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PIU 2012 - CPA Horizons 2025

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Special town hall / Professional Issues Update to discuss results of CPA Horizons 2025 Project. This interactive format included the results from CPA Horizons future forums facilitated by Tom Hood and the Business Learning Institute during the spring and summer of 2011. Over 1,000 CPAs were engaged in conversations about the future.

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PIU 2012 - CPA Horizons 2025

  1. Professional Issues Update CPA Horizons 2025 By: Tom Hood, CPA, CITP, CGMA April 23, 2012 Loyola University Columbia, MD
  2. The Future
  3. Complexity the biggest challengefacing enterprises fromhere on will be theaccelerating complexityand the velocity of a 79%world that is operatingas a massivelyinterconnectedsystem. 51% 5
  4. The “New Normal”
  7. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends
  8. "For Gen Y, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses." Generation Y Born btw 1980 – 2000 (12 to 32) Generation X Born btw 1965 – 1979 (33 – 47) Boomers Born btw 1946 – 1964 (48 – 66) Traditionalists Born prior to 1945 (67 & older)
  9. 3 CriticalWorkforce"PrioritiesRapidly developingworkforce skills andcapabilitiesFostering collaboration& knowledge sharingDeveloping futureleaders 16
  11. In  1997,  the  CPA  profession  crowd-­‐sourced  its  future  with   over  3,500  CPAs  in  the  CPA  Vision  Project   That  was  re-­‐validated  in  2011  by  8,000+  CPAs   Our core purpose, our reason for being is CPAs... Making sense of a changing and complex world. Here is what they said…
  12. The  DNA  of  the  CPA   Values  &  Competencies  •  Leadership  •  CommunicaLon  •  Strategic  Thinking  •  CollaboraLon  &  Synthesis  •  Technologically  Savvy  
  13. Our  Vision  Statement  for  the  future  is:   (  mandates  to  ourselves  for  a  successful  future)   CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by: •  CommunicaLng  the  total   picture  with  clarity  and   objecLvity,   •  TranslaLng  complex   informaLon  into  criLcal   knowledge,   •  AnLcipaLng  and  creaLng   opportuniLes,  and   •  Designing  pathways  that   transform  vision  into  reality.  
  14. How are you doing?
  15. 24
  16. The 25 The CPA Brand
  17. MANAGING THE SEA CHANGE•  Change•  Complexity•  Compliance•  Convergence•  Competition
  18. 27Why MACPA?
  19. MACPA  PrioriLes  1.  Connect & Collaborate2.  Span Generational Divide3.  Alignment w/ Committees4.  Legislative Task Force5.  Leadership Development6.  Connect Pipeline
  20. 29Connect – Connecting you to your Profession
  21. Students CPA CPAs 30 Candidates Connecting the pipeline of CPAs
  22. 31Protect – Protecting the CPALicense & Public Interest since 1901 CPA Day in Annapolis – January 16, 2013
  23. Professional Standards Federal Laws State Laws & & Regulations Regulations
  24. 33Tsunami of 1099K and info returns
  25. dAct rkpla ce Frau MD WoCPAs in TaxThe increase in IRSactivity is swamping ourtax practitioners andcosting them hundredsof hours in chasingdown IRS notices. 34
  26. Private Company Standards Decision due from FAF on May 24, 2012
  27. Results – Legislature 2012
  28. MACPA Special Task Force •  Annual cost of Federal Offer CPA expertise to the state to Compliance $1.75 trillion help overcome budget issues in bi- •  Federal burden exceedpartisan, objective manner in order to costs of health care per bring about efficiency, transparency person by 50% and fiscal discipline. •  Cost per employee = $8,086 •  For SMB < 20 = $10,500 per employee
  29. The  Idea  Store  is  open  –  Harnessing  the  wisdom  of  the   crowd   Mail Suggestions to
  30. 40Achieve – Achieving Success as a CPA
  31. In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way.Generation Flux is a term that describes all of this -the chaotic business era that we have moved into - aswell as the people who are poised to thrive in thisenvironment. - Robert Safian - editor FastCompany
  32. It really is about this...
  33. Tom Peters advice on keeping your L > C
  34. 44 Picture: John Drake - Flickr ...where the most important skill is the ability toacquire new skills.
  35. According to these young professionals, thefuture is one in which CPAs:● are proactive, flexible, adaptive andcollaborative by nature;● have regained the trust of their clients andthe public at large;● have successfully bridged the profession’s“leadership gap” by focusing on successionplanning, personal growth, and generationalcooperation;● have created the profession’s premierglobal industry standards and best practices;● have redefined the profession throughwork / life integration, collaboration, and ateam-first approach; and● have earned a reputation as technologicalinnovators. 46 Wisdom from the MACPA LeadershipAcademy
  36. Achieve – Find Your Edge
  37. 1. Sight - Ability to see emerging patterns and shift perspective when necessary2. Insight – Ability to think strategically and critically to gain insights 3. Create – Seek high leverage opportunities that build on your strengths4. Communicate - Ability to make your thinking visible to others and the ability to collaborate inside and outside your organization5. Inspire – Ability to mobilize support and engage others involved in doing the work to join you in ACTION 48 Five Qualities of Extraordinary Leaders
  38. A leader sjob is to setthe contextand providehope andinspiration..." 50
  39. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail   Web  hNp://  Blog  hNp://