Facing CPA firms Source:AICPA PCPS
- 38. www.blionline.org/rita 1. Doing more with less 2. Keeping pace with Health Care Reform PPACA 3. Uncertainty – Economic, Political, Regulatory 4. Competition and Cash Flow 5. Succession and talent development Top Five Issues Facing CFOs
- 39. CFO of the Future will create strategic impact
- 40. 404040 CFO – Striking the right balance
- 41. 414141 CFO of the Future builds business capabilities
- 43. We are in a race…!
- 44. Caused by this guy…!
- 45. It’s really a math problem…! 2006!
- 47. The Shift Change 1. Leadership! 2. Learning! 3. Technology! 4. Generations! 5. Workplace!
- 48. The challenge opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy
- 49. We live in a transformational time. In the next five years, guaranteed, we're going to transform – not change, but transform – how we sell, how we market, how we communicate, collaborate, innovate, train, educate.
- 50. What would Rita say? To stay ahead, (companies) need to constantly start new strategic initiatives, building and exploiting many transient competitive advantages at once. Though individually temporary, these advantages, as a portfolio, can keep companies in the lead over the long run. Innovate often, decide quickly, succeed or fail, repeat
- 51. Dealing with the Shift Change – MACPA Young Professionals
- 52. How? 1. Professional unity 2. Work / life integration 3. The evolving nature of leadership and new leadership models 4. Proactive, goal-focused planning 5. Networked collaboration 6. Embracing and adopting new technologies From: To: Hierarchy Network Transactions Relationships Efficient Effective Well managed Well led Command Control Connect Collaborate Push Pull Good Great
- 55. Learning
- 59. theBounce
- 60. www.blionline.org • Identify Competencies • Career Path (Ladder) • Curriculum • Cloud Learning Our approach –The Four C’s he right talent with the right skills at the right tim
- 62. Anticipation is showing up across our Profession CFO Roundtable, Gov’t CPAs Biz Ind Roundtable
- 63. 636363 Chief Future Officer? Leading through Connections: IBM 75%Collaborative 67%Communicative % of CEOs that identified these skills as CRITICAL for future success 61% Creativity
- 64. CloudLearning We see this system as a key recruitment and retention tool, allowing us to offer our people many of the things that the largest firms do - competency–based curriculum, career paths, and just-in-time learning, and our own custom DS learning center. ! - Allen DeLeon, Managing Partner!
- 66. Introducing the Business Learning Institute
- 68. Technology
- 69. Cambrian “Big Bang” Explosion
- 70. One out of five organizations has discovered a secret source of competitive differentiation. It allows them to serve customers in new ways and reimagine their business models. It can help surface valuable insights from their data and transform how they make decisions. It enables them to tap expertise from across their entire ecosystem.And one more thing: It helps these Pacesetters grow revenue and gross profit faster than other organizations.What’s their secret? It’s cloud computing -– their engine for growth. Source: IBM Report – Under Cloud Cover – How Leaders are Accelerating Competitive Differentiation
- 71. How can we escape the “pull of the past”? From: Systems of Record To: Systems of Engagement
- 72. Our Digital Transformation Strategy 1. Digitization workflow –shifting resources and systems to growth areas 2. Virtualization – Moving IT infrastructure to cloud 3. Transformation to cloud – Increase use of existing systems of engagement 4. Transformation to cloud – New cloud based systems – accounting 5. Transformation to cloud – Move AMS and MACPA website
- 73. The CPA Innovation Summit June 16th, Hyatt Downtown Baltimore
- 74. June 16, 2014 – Hyatt Regency Inner Harbor http://cpa.tc/3pz
- 75. Generations
- 78. Generational Issues • Tone at the Top • Cross generation meetings • Communication with Feedback frequently • Trust try • Openness • Embrace technology • Build on strengths
- 80. Workplace
- 81. Work is not a place, it is what you do. And …What you do while working is fundamentally different.
- 82. 5 virtual-‐work essen,als 1. The right technology 2. The right mobile solu,ons 3. The right apps 4. In-‐office tech support 5. In-‐office moral support
- 83. So, the size of your enterprise, the scale, your access to capital– all those things that gave you an edge to new entrants, no longer exists. That’s all extremely scary because that means that your job is no longer about managing the present but inventing the future…all the time.” - Nilofer Merchant http://blogs.wsj.com/moneybeat/2013/12/30/how-to-handle-digital-disruption-in-2014/ From Paraminder Bahra in WSJ: How to handle digital disruption in 2014
- 84. Now what: The New Strategy Playbook 1. Continuous Reconfiguration 2. Healthy Disengagement 3. Deft Resource Allocation 4. Innovation Proficiency 5. Discovery Driven Mindset 6. Entrepreneurial Career Management www.blionline.org/rita
- 86. A leader s job is to define context and provide hope and inspiration...#
- 87. Tom Hood, CPA.CITP CEO Maryland Associa9on of CPAs Business Learning Ins9tute (443) 632-‐2301 E-‐mail tom@macpa.org Web hWp://www.macpa.org Blog hWp://www.cpasuccess.com