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MACPA’s Professional
    Issues Update
 Leadership Academy

          Presented	
  by:	
  
    Tom	
  Hood,	
  CPA.CITP	
  
  CEO	
  &	
  execu;ve	
  Director	
  
Our	
  agenda	
  
•  What	
  do	
  we	
  see?	
  
   – Economy	
  	
  
   – Legisla;ve,	
  Regula;ons	
  &	
  
     Standards	
  
   – Globaliza;on	
  
   – Technology	
  
   – Workforce	
  &	
  demographics	
  
   – CPA	
  Profession	
  Trends	
  
•  What	
  is	
  MACPA	
  doing	
  about	
  it?	
  
Re-­‐Set,	
  Re-­‐Think,	
  Re-­‐Imagine	
  
 An;cipa;on	
  of	
  a	
  very	
  large	
  business	
  model	
  
 change	
  amidst	
  	
  rapid	
  change	
  –	
  Steve	
  King	
  
 	
  
 	
                      There are two recessions – the
                            obvious one and the not so
                            obvious, the end of the industrial
                            age where perfecting the model
                            was the key. The new model will be
                            completely different. – Seth Godin

Grrrank…	
  The	
  economy	
  is	
  in	
  a	
  big	
  downshiS,	
  we	
  are	
  going	
  
through	
  Schumpeter’s	
  wave	
  of	
  crea;ve	
  destruc;on.	
  
The	
  next	
  thing…	
  
        Thirty	
  (30)	
  years	
  of	
  Prosperity?	
  
          "Economic	
  historians	
  assure	
  us	
  that	
  new	
  
       technology	
  will	
  eventually	
  enable	
  millions	
  of	
  
       ordinary	
  employees	
  to	
  add	
  more	
  value	
  in	
  the	
  
     workplace,	
  increasing	
  general	
  prosperity,"	
  Snyder	
  
 says.	
  Historically,	
  he	
  says,	
  such	
  periods	
  of	
  economic	
  
        prosperity	
  have	
  lasted	
  as	
  long	
  as	
  30	
  years.	
  	
  
	
  
–	
  Interview	
  with	
  Bill	
  Sheridan	
  –	
  MACPA	
  Chief	
  Editor	
  
We	
  can	
  choose	
  to	
  harness	
  the	
  
         winds	
  of	
  change	
  




          The tornado of changes from CPA Vision Project circa 2000
From	
  feeling	
  “lonely	
  at	
  the	
  top”	
  
To	
  the	
  wisdom	
  of	
  the	
  crowd	
  
What CPAs have said abut the future:




1.  Aging population, loss of wisdom, knowledge transfer
2.  Global rules & standards –IFRS – complexity
3.  Information overload, complexity (Need for critical thinking & filter)
4.  Information Security, Privacy & Data Protection
5.  Global Competition, Rise of the Rest
6.  Work-Life Balance
7.  Diversity – Cultural Fusion – Beiging of America
8.  Changing Communication (decline of face-to-face)
9.  Increased Globalization
10. US Deficit
11. Education
The	
  Economy	
  
Growth is projected to come from
overseas for the next five years while the
             US remains flat
CPA	
  Outlook	
  
Regula;ons	
  &	
  Standards	
  
MACPA Professional Issue Update - Leadership Academy
Massive	
  legisla;on	
  in	
  a	
  very	
  short	
  ;me	
  
Patient Protection Act   Dodd-Frank Wall Street     Small Business Tax Relief
                         Reform & Consumer                     Act
                         Financial Protection Act
Recent	
  example	
  –	
  The	
  Dodd	
  –	
  Frank	
  Wall	
  Street	
  
           Reform	
  and	
  Consumer	
  Financial	
  Protec;on	
  Act	
  of	
  2010	
  
Crisis hits news




                                        HR 4173



                                                                       Bureau of Consumer
                                                                       Financial Protection
                       848 pages!




                                                             533 regulations
                                                             60 studies
                                                             94 reports
What did we do when you were forced
to have a license in every state you file
  A
               taxes in? WA

                                         MT
                                                    ND                                                                            ME
                                                                                                                                                VT

  K
                    OR                                             MN                                                                       NH
                               ID
                                                     SD                           WI
                                          WY                                                                            NY                      *MA

           •  Collaborative effort with AICPA – CPA/     NE             IA
                                                                                                  MI
                                                                                                                      *PA         CT       RI


              SEA – NASBA & State CPA Societies
                          NV                                                                           OH
                                    UT                                                 IL    IN                                   DE      NJ
               CA                              CO                                                           WV
                                                                                                                       VA
  HI       •  47 states passed legislation in three       KS                 MO                   KY

                                                                                                               NC
                                                                                                                                           MD



              (3) years                                                                     TN                                     DC
                                AZ                            OK
                                              NM                         AR                                   SC


           •  Maryland enacted it in 2008                                          MS            AL     *GA

                                                     TX                      LA

                                                                                                                 FL



       Awaiting Governor Signature - 1
                                                                                                                                                PR

       CPA Mobility Legislation Pending - 2
                                                                                                                             GU

       CPA Mobility Enacted 46                                                                                                         U.S. VIRGIN ISLANDS



  *    CPA Mobility Enacted Only for
       Other Mobility States – GA, PA, MA
       In Process
It’s	
  7:00	
  am	
  at	
  a	
  town	
  hall	
  
mee;ng	
  in	
  Aberdeen	
  when	
  the	
  
    AICPA	
  alert	
  comes	
  in…	
  
More	
  than	
  100	
  MACPA	
  members	
  call	
  our	
  senators	
  and	
  we	
  
                        defeat	
  the	
  amendment!	
  
The (infra) Structure of the CPA Profession


  Federal & State Laws & Regulations – 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
Professional	
  Standards	
  are	
  also	
  rapidly	
  
                  changing	
  
                            •  SAS 70 TO SOC
                               Reports
                            •  FASB / IASB
                               Convergence
                            •  COSO Integrated
                               Framework (2012)
                            •  ASB Clarity Project
                               (late 2011)
                            •  Ethics Codification
                               (late 2012)
Another way to look at standards & oversight

                Public Company   Private Company             Int’l Company


Financial            SEC	
              FASB	
                    IASB	
  
Reporting
                     FASB	
             PCFRC	
               IFRS	
  &	
  SME	
  

Audit /Attest
                                      AICPA	
  
Performance
Standards
                 PCAOB	
          ASB,	
  ARSC,	
  PRB	
  
                                                              IAASB	
  
Code of            AICPA	
            AICPA	
  
Conduct
                     PEEC	
              PEEC	
  
                                                               IFAC	
  
CPA
                   State Oversight & Enforcement of CPA License
Licensure
Six	
  Ways	
  Convergence	
  is	
  happening	
  
1.  FASB	
  –	
  IASB	
  Convergence	
  Project	
  
2.  SEC	
  IFRS	
  –	
  The	
  Long	
  and	
  winding	
  roadmap	
  
3.  Private	
  Company	
  Standards	
  
4.  AICPA	
  Audi;ng	
  Standards	
  Board	
  ASB	
  Clarity	
  
    project	
  
5.  AICPA	
  Professional	
  Ethics	
  Execu;ve	
  
    Commieee	
  –	
  convergence	
  
6.  Green	
  /	
  Sustainability	
  repor;ng	
  
The	
  ;me	
  is	
  now!	
  Private	
  Company	
  
                         Standards	
  	
  
•  MACPA	
  Task	
  Force	
  releases	
  whitepaper	
  
   and	
  concludes:	
  	
  
     –  Private	
  Company	
  Standards	
  need	
  to	
  be	
  
        addressed	
  (costs,	
  complexity,	
  OCBOA)	
  
     –  Current	
  structure	
  is	
  not	
  working	
  –	
  PCFRC	
  
        recommenda;ons	
  were	
  not	
  addressed,	
  
        prior	
  studies	
  indicate	
  issue	
  
     –  Other	
  jurisdic;ons	
  around	
  the	
  world	
  
        recognize	
  needs	
  of	
  private	
  company	
  users	
  
        are	
  different	
  
•  MACPA	
  Sent	
  comment	
  leeer	
  to	
  FAF	
  –	
  we	
  
   are	
  #	
  1425	
  (up	
  to	
  2,554	
  leeers)	
  
•  Featured	
  in	
  CFO	
  magazine	
  &	
  Accoun;ng	
  
   Today	
  
The	
  Federal	
  Issues	
  
•  Sarbanes-­‐Oxley	
  Act	
  of	
  2002	
  
•  FTC	
  Red	
  Flags	
  rule	
  –	
  privacy	
  
   &	
  iden;ty	
  theS	
  
•  Tax	
  Preparer	
  Registra;on	
  &	
  
   PTIN	
  issue	
  
•  Pa;ent	
  Protec;on	
  Act	
  &	
  
   1099’s	
  
•  Sub	
  S.	
  Employment	
  Tax	
  Issue	
  
•  H.R.5297	
  -­‐	
  Small	
  Business	
  
   Jobs	
  and	
  Credit	
  Act	
  of	
  2010	
  –	
  
   1099s	
  
•  Tax	
  Patents	
  
•  Next	
  jobs	
  bill?	
  
Protec;ng	
  by	
  advoca;ng	
  for	
  members	
  
         (CPAs)	
  =	
  real	
  results!	
  
Working together with the AICPA and many State CPA Societies achieved these:

ü Retained	
  independent	
  structure	
  of	
  financial	
  
   accoun;ng	
  standards	
  (FASB)	
  
ü Modified	
  provision	
  to	
  audit	
  broker-­‐dealers	
  
   (PCAOB)	
  
ü Exempted	
  CPAs	
  from	
  CFPA	
  registra;on	
  due	
  
   to	
  exis;ng	
  licensing	
  and	
  oversight	
  
ü Stopped	
  excessive	
  liability	
  exposure	
  for	
  
   auditors	
  (aiding	
  &	
  abeong)	
  
ü Commented	
  on	
  SOX	
  404(b)	
  exemp;ons	
  
The	
  Maryland	
  Story	
  
Legisla;ve	
  Advocacy	
  and	
  the	
  Power	
  of	
  
                   WE!	
  




   CPA Day in Annapolis – January 18, 2012
MACPA 2011 Agenda
                  5 for 5!	
  
ü Pass 120/150 legislation
ü Stop Sales Tax on Accounting
   Services
ü Exempt CPAs from Debt
   Counseling Bill
ü Stop Trial Lawyers attempts at
   Tort Liberalization –
   Comparative Fault
ü Pass Safe Harbor legislation
             CPA Day in Annapolis
               January 18, 2012
Maryland	
  CPA	
  Agenda	
  2011	
  
      How	
  we	
  did	
  it	
  
1.  Extended tax deadline by
    one week – federal &
    state
2.  Ban on Tax Strategy
    Patents
3.  Clarification on using
    Social Security Numbers
    in Maryland (AG opinion)
4.  Advocating Private
    Company Standards
5.  Testified against sales
    taxes on accounting
    services in summer
    hearings
6.  Maryland license now
    good in 48 states (NY
    passes mobility)
Looking	
  ahead	
  to	
  2012	
  
•  Special	
  Session	
  to	
  deal	
  with	
  
   redistric;ng	
  (and	
  budget)	
  –	
  
   will	
  see	
  tax	
  proposals	
  
•  Maryland	
  Social	
  Security	
  
   Privacy	
  Act	
  –	
  AG	
  Opinion	
  
•  Sales	
  Tax	
  on	
  Services	
  
•  Combined	
  Repor;ng	
  
•  Compara;ve	
  Fault	
  =	
  
   increase	
  liability	
  
•  Quid	
  Pro	
  Quo	
  for	
  DC	
  
   mobility	
  
CPE	
  
•    CPE	
  =	
  CPE	
  
•    Self-­‐study	
  allowed	
  hour	
  for	
  hour	
  &	
  unlimited	
  
•    4	
  hour	
  Ethics	
  Requirement	
  every	
  two	
  years	
  
•    Peer	
  Review	
  qualifies	
  for	
  CPE	
  
•    CPE	
  Audits	
  
      –  Sa;sfactory	
  Compliance	
  
      –  Adjusted	
  Compliance	
  
      –  Audit	
  Failure	
  
An	
  example	
  -­‐	
  CPE	
  Regula;ons	
  involved	
  all	
  
levels	
  –	
  law,	
  regula;ons,	
  and	
  procedures	
  
                  Maryland Senate & Maryland Governor
    A Bill SB 128                                          Law
  From State Board House passes bill   signs into law




                                                 Maryland State Board of
                                                  Public Accountancy




                                                  Clarify thru regulations
                                                   And enforce the law
New	
  CPAs	
  take	
  oath	
  to	
  Protect	
  the	
  
           Public	
  Interest	
  




      MACPA CPA Summit scheduled for June 11th & 12th, 2012
Globaliza;on	
  

As	
  the	
  globe	
  
  shrinks,	
  
opportuni;es	
  
  grow	
  for	
  
       CPAs
5	
  Forces	
  of	
  Globaliza;on	
  
1.  Growth	
  of	
  consumers	
  in	
  emerging	
  
     economies	
  
2.  Technologies	
  that	
  empower	
  
     consumers	
  &	
  communi;es	
  
3.  Increase	
  in	
  labor	
  produc;vity	
  in	
  
     developed	
  markets	
  
4.  ShiS	
  of	
  economic	
  ac;vity	
  between	
  
     and	
  within	
  regions	
  
5.  Increasingly	
  global	
  markets	
  for	
  
     labor	
  &	
  talent	
  
	
  
  The counter trend is Localization or think globally, act locally
Globaliza;on	
  –	
  Chinese	
  auditors	
  visit	
  
    MACPA	
  Towson	
  CPA	
  Center	
  
Global	
  CPA	
  Posi;oning	
  
           CGMA	
  
Technology	
  
•  Cloud	
  
•  Mobile	
  
•  Loca;on-­‐based	
  /	
  
   Augmented	
  Reality	
  
•  Security	
  /	
  Privacy	
  
•  Social	
  Media	
  
•  XBRL	
  
AICPA	
  Top	
  10	
  Technology	
  Issues	
  

	
  	
  1.   	
  Control	
  and	
  Use	
  of	
  Mobile	
  Devices       	
  	
  
	
  	
  2.   	
  	
  Informa;on	
  Security 	
  	
  
	
  	
  3.   	
  	
  Data	
  Reten;on	
  Policies	
  and	
  Structure 	
  	
  
	
  	
  4.   	
  	
  Remote	
  Access	
  	
  
	
  	
  5.   	
  	
  Staff	
  and	
  Management	
  Training	
  	
  
	
  	
  6.   	
  	
  Process	
  Documenta;on	
  and	
  improvements              	
  	
  
	
  	
  7.   	
  	
  Saving	
  and	
  Making	
  Money	
  w/Technology            	
  	
  
	
  	
  8.   	
  	
  Technology	
  Cost	
  Controls            	
  	
  
	
  	
  9.   	
  	
  Budget	
  Processes           	
  	
  
10.          	
  Project	
  Management	
  &	
  deployment	
  of	
  new	
  apps	
  
	
  
Are	
  you	
  on	
  Facebook?	
  
It’s	
  the	
  power	
  of	
  the	
  network	
  
Social	
  media	
  =	
  social	
  capital	
  
    real	
  world	
  examples	
  
MACPA Professional Issue Update - Leadership Academy
XBRL	
  &	
  MACPA	
  &	
  You	
  
•      SEC	
  Mandate	
  –	
  June	
  15,	
  2011	
  -­‐	
  third	
  wave	
  
•      Radical	
  Transparency	
  (DATA	
  Act	
  of	
  2011)	
  
•      Libera;on	
  of	
  data	
  for	
  financial	
  analysis	
  
•      Reduced	
  compliance	
  burden	
  (SBR)	
  
	
  
Workforce	
  &	
  Demographics	
  
5	
  Genera;ons	
  in	
  the	
  workforce	
  
                         Live First, Work Second




                                         Digital
                                         Natives
The generation gap is widening
What	
  today’s	
  workers	
  want	
  
•  Engage your top performers
•  Coach tomorrow’s leaders
•  Manage your Millennials


 Think   AMP
 •  Autonomy
 •  Mastery
 •  Purpose
The	
  CPA	
  Profession	
  

           Flat is the new growth
           3% average growth
           Some declines
           Competition is increasing
Accoun;ng	
  Firms	
  Most	
  Trusted	
  
                    Advisors	
  
  •  Generally	
  speaking,	
  how	
  believable	
  do	
  you	
  normally	
  find	
  
     statements	
  made	
  by	
  someone	
  who	
  works	
  for	
  one	
  of	
  
     these	
  organiza;ons	
  or	
  groups	
  
  •  “Echo	
  Boomers”	
  (18-­‐34)	
  rated	
  accoun;ng	
  firms	
  highest–	
  
     74%	
  
67%	
  
          62%	
  
                                                                  Acctg	
  Firms	
  
                    55%	
  
                              51%	
   49%	
                       Banks	
  
                                              47%	
               Investment	
  Firms	
  
                                                                  Health	
  Ins.	
  Co.	
  
                                                        36%	
  
                                                                  Mortgage	
  Companies	
  
                                                                  Gov't	
  regulators	
  
                                                                  Credit	
  Card	
  Co.	
  


                                                                        Source: Harris Poll, May 18
AICPA	
  /	
  PCPS	
  Survey	
  Results	
  
AICPA	
  PCPS	
  Survey	
  Results	
  
MACPA Professional Issue Update - Leadership Academy
Top	
  10	
  Issues	
  Facing	
  BizInd	
  
1.  Communica;ng	
  effec;vely	
  (new	
  tools	
  vs	
  face	
  to	
  face)	
  
2.  Talent	
  –	
  Training	
  –	
  Succession	
  Planning	
  
3.  Economic	
  environment	
  
4.  Genera;onal	
  –	
  Work/Life	
  balance	
  
5.  Supply	
  chain	
  –	
  rising	
  costs	
  
6.  Strategic	
  planning	
  in	
  uncertainty	
  
7.  Financial	
  literacy	
  about	
  business	
  
8.  Increasing	
  government	
  regula;ons	
  
9.  IT	
  security	
  /	
  privacy	
  
10. Mul;-­‐tasking	
  and	
  increasing	
  workload	
  
What CPAs have said abut the future:




1.  Aging population, loss of wisdom, knowledge transfer
2.  Global rules & standards –IFRS – complexity
3.  Information overload, complexity (Need for critical thinking & filter)
4.  Information Security, Privacy & Data Protection
5.  Global Competition, Rise of the Rest
6.  Work-Life Balance
7.  Diversity – Cultural Fusion – Beiging of America
8.  Changing Communication (decline of face-to-face)
9.  Increased Globalization
10. US Deficit
11. Education
What	
  do	
  young	
  professionals	
  need	
  to	
  
                   be	
  leaders?	
  
1.  “SoS	
  skills”	
  broader	
  and	
  more	
  diverse	
  knowledge	
  in	
  leadership,	
  
    management,	
  change	
  &	
  business	
  development	
  
2.  Ability	
  to	
  tap	
  into	
  networks	
  (AICPA,	
  others)	
  to	
  con;nuously	
  learn	
  
    (including	
  social	
  media)	
  
3.  Learn	
  and	
  teach	
  collabora;on,	
  &	
  leadership	
  
4.  How	
  to	
  embrace	
  change	
  and	
  be	
  flexible	
  &	
  adaptable	
  
5.  Learn	
  how	
  to	
  lead	
  teams	
  
6.  Bridge	
  the	
  gap	
  between	
  “older	
  leaders”	
  and	
  “younger	
  leaders	
  
7.  Learn	
  about	
  themselves	
  (Strengths-­‐based	
  leadership)	
  so	
  they	
  can	
  
    be	
  more	
  purposeful,	
  proac;ve	
  &	
  mo;vated	
  
The biggest opportunity for CPAs
As knowledge moves from stocks
to flows, how do we stop our inventory
       from becoming obsolete?
But	
  first	
  a	
  word	
  from	
  our	
  members	
  
Why	
  we	
  are	
  here	
  and	
  what	
  we	
  
        are	
  doing	
  about	
  it	
  


    C
    P
    A
Links	
  
•  Strategic	
  Planning	
  
    –  hep://www.bizlearning.net/live/i2astrategicplanning	
  
•  Future	
  Forums	
  
    –  hep://www.bizlearning.net/live/i2afutureforums	
  
    –  Leadership	
  Development	
  
    –  hep://www/bizlearning.net/live/i2aleadership	
  
•  Customized	
  Training	
  
    –  hep://www.bizlearning.net/learningcenter/	
  
•  Search	
  our	
  Catalog	
  
    –  hep://www.bizlearning.net/learningcenter/
       customizedtraining/BLI_catalog.cfm	
  
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	
  
                       	
  
                       	
  

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MACPA Professional Issue Update - Leadership Academy

  • 1. MACPA’s Professional Issues Update Leadership Academy Presented  by:   Tom  Hood,  CPA.CITP   CEO  &  execu;ve  Director  
  • 2. Our  agenda   •  What  do  we  see?   – Economy     – Legisla;ve,  Regula;ons  &   Standards   – Globaliza;on   – Technology   – Workforce  &  demographics   – CPA  Profession  Trends   •  What  is  MACPA  doing  about  it?  
  • 3. Re-­‐Set,  Re-­‐Think,  Re-­‐Imagine   An;cipa;on  of  a  very  large  business  model   change  amidst    rapid  change  –  Steve  King       There are two recessions – the obvious one and the not so obvious, the end of the industrial age where perfecting the model was the key. The new model will be completely different. – Seth Godin Grrrank…  The  economy  is  in  a  big  downshiS,  we  are  going   through  Schumpeter’s  wave  of  crea;ve  destruc;on.  
  • 4. The  next  thing…   Thirty  (30)  years  of  Prosperity?   "Economic  historians  assure  us  that  new   technology  will  eventually  enable  millions  of   ordinary  employees  to  add  more  value  in  the   workplace,  increasing  general  prosperity,"  Snyder   says.  Historically,  he  says,  such  periods  of  economic   prosperity  have  lasted  as  long  as  30  years.       –  Interview  with  Bill  Sheridan  –  MACPA  Chief  Editor  
  • 5. We  can  choose  to  harness  the   winds  of  change   The tornado of changes from CPA Vision Project circa 2000
  • 6. From  feeling  “lonely  at  the  top”  
  • 7. To  the  wisdom  of  the  crowd  
  • 8. What CPAs have said abut the future: 1.  Aging population, loss of wisdom, knowledge transfer 2.  Global rules & standards –IFRS – complexity 3.  Information overload, complexity (Need for critical thinking & filter) 4.  Information Security, Privacy & Data Protection 5.  Global Competition, Rise of the Rest 6.  Work-Life Balance 7.  Diversity – Cultural Fusion – Beiging of America 8.  Changing Communication (decline of face-to-face) 9.  Increased Globalization 10. US Deficit 11. Education
  • 10. Growth is projected to come from overseas for the next five years while the US remains flat
  • 14. Massive  legisla;on  in  a  very  short  ;me   Patient Protection Act Dodd-Frank Wall Street Small Business Tax Relief Reform & Consumer Act Financial Protection Act
  • 15. Recent  example  –  The  Dodd  –  Frank  Wall  Street   Reform  and  Consumer  Financial  Protec;on  Act  of  2010   Crisis hits news HR 4173 Bureau of Consumer Financial Protection 848 pages! 533 regulations 60 studies 94 reports
  • 16. What did we do when you were forced to have a license in every state you file A taxes in? WA MT ND ME VT K OR MN NH ID SD WI WY NY *MA •  Collaborative effort with AICPA – CPA/ NE IA MI *PA CT RI SEA – NASBA & State CPA Societies NV OH UT IL IN DE NJ CA CO WV VA HI •  47 states passed legislation in three KS MO KY NC MD (3) years TN DC AZ OK NM AR SC •  Maryland enacted it in 2008 MS AL *GA TX LA FL Awaiting Governor Signature - 1 PR CPA Mobility Legislation Pending - 2 GU CPA Mobility Enacted 46 U.S. VIRGIN ISLANDS * CPA Mobility Enacted Only for Other Mobility States – GA, PA, MA In Process
  • 17. It’s  7:00  am  at  a  town  hall   mee;ng  in  Aberdeen  when  the   AICPA  alert  comes  in…  
  • 18. More  than  100  MACPA  members  call  our  senators  and  we   defeat  the  amendment!  
  • 19. The (infra) Structure of the CPA Profession Federal & State Laws & Regulations – 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
  • 20. Professional  Standards  are  also  rapidly   changing   •  SAS 70 TO SOC Reports •  FASB / IASB Convergence •  COSO Integrated Framework (2012) •  ASB Clarity Project (late 2011) •  Ethics Codification (late 2012)
  • 21. Another way to look at standards & oversight Public Company Private Company Int’l Company Financial SEC   FASB   IASB   Reporting FASB   PCFRC   IFRS  &  SME   Audit /Attest AICPA   Performance Standards PCAOB   ASB,  ARSC,  PRB   IAASB   Code of AICPA   AICPA   Conduct PEEC   PEEC   IFAC   CPA State Oversight & Enforcement of CPA License Licensure
  • 22. Six  Ways  Convergence  is  happening   1.  FASB  –  IASB  Convergence  Project   2.  SEC  IFRS  –  The  Long  and  winding  roadmap   3.  Private  Company  Standards   4.  AICPA  Audi;ng  Standards  Board  ASB  Clarity   project   5.  AICPA  Professional  Ethics  Execu;ve   Commieee  –  convergence   6.  Green  /  Sustainability  repor;ng  
  • 23. The  ;me  is  now!  Private  Company   Standards     •  MACPA  Task  Force  releases  whitepaper   and  concludes:     –  Private  Company  Standards  need  to  be   addressed  (costs,  complexity,  OCBOA)   –  Current  structure  is  not  working  –  PCFRC   recommenda;ons  were  not  addressed,   prior  studies  indicate  issue   –  Other  jurisdic;ons  around  the  world   recognize  needs  of  private  company  users   are  different   •  MACPA  Sent  comment  leeer  to  FAF  –  we   are  #  1425  (up  to  2,554  leeers)   •  Featured  in  CFO  magazine  &  Accoun;ng   Today  
  • 24. The  Federal  Issues   •  Sarbanes-­‐Oxley  Act  of  2002   •  FTC  Red  Flags  rule  –  privacy   &  iden;ty  theS   •  Tax  Preparer  Registra;on  &   PTIN  issue   •  Pa;ent  Protec;on  Act  &   1099’s   •  Sub  S.  Employment  Tax  Issue   •  H.R.5297  -­‐  Small  Business   Jobs  and  Credit  Act  of  2010  –   1099s   •  Tax  Patents   •  Next  jobs  bill?  
  • 25. Protec;ng  by  advoca;ng  for  members   (CPAs)  =  real  results!   Working together with the AICPA and many State CPA Societies achieved these: ü Retained  independent  structure  of  financial   accoun;ng  standards  (FASB)   ü Modified  provision  to  audit  broker-­‐dealers   (PCAOB)   ü Exempted  CPAs  from  CFPA  registra;on  due   to  exis;ng  licensing  and  oversight   ü Stopped  excessive  liability  exposure  for   auditors  (aiding  &  abeong)   ü Commented  on  SOX  404(b)  exemp;ons  
  • 27. Legisla;ve  Advocacy  and  the  Power  of   WE!   CPA Day in Annapolis – January 18, 2012
  • 28. MACPA 2011 Agenda 5 for 5!   ü Pass 120/150 legislation ü Stop Sales Tax on Accounting Services ü Exempt CPAs from Debt Counseling Bill ü Stop Trial Lawyers attempts at Tort Liberalization – Comparative Fault ü Pass Safe Harbor legislation CPA Day in Annapolis January 18, 2012
  • 29. Maryland  CPA  Agenda  2011   How  we  did  it  
  • 30. 1.  Extended tax deadline by one week – federal & state 2.  Ban on Tax Strategy Patents 3.  Clarification on using Social Security Numbers in Maryland (AG opinion) 4.  Advocating Private Company Standards 5.  Testified against sales taxes on accounting services in summer hearings 6.  Maryland license now good in 48 states (NY passes mobility)
  • 31. Looking  ahead  to  2012   •  Special  Session  to  deal  with   redistric;ng  (and  budget)  –   will  see  tax  proposals   •  Maryland  Social  Security   Privacy  Act  –  AG  Opinion   •  Sales  Tax  on  Services   •  Combined  Repor;ng   •  Compara;ve  Fault  =   increase  liability   •  Quid  Pro  Quo  for  DC   mobility  
  • 32. CPE   •  CPE  =  CPE   •  Self-­‐study  allowed  hour  for  hour  &  unlimited   •  4  hour  Ethics  Requirement  every  two  years   •  Peer  Review  qualifies  for  CPE   •  CPE  Audits   –  Sa;sfactory  Compliance   –  Adjusted  Compliance   –  Audit  Failure  
  • 33. An  example  -­‐  CPE  Regula;ons  involved  all   levels  –  law,  regula;ons,  and  procedures   Maryland Senate & Maryland Governor A Bill SB 128 Law From State Board House passes bill signs into law Maryland State Board of Public Accountancy Clarify thru regulations And enforce the law
  • 34. New  CPAs  take  oath  to  Protect  the   Public  Interest   MACPA CPA Summit scheduled for June 11th & 12th, 2012
  • 35. Globaliza;on   As  the  globe   shrinks,   opportuni;es   grow  for   CPAs
  • 36. 5  Forces  of  Globaliza;on   1.  Growth  of  consumers  in  emerging   economies   2.  Technologies  that  empower   consumers  &  communi;es   3.  Increase  in  labor  produc;vity  in   developed  markets   4.  ShiS  of  economic  ac;vity  between   and  within  regions   5.  Increasingly  global  markets  for   labor  &  talent     The counter trend is Localization or think globally, act locally
  • 37. Globaliza;on  –  Chinese  auditors  visit   MACPA  Towson  CPA  Center  
  • 39. Technology   •  Cloud   •  Mobile   •  Loca;on-­‐based  /   Augmented  Reality   •  Security  /  Privacy   •  Social  Media   •  XBRL  
  • 40. AICPA  Top  10  Technology  Issues      1.  Control  and  Use  of  Mobile  Devices        2.    Informa;on  Security        3.    Data  Reten;on  Policies  and  Structure        4.    Remote  Access        5.    Staff  and  Management  Training        6.    Process  Documenta;on  and  improvements        7.    Saving  and  Making  Money  w/Technology        8.    Technology  Cost  Controls        9.    Budget  Processes     10.  Project  Management  &  deployment  of  new  apps    
  • 41. Are  you  on  Facebook?  
  • 42. It’s  the  power  of  the  network  
  • 43. Social  media  =  social  capital   real  world  examples  
  • 45. XBRL  &  MACPA  &  You   •  SEC  Mandate  –  June  15,  2011  -­‐  third  wave   •  Radical  Transparency  (DATA  Act  of  2011)   •  Libera;on  of  data  for  financial  analysis   •  Reduced  compliance  burden  (SBR)    
  • 47. 5  Genera;ons  in  the  workforce   Live First, Work Second Digital Natives
  • 48. The generation gap is widening
  • 49. What  today’s  workers  want   •  Engage your top performers •  Coach tomorrow’s leaders •  Manage your Millennials Think AMP •  Autonomy •  Mastery •  Purpose
  • 50. The  CPA  Profession   Flat is the new growth 3% average growth Some declines Competition is increasing
  • 51. Accoun;ng  Firms  Most  Trusted   Advisors   •  Generally  speaking,  how  believable  do  you  normally  find   statements  made  by  someone  who  works  for  one  of   these  organiza;ons  or  groups   •  “Echo  Boomers”  (18-­‐34)  rated  accoun;ng  firms  highest–   74%   67%   62%   Acctg  Firms   55%   51%   49%   Banks   47%   Investment  Firms   Health  Ins.  Co.   36%   Mortgage  Companies   Gov't  regulators   Credit  Card  Co.   Source: Harris Poll, May 18
  • 52. AICPA  /  PCPS  Survey  Results  
  • 53. AICPA  PCPS  Survey  Results  
  • 55. Top  10  Issues  Facing  BizInd   1.  Communica;ng  effec;vely  (new  tools  vs  face  to  face)   2.  Talent  –  Training  –  Succession  Planning   3.  Economic  environment   4.  Genera;onal  –  Work/Life  balance   5.  Supply  chain  –  rising  costs   6.  Strategic  planning  in  uncertainty   7.  Financial  literacy  about  business   8.  Increasing  government  regula;ons   9.  IT  security  /  privacy   10. Mul;-­‐tasking  and  increasing  workload  
  • 56. What CPAs have said abut the future: 1.  Aging population, loss of wisdom, knowledge transfer 2.  Global rules & standards –IFRS – complexity 3.  Information overload, complexity (Need for critical thinking & filter) 4.  Information Security, Privacy & Data Protection 5.  Global Competition, Rise of the Rest 6.  Work-Life Balance 7.  Diversity – Cultural Fusion – Beiging of America 8.  Changing Communication (decline of face-to-face) 9.  Increased Globalization 10. US Deficit 11. Education
  • 57. What  do  young  professionals  need  to   be  leaders?   1.  “SoS  skills”  broader  and  more  diverse  knowledge  in  leadership,   management,  change  &  business  development   2.  Ability  to  tap  into  networks  (AICPA,  others)  to  con;nuously  learn   (including  social  media)   3.  Learn  and  teach  collabora;on,  &  leadership   4.  How  to  embrace  change  and  be  flexible  &  adaptable   5.  Learn  how  to  lead  teams   6.  Bridge  the  gap  between  “older  leaders”  and  “younger  leaders   7.  Learn  about  themselves  (Strengths-­‐based  leadership)  so  they  can   be  more  purposeful,  proac;ve  &  mo;vated  
  • 59. As knowledge moves from stocks to flows, how do we stop our inventory from becoming obsolete?
  • 60. But  first  a  word  from  our  members  
  • 61. Why  we  are  here  and  what  we   are  doing  about  it   C P A
  • 62. Links   •  Strategic  Planning   –  hep://www.bizlearning.net/live/i2astrategicplanning   •  Future  Forums   –  hep://www.bizlearning.net/live/i2afutureforums   –  Leadership  Development   –  hep://www/bizlearning.net/live/i2aleadership   •  Customized  Training   –  hep://www.bizlearning.net/learningcenter/   •  Search  our  Catalog   –  hep://www.bizlearning.net/learningcenter/ customizedtraining/BLI_catalog.cfm  
  • 63. 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