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MACPA Spring 2016 Professional Issues Update - Business & Industry Edition

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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.

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MACPA Spring 2016 Professional Issues Update - Business & Industry Edition

  1. Your Learning Journey
  2. Vote for a question Respond to Poll Ask a Question MACPAPIU.CNF.IO Select your session and join the conversation: Fall Town Hall PIU
  3. Download today’s slides at … www.SlideShare.net/thoodcpa
  4. LookoutPost
  5. 2016 The State of My Industry: Accounting Tom Hood, CPA, CITP, CGMA fluencer #MyIndustry @tomhood
  6. Big Waves of Change Oceans of Opportunity
  7. “We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.”
  8. Borrowed from the US Army War College,VUCA was coined byThe Institute for the Future to describe the rapidly changing and complex business environment since the Great Recession of 2008.
  9. Technology is #1 HardTrend Source: Miovision July 17, 2013 “The Internet ofThings andTransportation”
  10. From the World Economic Forum in Davos, 2016
  11. A 3-D printed carbon fiber house and SUV that share energy and will disrupt these industries: 1.  the construction and building industry, including suppliers, supply chain, and unskilled labor; 2.  the automotive and transportation industry, including components makers and the classic assembly line; and, 3.  the electric-utilities industry.
  12. Race Against the Machines? Source: Frey & Osborne –The Future of Employment – Oxford University
  13. Source: CPA.COM Insight into the CPA of the Future Study 2014 92% of CPAs are NOT Future Ready Future Ready is the capacity to be aware, predictive, and adaptive of emerging trends, innovations and changes in business, population, and the social environment.
  14. The Fourth Industrial Revolution
  15. Cognitive Computing has three unique capabilities: 1) natural language processing, 2) hypothesis generation and evaluation, and 3) dynamic learning.
  16. Are we at a Strategic Inflection Point?
  17. “You can’t stop the waves, but you can learn how to surf.” – Jon Kabat Zinn Oceans of Opportunity
  18. 91% Of firms expect to continue record hiring levels 11% Projected accounting job growth between 2014 and 2024 Demand for Accounting is Strong And according to the DOL BLS, faster than the average for all occupations
  19. References: US Department of Labor, Manpower Group Talent Shortage 2015 38%  of  employers   interna2onally  report   talent  shortages  in   2015   2009:   30%   Employment  of  accountants  and  auditors   is  projected  to  grow  11  percent  from   2014  to  2024,  faster  than  the  average  for   all  occupa2ons  –  US  Dept  of  Labor  2015   Accoun2ng  and  finance   staff   #1  in  demand     #8  in  talent  shortage       Demand for Accounting is Strong
  20. •  2 of Top 10 Best Jobs (US News & World Report) •  Top 20 Happiest Professions (Huff Post) •  Top 10 in Demand Jobs/Hardest Jobs to Fill – (Manpower Group) And Career is Attractive
  21. # 1 Most Profitable industry according to Sageworks # 1 In small/mid-size business growth rates averaging 12% in 2016 Demand for Accounting is Strong
  22. The Rise of the #DigitalCPA Shift fromTangibles to Intangibles
  23. Accoun2ng  firms  con2nuing  diversifica2on   $50  billion   40   30   20   10   2010   $42   $9   $12   $19   Revenue split at top 100 accounting firms 2014   $54   $17   $15   $20   Advisory services 91% growth! now nearly one-third of revenue Tax 17% growth but now just over one-quarter of revenue Audit and accounting 6% growth now 37% of revenue — was 45% in 2010 Other
  24. CFO à COO à CEO There is a growing trend in CFOs moving to new roles as COOs and even CEOs as they lead business transformation.
  25. •  And Learn how to surf
  26. Six Steps to Ride the Waves 1.  Embrace Digital. 2.  Anticipate. 3.  Collaborate. 4.  Learning as the next competitive advantage. 5.  Protect the Core (Purpose &Values). 6.  Make time for the future.
  27. ANTICIPATION   Strategic  Thinking   External  Awareness   Vision   Con2nuous  Learning   Innova2on   Crea2vity   Problem  Solving   Priori2za2on   Business  AcumenDecisiveness   Influencng/Persuading   Emo2onal  Intelligence   Consensus  Building   Collabora2on   Inspira2on   Risk  Management   An2cipate!   Three  Hard  Trends:   1. Government  Regula2on   2. Technology   3. Demographics  
  28. Legislative / Regulatory / Standards Federal •  Tax Due Dates changes •  Mobile Workforce legislation Federal Regulators •  DOL Overtime Standards Standards •  Peer Review Future of Practice Monitoring In Progress •  CPE Standards – due October 1, 2015 •  CPA Exam Standards due November 30, 2015 •  FASB Not-For-Profit Exposure Draft Comments •  Revenue Recognition
  29. Mobile workforce Patent holding companies * DOL overtime * Cash basis * IRS Service Levels * Top Priorities of Maryland Managing Partners  
  30. IRS Issues
  31. DOL  ALERT   “The  DOL  will  ask  for  stakeholder  support,  and  will  strongly  encourage  state  boards  of   accountancy  to  consider  more  rigorous  review  of  firms  performing  ERISA  audits  and   examine  how  licensing  requirements  might  play  a  role  in  improving  con2nuing  educa2on   and  boost  quality.    We  believe  the  contents  of  these  leders  to  be  reasonable  under  the   circumstances.”      -­‐  AICPA  Regulatory  Affairs     Stats  from  DOL   Maryland  is  16th  in  #  of   plans/par2cipants/assets   with  282  firms  audi2ng   1,614  plans  with  3  million   par2cipants  and     $264.12  billion  in  plan   assets   24%  of  all  audits  and  22%   of  all  plans  
  32. “if you don’t have time to participate in the legislative process, be prepared to accept the consequences of those who do.” 3,400 bills filed in 2016 up from average of 2,500!
  33. Legislative / Regulatory / Standards State Board •  Positioning for Firm Mobility •  CPE tracking and audits •  Peer Review State •  Offense -  Supersedeas (Appeal Bond) Caps -  Tax Dues Dates -  Wynne Interest Rates -  Peer Review – Subpoena Power -  Firm Mobility •  Defense -  Oppose Mandatory Paid Leave -  Stop Comparative Fault – Liability -  Stop Sales Taxes on Services
  34. Jeff  Lawson  tes2fies   in  SUPPORT  -­‐  SB  1024   MACPA in Annapolis
  35. •  Reduc2on  in  Rates   •  Corporate  Single  Sales   Factor   •  Interest  Rate  on  Tax   Deficiencies  &  Refunds   Jerry  Beard  -­‐  STAX  
  36. Are you Leading the Transformation of Finance and Accounting? !
  37. “The real way it was in finance—in the world I grew up in—is we spent all our time looking backwards… [Modern Finance and Accounting] is now it’s about looking to the future.” – Safra Catz, CEO of Oracle (formerly CFO)
  38. Integrated Reporting – Integrated Thinking! Understanding, accounting and managing the ‘capital assets”!
  39. CFO à COO à CEO There is a growing trend in CFOs moving to new roles as COOs and even CEOs as they lead business transformation.
  40. The Shift Change 1.  Leadership! 2.  Learning! 3.  Technology! 4.  Generations! 5.  Workplace!
  41. The  Shil  Change  sets  the  context  around  the   workplace  –  How  can  we  be  nimble  and   innova2ve?  
  42. 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
  43. New  rules:  Go  to  war  for  talent  
  44. www.blionline.org The BLI Magnetic Firm Framework
  45. Creating the Magnetic Firm Purpose Driven Great Leadership Culture Of Growth Inspiring Workplace Vision, Purpose and Values based Transparent and Inspirational Leadership Learning Culture - Self and Formal Development Flexible and Open Work Environment Focus on Strengths and Positivity Build Consensus and Commitment Career & Growth Orientation – Career Paths Work/Life Balance Inclusive and Diverse Leadership Development at all levels Customer focused Coaching and Feedback High Performance – Insight to Action Anticipatory and Proactive Collaborative and Team based EffectiveTechnology Tools - mobile
  46. What’s your purpose?
  47. Core values: •  Integrity •  Competence •  Lifelong learning •  Objectivity •  Commitment to excellence CPAs…Making sense of a changing and complex world CPAs are trusted advisors who help people and organizations shape their future. Combining insight with integrity…
  48. Case  Study  
  49. MACPA/BLI would make the “shift” and create an open collaborative environment to increase collaboration, learning, and our ability to move faster.
  50. Our  Three  Goals   Goal  1.  Help  employees  iden2fy  and  address  the  challenges  and   opportuni2es  that  have  the  greatest  impact  on  the  business.   Goal  2.  Help  employees  strengthen  high-­‐impact  connec2ons  by   enabling  them  to  collaborate  easily  with  others  inside  and  outside  the   organiza2on.   Goal  3.  Amplify  the  impact  of  those  efforts  by  building  an   infrastructure  that  allows  small  improvements  to  scale  easily  across   the  organiza2on.  
  51. Photo by Gwenaël Piaser - Creative Commons Attribution-NonCommercial-ShareAlike License http://www.flickr.com/photos/22841923@N02   Created with Haiku Deck  
  52. MACPA’s Digital Transformation (Cloud/Mobile) 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 (collaboration and communication tools) 4.  Transformation to cloud – New cloud based systems – accounting 5.  Transformation to cloud – Move AMS and MACPA website
  53. MACPA/BLI Office Move!
  54. BLI & Future of Learning 1. Social Learning. 2. Mobile / nano 3. Cloud-based 4. Collaborative. 5. Competency-based learning
  55. Slack
  56. Develop our APP Solution Bundle app ecosystem! collaborative!
  57. We have not arrived…!
  58. #FutureReady! 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.!
  59. The Research The latest research inside and outside the CPA Profession re- affirms theTop Competencies and Skills needed by Accounting and Finance Professionals
  60. Leaders need new skills in aVUCA world •  Anticipating and reacting to the nature and speed of change. •  Acting decisively without always having clear direction and certainty. •  Navigating through complexity, chaos, and confusion. •  Maintaining effectiveness despite constant surprises and a lack of predictability. Source: Conference Board 2015 Ready-Now Leaders Report 25% are notVUCA ready 3X Performance inTop 20%
  61. CPA Horizons 2025 (AICPA) The CPA Horizons 2025 Report by the AICPA researched theTop Competencies needed by the CPA Profession for the future (2025) and was validated by thousands of CPAs in a grassroots electronic and in-person facilitations.
  62. The Chartered Global Management Accounting Competency Framework was developed in 2014 by the AICPA and CIMA JointVenture and follows the BLI ‘Bounce’ Framework.
  63. Top Skills Needed for Accounting and Finance Professionals BLI Research in 2015 with over 1,000 responses from all segments of the CPA Profession identified these top skill needed to be successful in these rapidly changing times.This confirms and reinforces the research from the Conference Board, AICPA CPA Horizons 2025 report, Bersin, and Burrus Research.. 75% covered by theseTop 5 Skills
  64. This led to our work with world renowned futurist and business advisor and best-selling author, Daniel Burrus of Burrus Research.We worked with Dan to add the context of the accounting and finance profession to his Anticipatory Organization learning system to create the Anticipatory Organization”Accounting and Finance edition . http://www.blionline.org/ao
  65. Learn How to Anticipate!!
  66. •  An2cipa2on   •  Strategic  Thinking   •  External  Awareness   •  Vision   •  Con2nuous  Learning   •  Innova2on   •  Crea2vity   •  Problem  Solving   •  Priori2za2on   •  Business  Acumen   •  Decisiveness   •  Influencing/Persuading   •  Emo2onal  Intelligence   •  Consensus  Building   •  Collabora2on   •  Inspira2on   •  Risk  Management   •  Communica2on   In November, 2015 we developed a strategic partnership with Daniel Burrus, a world-renowned global futurist and business consultant who had researched the top competencies requested in his work with many Fortune 500 companies.These aligned with own research at BLI.
  67. Jump  the  Disrup2on  Curve  
  68. D x V x F > R Dissa9sfac9on  with  Status  Quo  =   Shared  meaning  and  context   created  collabora2vely     Vision  for  future  –  Strat  House   and  agreement  on  Top  5   Opportuni2es     First  steps  -­‐  Top  5  ac2ons  using   Strat  House  or  Ac2on  plans   The  Change  Equa2on   Breaking  the  Pull  of  the  Past   Resistance  to  change  
  69. Mapping the AOAF learning program to the CGMA Competency Model shows comprehensive coverage of these skills ANTICIPATION   Strategic  Thinking   External  Awareness   Vision   Con2nuous  Learning   Innova2on   Crea2vity   Problem  Solving   Priori2za2on   Business  Acumen   Decisiveness   Influencing/Persuading   Emo2onal  Intelligence   Consensus  Building   Collabora2on   Inspira2on   Risk  Management   Communica2on   An2cipatory  Organiza2on:   Finance  /  Accoun2ng  Edi2on   CGMA  Competency  Framework  
  70. Mapping the MBA Express learning program to the CGMA Competency Model shows comprehensive coverage of these skills •  ADDING  VALUE:  GeOng  the   most  by  giving  the  most   •  BUSINESS  STRATEGY:   Thinking,  planning,  ac9ng,   and  leading   •  LEADERSHIP  STRATEGY:   Taking  people  to  new  places   and  higher  ground   •  PERFORMANCE   MANAGEMENT:  GeOng  to   be[er  results,  faster   •  POWERFUL   COMMUNICATION:   Conveying  meaning  and   earning  an  audience     MBAexpress  (All  modules)   CGMA  Competency  Framework  
  71. AOAF recognized as 2016 Top Learning Product "As knowledge workers and professionals whose value springs in large part from their expertise, accountants are both serious about their ongoing education, and well-positioned to capitalize on new ideas and new ways to demonstrate their competence to clients… The point of the coursework is to teach you, literally, how to predict the future by identifying reliable trends — and it actually works. The applications for firm strategy, client service, and guiding your own career are endless.” It also saw a push on different ways to educate the profession, including in small bites…offering to help accountants boost their careers by bringing more value to the table.
  72. "The  An2cipatory  Organiza2on  Learning  System   helps  establish  a  mindset,  a  common  language  and   eventually  a  culture  of  being  an2cipatory  for  our   clients.  By  making  this  an2cipatory  skillset  a  core   strength  of  our  teams,  it  brings  crea2ve  and  new   ideas  that  make  us  more  valuable  to  our  clients  and   it  creates  a  game  changer  for  our  firm.”         -­‐  Joey  Havens   Execu2ve  Partner,  HORNE  LLP   Top  50  CPA  Firm    
  73. •   It’s  possible  to  see  what’s  coming  based  on  hard  trends.     Important  in  posi2oning  our  organiza2ons  for  future  success   and  iden2fying  our  next  compe22ve  advantages.     •  It  was  interes2ng  to  me  that  even  if  a  sol  trend  is  based  on  a   sol  assump2on,  it  could  s2ll  be  rela2vely  likely  to  happen.     •  It’s  possible  to  an2cipate  disrup2on  and  stay  ahead.    Important   because  it  opens  all  kinds  of  possibili2es.     •  I  learned  how  to  think  differently.    It  takes  prac2ce  but  it’s   worth  it.    
  74. Tom Hood, CPA, CITP, CGMA •  CPA Practice Adviser Accounting Hall of Fame •  Named the Second Most Influential in Accounting by Accounting Today Magazine 2015, 2013 •  Top 150 Influencer by Linked-In •  Top 25 Influencers in Learning & HR by HR Examiner •  Top 25 Public Accounting Thought Leaders by CPA Practice Adviser •  Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/ Hood's  greatest  a/ribute  isn't  that  he  consistently   glimpses  the  future  more  quickly  than  the  rest  of  us   (though  he  does).  It's  that  he's  able  to  bring  it  back  to   the  present  and  serve  as  its  Breless,  inspiring  and   effecBve  champion.                                        – Accounting Today Membership Organization How we connect, protect, and achieve.
  75. Norfolk  pines   "The  best  2me  to  plant  a  tree  was  20  years   ago.  The  second  best  2me  is  now."  
  76. MACPA  Delega2on  to  AICPA  Council  at  Regional  Council  in  NY  
  77. Competency  framework   Global  Management     Accoun2ng  Principles   CGMA  Exam   CGMA  code  of  ethics   Professionaliza2on  of  Management   Accoun2ng  
  78. MACPA  Student  Leadership  Academy  –  June,  2015   Next  class  –  June  2-­‐4,  2016    
  79. Guide  for  Becoming  a  CPA   www.cpaguide.macpa.org  
  80. New  CPAs     Swearing-­‐in  Ceremony  
  81. MACPA  Leadership  Academy  –  August,  2015   Next  class  –  August  24-­‐26,  2016    
  82. Maryland  is  the  best  state  in   the  na2on  to  have  your  CPA   license  –  Maryland    Senator   Brian  Feldman,  CPA  
  83. Calendar!
  84. Upcoming  events  and  programming  for  Business  &  Industry  members  
  85. 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 Tom Hood, CPA, CITP, CGMA CPA Practice Adviser Accounting Hall of Fame Named the Second Most Influential in Accounting by Accounting Today Magazine 2015 Top 150 Influencer by Linked-In Top 25 Influencers in Learning & HR by HR Examiner Top 25 Public Accounting Thought Leaders by CPA Practice Adviser Working on Learning Management with AICPA/ CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Generations CEO Maryland Association of CPAs (MACPA) www.macpa.org Business Learning Institute (BLI) www.blionline.org http://www.linkedin.com/in/tomhood/

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