Fall, 2009 1st draft Professional Issues Update for CPAs - focusing on Top 5 Trends: Economy, Regulations/Standards, Globalization, Workforce, Technology
1. Keeping Up With AccountingProfessional Issues Update2009 Fall Edition Tom Hood, CPA.CITP CEO & Executive Director Business Learning Institute Maryland Association of CPAs
3. What is the One Thing for CPAs? CPAs… Making sense of a changing and complex world.
4. “But a time of turbulence is also one of great opportunity for those who can understand, accept and exploit the new realities. It is above all a time of opportunity for leadership.” - Peter Drucker, Managing in Turbulent Times
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6. Strategic planning isn’t enough, extraordinary leaders must be strategically thinking, all of the time.
7. Charisma and creativity aren’t enough; extraordinary leaders need to be ambidextrous thinkers – able to think conceptually and sequentially, in the abstract and in the concrete, and able to move quickly between the two.
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9. What is your line of sight? How far can you see? Look beyond the edges? What patterns are emerging? What insights can be gained? Position Markets Timeframe Company
14. Outcomes for today Understand the trends and issues facing your Profession and your firm Learn about the structure of the CPA profession and how you can influence major trends and issues Gain insights that can help you jump the experience curve as a future leader Learn about a strategic thinking system to deal with rapid & constant change
15. Our agenda Act 1 The one thing all CPAs need to know Economy Regulations & Standards Act 2 Workforce Technology Issues facing CPA firms Issues facing Business Industry Government Act 3 Image Dealing with Change What’s your one thing & Top five
16. What will the new normal look like? “It is increasingly clear that the current downturn is fundamentally different from recessions of recent decades. We are experiencing not merely another turn of the business cycle, but a restructuring of the economic order.” – Ian Davis, McKinsey Quarterly March, 2009
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18. The Formula that blew up our 401(k)s Source: Wired magazine 17.03 March, 2009
19. Guardians cannot keep up with Commerce “Even the regulators can't keep up. A Senate study in 2002 found that the SEC had managed to fully review just 16 percent of the nearly 15,000 annual reports that companies submitted in the previous fiscal year; the recently disgraced Enron hadn't been reviewed in a decade." Source: Wired magazine 17.03 March, 2009
20. A Month to Remember Rescue package fails; Dow takes record plunge U.S. Bails Out Fannie Mae & Freddie Mac Dow Jones plunges 504 pts Dow plunges again; gold sees biggest one-day gain in 10 years Fed proposes bailout package Washington Mutual seized Goldman and Morgan Stanley become bank holding companies Rescue package goes to Congress; Wachovia for sale Lehman bankrupt; Merrill Lynch sold Fed rescues AIG Common Fund Fails 9/14 9/15 9/18 9/21 9/25 9/29 9/30 10/1 9/7 9/16 9/17 Source: New York Times 18
21. Emergency Economic Stabilization Act of 2008 Signed into law on October 3, 2008 $700 Billion TARP (Troubled Assets Relief Program
29. Accused of issuing audits of Madoff Securities
30. Lied on AICPA membership renewal about peer reviewDavid Friehling, CPA faces 105 years in prison For issuing false audit reports
31. Satyam + PWC Ramalinga Raju – CEO created $40 billion in fake billing and cash PWC auditors missed cash accounts?
32. Infrastructure the basic physical and organizational structures needed for the operation of a society or enterprise The infrastructure for the free market was found to be in disrepair in this latest market crisis and the CPA profession is a critical component
33. Three Drivers Fair Market Value (Acctg Standards) Futures & Derivatives Investment Advisors & Broker-Dealers
38. police power of the states to protect their citizens vs commerce clause
39. Another View Public Company Private Company Int’l Company Financial Reporting Attest Performance Standards Code of Conduct State Oversight & Enforcement of CPA License CPA Licensure
41. The Real Costs of Changing FMV? “Confidence, trust, and numbers that investors can believe in are the stuff that make or break the capital markets. When investors question the validity of numbers, they sell and wait, rather than buy and invest. Yet those charged with building confidence and trust and presenting numbers that can be believed are under sustained attack -- and they are losing.” - Arthur Levitt, Weakening a Market Watchdog in Washington Post – March 26, 20009
42. First PCAOB now FAOB? New 5 member oversight board proposed by Congress – March 6th, 2009
43. Changes in our Infrastructure The Infrastructure for the CPA Profession is maintained by your Professional Associations AICPA & State CPA societies (MACPA)
44. US Treasury MD Comptroller MD Comptroller MD Comptroller CAQ Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan, CPA
45. Standards Changes AS 5 - PCAOB IFRS – SEC International gets legs Fair Value Accounting XBRL – SEC mandatory Codification Project – FASB Clarity Project – ASB Convergence with international Reliability Project (comps & reviews) DOL 403 (b) Plans Internal Control – COSO Fin 48 effective 2009 Form 990 Changes Fraud & Forensic SAS 99
46. Fraud Madoff scandal has created a major focus on fraud Extra attention to identifying fraud opportunities during the planning phase of an engagement Robust SAS 99 work is required Professional skepticism Meaningful brainstorming sessions No “checklist” mentality
47. “No man’s life, liberty, or happiness are safe when the legislature is in session” – Mark Twain Section 7216 Circular 230/Section 6694 Proposed regulation/registration of tax return preparers SSTS exposure draft Tax strategy patents legislation Latest developments on e- filing Extended due dates for returns Proposed Consumer Financial Protection Agency legislation Cell phone developments Trust fee deductibility Estate tax developments FTC red flags
48. Maryland Tax Preparer LawThreats 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 designation (ATA, ATP) opens door for second tier license Misinformation / confusion
50. Maryland Individual Tax Preparers Act Requires registration and examination of all tax preparers Registered Tax Preparers (cannot use terms licensed or certified) CPAs and staff are exempt (along with other Circ 230 Practitioners) Out-of-state CPAs exempt Independent Regulatory Exam required Safe Harbor disclosure required “I am not a CPA” MACPA seat on State Board
51. CPA Mobility Legislative Activity 2009 45 States in 2 years! WA VT ME MT ND MN OR NH ID WI SD MA NY WY MI RI CT IA PA NE NV NJ UT OH DE IN IL WV CO CA VA MD KS MO KY DC NC AZ TN OK AR SC NM MS AL GA AK TX LA PR HI FL GU V 2009 -2010 Anticipated Legislative Activity Mobility Enacted - 45 Legislation Introduced - 1 No Formal Activity Mobility Enacted Only for Other Mobility States -2 (GA PA) AICPA March 2009
59. New Non-Profit Audit Requirements > $500,000CPA Day in Annapolis January 20, 2010
60. Mandated Electronic Filing of Personal Income Tax Returns (SB 96 / HB 810) 2009 Returns – if the preparer files more than 300 returns 2010 Returns – if the preparer files more than 200 returns 2011 Returns – if the preparer files more than 100 returns Comptroller may grant hardship exemption Penalties for noncompliance - $50 each return, $500 max Taxpayer may opt out
61. Improving Your Infrastructure The CPA License The AICPA & your State CPA Society
62. CPE New approved fields of study CPE = CPE Changes in rules for accounting educators Effective May 18, 2009
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64. Right to Sole Control over an Area of PracticeMax Teichman, Frank Blacklock & William Rogers GOALS/ RESULTS AG opinion of 1981 Grants rights to non-CPAs for Reviews & Comps. SB 560 Defeated Maryland Corporate Accountability Act MACPA requests reversal of AG Opinion – “This is not an audit” language added HB 1296 Mobility Passes • CPA Bill signed April 10, 1900 • MD is 3rd state (NY & PA) MACPA wins use of “consultants” in firm letterhead at State Board PROJECTS/ STRATEGIES Maryland Special Session Oct – Nov 07 State Board of Accountancy formed Accounting Reform task Force addresses SOX Maryland becomes the 1st state to restrict practice for CPAs MACPA defeats Sales Tax on Services KEY EVENTS HB 1261 re-writes CPA Law - 1986 State Board Hearing May 1, 2003 Amends Corporate Tax Reporting Bill from special session UAA MACPA passes non-CPA Ownership MACPA amendments to ed requirements fail PEOPLE MACPA Forms Task Force and surveys members 88% Sub Equivalency 76% Peer Review & Safe Harbor 68% Non-CPA Ownership New simpler CPA exam Education Rules State Board passes qualify Peer Review for CPE credit Terry Hancock chairs Legislative Committee Larry Kamanitz chairs Legislative Committee PRODUCTS/ SERVICES/ SITES Dawson Grove chairs Legislative Committee Allen Deleon chairs Legislative Committee Gov. John Smith signs CPA Bill April 10, 1900 Quality Review Legislation fails MACPA first attempt to rights to audit MACPA Passes Mandatory CPE Bill 150 Hours Ed Requirement passes Effective date is January 1, 1999 MACPA Founded 1901 LEARNING MACPA passes 1924 Law UAA MACPA passes 1 yr Experience Requirement HB 1223 Mandatory Peer Review Computerized CPA exam Separate Fund Bill passed Dateline 1900 1987 1974 1976 1901 1922 1924 1981 2005 1993 2006 2003 2007 2008 2001 1999 Maryland Association of CPAs
70. IFRS – International Financial Reporting Standards Not if but when… Goodbye GAAP? Think about this – If SEC timeline is 2014 – what year do you have to convert to show three years of comparable f/s?
73. Convergence ≠ Sameness US GAAP Rules based Based on a GAAP hierarchy (level A – D) Primary accounting standard setting body is the FASB Accounting guidance and interpretation is provided by FASB, SEC, AICPA and EITF IFRS Principles based No hierarchy, consists of IASs, IFRSs & interpretations Standards and interpretations approved by the IASB Interpretations of IFRIC and its predecessor the SIC 25,000 pages vs 2,000 pages
74. IASB/FASB Convergence Hope to complete convergence by 2011 Outstanding Issues: Revenue recognition Financial statement presentation Leases Financial instruments Liabilities and equity distinctions Consolidations Derecognition Post-employment benefits 60
75. IFRS Readiness Survey: March 2009 Organizations have made little progress toward preparing for adoption of IFRS Currently most members do not believe the benefits of IFRS outweigh the costs Members working for foreign-owned companies are the exception Members favor a delay in the currently proposed SEC timeline Again, members working for foreign-owned companies are the exception 61
76. Internationalizing the CPA Exam Expanding locations for U.S. CPA Exam outside of U.S. Application, security & licensure emphasis will model U.S. requirements Next Steps NASBA consensus Parallel implementation planning Contract/Plan approval targeted for August Launch targeted for mid-2010 62
80. Pipeline - Good News 20% avg increase in Graduates & enrollments!
81. Four Generations in the Workplace Issue: Generational Differences Matures 64 - 100 Boomers 45 - 63 Gen X 29 - 44 Millennials 10 - 28 Which one are you?
82. Staff Shortage + Four Generations in workplace = Trouble! Staff Shortage
83. 'The bottom line is this: if you understand the Net Generation, you will understand the future.' And as my son often reminds me, the future is now." The New York Times, Book Review, Sunday, December 21, 2008
85. 8 Norms of the Net Gen Freedom of Choice Customization Scrutiny Integrity Collaboration Entertainment Innovation Speed
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87. Deloitte’s Global Workforce Advice • Long-term career development and multiple experiences within a single organization • Sense of purpose and meaning in work • Availability and access to mentors across the company. (The focus should not only be on making senior staff mentor younger associates, but also ensuring that people connect and share experiences across all levels of the organization, and across relevant departments and areas of expertise.) • Work-life flexibility • Tech-savvy work environment (for example, access to online problem-solving and learning tools) • Open social networks that embrace open and honest communication Source Deloitte Global Manufacturing survey
88. Biggest Issue Facing NYPNs Bridging the Gap between college & real world Under-Developed Skill Sets Leadership & Communication Time Management & Organization Conflict Management Supervisory Skills Work-Life Balance Limited Networking Opportunities Intimidation CPA Exam Lack of a Voice in Profession
89. Overcoming Downturn-Related Talent Challenges Reassessing business objectives in light of changing market conditions Implementing changes to existing organization models --- and then finding people with the right knowledge & skills Recalibrating headcount while focusing on the pivotal talent needed to achieve business objectives Understanding how the external talent market has & will continue to change 75
90. Are You Asking The Right Questions About Your Talent? Have we aligned our talent priorities to our business objectives? Have we validated our talent priorities? Do we have consensus on the 5 most pivotal positions in each critical area of the business? Do we have an accurate perspective about the competence of our current workforce when measured against business objectives? 76
91. Are You Asking The Right Questions About Your Talent? How much do we really know about the fast-changing external talent marketplace? Are our talent requirements tailored to the values & expectations of our pivotal talent? Do we know what return we’re getting on our investment in talent? 77
94. Information Security Management Privacy Management Secure Data File Storage, Transmission and Exchange Business Process Improvement / Work Flow Mobile & Remote Computing Training & Competency Identity & Access Management Improved Application & Integration Document, Forms, Content & Knowledge Management Electronic Data Retention Strategy
104. and the Network Effect… Metcalf’s Law "states that the economic value of a network increases like the square of the number of its nodes, or the law of increasing returns. Usually, when people share a piece of equipment, the return diminishes. When more people are engaged in the network, more value is returned to the user."
105. It’s all about your Whuffie Whuffie is the culmination of your reputation, influence, bridging and bonding capital, current and potential access to ideas, talent and resources, saved-up favors, and accomplishments. - Tara Hunt “The Whuffie Factor”
106. Five Learning Trends for 2009 Mobile Learning DIY - Do-it-Yourself Learning Flexible Learning Environments Virtual Worlds Games & Simulation Chief Learning Officer Magazine – January 2009
108. Accounting Educators in Second Life Dr. Mike Kraten Suffolk University Dr. Robert Bloomfield Cornell University Dr. Steve Hornik University of Central Florida
110. More ways to CONNECT with MACPA Linked-In – MACPA Group Facebook – NYPN Group MACPA on Twitter Tom on Twitter Bill on Twitter Youtube videos from MACPA Slideshare Visit us in Second Life
112. Say what? “An increase of larger firms will result from an increase in mergers. Accounting firms will look more like law firms in terms of size.” -Marc Rosenberg “There will be more large firms.” – Marc Rosenberg “Mergers and acquisitions will increase.” – Jeff Pawlow, The Growth Partnership IPA Consultant Predictions – Jan, 2006 47,000 to 40,000
119. 7 Keys to Success in CPA Firm Management Leadership Technology Learning Organization Marketing & Business Development A great Place to Work Client Service & Satisfaction Strategy Execution 105 Source: Rick Telberg – Bay Street Group
121. The Year of the CFO As financial skills are valued more highly, CFOs will make it to the corner office in greater numbers than before. Recession, credit crunch and the increasingly complex nature of global companies will all play directly into the bean counter’s hands. Source: The Economist Magazine The World in 2009 Nov, 2008
122. CFO WorriesCFO Magazine/Duke Global Business Outlook Survey – December 2008 Consumer demand Credit markets & interest rates Housing market fallout New administration & Congress Financial regulation Volatility of the dollar Cost of nonfuel commodities Cost of fuel Foreign competition Environmental regulation Top Concerns About the Macro Economy
123. CFO WorriesCFO Magazine/Duke Global Business Outlook Survey – December 2008 Ability to forecast results Maintaining morale/productivity during the downturn Balance sheet weakness Cost of health care Attracting & retaining qualified employees Supply-chain risk Managing IT systems Pension obligations Protection of intellectual property Data security Top Concerns About Their Own Companies
124. A Hard Job in Hard Times “Doing more with less has been the mantra of the last half-dozen years.” VP of Finance “Quite simply, we are being required to do more with less resources.” Director of Tax
125. Getting the Most from Finance Talent 84% say keeping their staff engaged & motivated will be important 80% say managing staff workload & managing their own workload will be important 31% expect to spend less time on finance & staffing development – an activity critical for building a strong & value-added finance function Influenced by those expecting to move within 2 years 75% or respondents said the financial crisis & economic turmoil have changed their on-the-job responsibilities 111
126. Which of the following external factors have had the greatest impact on your company’s function within the past year? Percentage of respondents Note: Percentages may not total 100%, due to rounding. Note: Respondents were asked to select their top three choices.
127. Compared with the previous year, which activities do you expect your finance staff to devote more time to over the next 12 months? Which activities will your staff spend less time on?
128. What do you expect you will have to do within the next 5 years to pursue your career goals?
129. What challenges do you expect will impact your career the most over the next 12 months?
130. IFRS Opportunity? – Meet Joe Box, CPA - CFO of Joe Money Machinery “Well, the IASB is coming out with a simplified version for private companies. With IFRS, you mark-to-market more assets. We're a 72-year-old company that has real estate on our books at historical cost, so there could be a big benefit in IFRS based on the substantially higher fair market value for that property. Any private-company CFO should be knowledgeable about it, to determine whether to consider adoption.” “But even more importantly, it has been my objective that our key bankers consider me knowledgeable in the issues important to their commercial portfolio. XBRL is another one.”
131. CFO Opportunities Business process efficiency – LEAN Cash flow & Financing Risk Management Budget Scenarios Young Professionals – reverse mentoring IFRS & XBRL Sustainability Reporting
135. Attitudes toward CPA Credential More confident in a job done by a CPA than if it were done by an accountant not a CPA. Accountants certified by non-U.S. organizations, such as the Association of Chartered Certified Accountants (ACCA), are just as qualified as CPAs. CPA requires more rigorous training and testing than any other financial credential. 121
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137. Physicians Certified Public Accountants (CPAs) Financialplanners Taxadvisors Attorneys Chief Executive Officers (CEOs) Chief Financial Officers (CFOs) Commercial bankers Accountants who are not CPAs Insurance agents Investment bankers Auditors Management consultants Stock brokers Mortgage brokers Hedge fund managers Overall Evaluation of Professionals Among Investors 123
138. ...And Business Decision Makers physicians Certified Public Accountants (CPAs) Chief Executive Officers (CEOs) Chief Financial Officers (CFOs) Tax advisors Financial planners Attorneys Accountants who are not CPAs Auditors Commercial bankers Investment bankers Management consultants Insurance agents Stock brokers Mortgage brokers Hedge fund managers 124
140. ...As Do CPA & Young Professional Data CPA Attribute Ratings 126
141. + Importance of attribute when evaluating business professional - How well attribute describes CPAs + − CPAs Strongest on The Two Most Important Attributes High Importance/ Low Descriptiveness High Importance/ High Descriptiveness Low Importance/ Low Descriptiveness Low Importance/ High Descriptiveness 127
144. “CPAs are not trying to finesse the numbers, they are interested in painting the most accurate picture they can with the information they have.” – Institutional Investor
145. “I associate CPAs with a high standard of ethics. There’s a certain love of a kind of order.” – Senior SEC Official
146. “CPAs are the financial experts needed to put their stamp on the financial statements that allow the capital markets to work.” – Senior IRS Official129
149. Dealing with Change Change is the law of life. Those who look only to the past or present are certain to miss the future." - John F. Kennedy
150. Q: What is the # 1 Issue facing all CPAs: A: Keeping up with changing standards & regulations “As it relates to science and technology, the rate of change in the next decade, is likely to be 4 to7 times faster than in the last decade. If it is 4x faster it would be like planning for 2006 in 1890, if it is 7x faster it would be like planning for 2006 in 1670.” -Expert on Education Panel, The Aspen Institute, 2007
154. CPA Competencies Needed 2008 – Deloitte Research 1998 – CPA Vision Project Change Management (C) Strategic Ability (S) Critical Thinking (S) Business Perspective (C) Organizational Agility (C) Dealing with Ambiguity (S) Communication & Leadership Strategic & Critical Thinking Focus on the Customer, Client, and Market Interpretation of Converging Information Technologically adept C – Catalyst S - Strategist
162. You cannot stay on the summit forever; you have to come down again. So why bother in the first place? Just this: What is above knows what is below, but what is below does not know what is above. One climbs, one sees. One descends, one sees no longer, but one has seen. There is an art of conducting oneself in the lower regions by the memory of what one saw higher up. When one can no longer see, one can at least still know. -Rene' Daumal
165. Connect – Protect - Achieve “Association members earn, on average, $10,000 more per year than non-members” And “are 19% more likely to say they are “very-satisfied” with their jobs than non-members” Where the Winners Meet Study by the William E. Smith Institute for Association Research
166. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org
http://www.clomedia.com/take-five/brandon-hall/2009/January/2503/index.php1. Mobile learning: Mobile learning has advanced in significant ways and now is on the edge of widespread use in the corporate environment. Microsoft has been using its Academy Mobile product internally to reduce costs associated with traditional content development and delivery. Phil Morel, director of sales enablement at Microsoft, said the company’s podcast series — a monthly on-demand, on-the-go audio briefing — features interviews with product experts and top salespeople to help the sales staff effectively sell Microsoft products to enterprise customers. 2. Do-it-yourself (DIY) learning: Learning in the workplace increasingly will provide more options to create learning. Allison Anderson, manager of learning innovations and technology at Intel Corp., explained that her company works in globe-spanning virtual teams at an ever-increasing speed that leaves little time for formal learning. “Because of this immediacy, learners must have access to dynamic content from the best experts, whether they are in the next cube or half a world away. To get to the best content and the right expert, employees must be contributors, as well as consumers, of learning content. The training group no longer can be the only funnel for knowledge or dictate the way each individual employee learns.” The technologies that foster DIY learning at Intel include employee blogs, Intelpedia (an internal Wiki), social networks and collaborative tagging and sharing. 3. Flexible learning environments: Driven by Web 2.0 tools such as social networks and the expectations of Millennial workers, we will continue to see more LMSs transitioning from 1.0 to 2.0 platforms. KarieWillyerd, CLO of Sun Microsystems, said the flip side of a workforce that arrives already tech savvy is its expectation that the corporate world will meet them on their turf with widget-driven interfaces to access and manage their learning. “In their online travels, they’ve experienced both the cool and the kludge, and they know the difference. It is not just about content but how it is designed and consumed.” Sun Microsystems’ new environment for Web 2.0 learning removes the LMS as the central player and provides more collaborative, modern mash-up features that combine search, formal and informal learning assets, training plans, comments, tagging and ratings. 4. Virtual worlds: This year, we’ll see more feasibility testing on the use of virtual worlds for workplace learning. Chuck Hamilton, learning and new media program manager of the IBM 3D Internet Team, said virtual landscapes form a new type of learning infrastructure. “We need to embrace some of the new virtual social environments now forming,” he said. IBM’s Green Data Center in Second Life demonstrates how technology can reduce the energy consumption of a corporate data center. A Nursing Education Simulation in Second Life allows nursing students to measure blood pressure and vital signs, administer drugs and make other interventions on a virtual patient. This is a much more affordable way to train without the cost and risks associated with real-life situations. 5. Games and simulations: Games have moved beyond “edutainment” into complex topics that require higher-order thinking. Learning designers are realizing the potential for games to provide a realistic, interactive experience that draws people in, as well as to address the gaming culture associated with younger workers. Accenture, a management consulting, technology services and outsourcing company created a computer-based business simulation game designed to give senior managers the opportunity to experience managing in a competitive market. Participants form management teams of five to six people, each of which compete against each other during the two-and-a-half day simulation game. Each team is responsible for a company’s goals and financial performance over a number of
Facebook: A free, online, social utility that helps people communicate more efficiently with their friends, family and coworkers. Capabilities include status updates, picture and “note” posts, a news feed of network activity, event invitations, fan followings and “causes” participation in social activism.LinkedIn: A free, online, interconnected network of experienced professionals from around the world, with an emphasis on the professional as opposed to the social. Includes tools for resume building, professional Q&A, and communication with colleagues, friends, etc. Can be linked to a variety of e-mail services with convenient toolbars.TypePad: A blog service offering premium formatting, content and optimization features with advertising de-emphasized.WordPress: A free, open source blogging software allowing users great freedom of formatting and site placement, WordPress.com.Blogger: Google’s free blog service, most beginner-blogger friendly and with best optimization (since Google owns it).Twitter: Self-described as a “real-time short messaging service” that is free. Used primarily as a “status update” style microblog, posts in 140 characters or less w/ messaging capabilities and a real-time feed of “tweets” to keep users’ networks of contacts up-to-date regarding their daily activities.Yammer:Essentially Twitter for the workplace, replacing the question “What are you doing?” with “What are you working on?” Companies can purchase the ability to monitor and administer their own networks.Friendfeed: A freemicroblogging tool to post content, such as, text, video, photos, etc. that can be embedded on another social networking site, emphasis on the Twitter-esque qualities, but with the ability to see comments and others’ posts like a Facebook wall or News Feed post.YouTube: A site allowing people to upload and view video content for free, now the 3rd most commonly visited website globally according to Alexa (a company that tracks Web content and visiting), contains “channel” capabilities for users as well as commenting options as well as “response” posts.Vimeo: The “snob’s YouTube”, boasts better quality and HD capabilities as well as somewhat more “selective” content.Ustream.TV:A free live video content host site, includes interactive features since it is broadcast in real time with various messaging capabilities.Slideshare: A community for sharing business presentations such as PowerPoint and OpenOffice presentations, with webinar, downloading and embedding capabilities.
2007 was all human capital and succession. The 2007 list really represented the traditional CPA pipeline with Finding talent number one, retaining talent number 2 and getting them ready to become partner and succeed senior management rounding out the top 5Now this 2009 list shows greater emphasis on the marketing with client retention again number one and Marketing to new clients at number 4 and fee pressure/pricing at number 6.Notice that finding staff isn’t in the top 10. Retaining is and right now firms have a tremendous opportunity to clean up internal operations, solidify retention programs and start to build for the future. Mentoring and coaching being the number 10 issue is a positive sign that this firm category is really focused on the right things.Partner accountability and succession planning at number 2 and 3 was very interesting. Again, showing that firms have some house cleaning to put the right systems in place to build for the future.
CFO.Com article – The Key to Bankers Hearts http://www.cfo.com/article.cfm/13131183/1/c_13131494?f=home_todayinfinance
Switch to TomLearning & staying on the cutting edge (content & filtering) Managing my career (content – competencies – career paths)Doing my work (social context)Interacting with peers (web tools)Becoming a leader in my field (managing on-line identity – whuffie)Who is there , ready to leadStaying up to date, Do I know what is happening in my profession, thought leadership, collaboration,
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