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Keeping Up With Accounting
Salisbury University BAP & IMA
        March 9, 2010



          Tom Hood, CPA.CITP
          ...
What is a Profession?
                                 status,
Professions enjoy a high social status
regard and esteem co...
Three Attributes of a Profession

 1.A body of knowledge
        y            g
 2.A code of conduct
 3 A public interest
...
License > Certification

Certified & Licensed by                Certified by an
the government
    go ernment             ...
CPAs swear oath to “protect the public
             interest”
             interest




  Maryland DLLR Swearing-in of new...
How to become a CPA?
The Four E’s - Maryland Example

1.
1 Education – Bachelor’s degree + 30 hours
               Bachelo...
The “New” CPA exam
                     Four Parts




1.   Auditing & Attestation
2.   Business Environment Concepts
3.
3...
3rd Annual Investor Education Survey
          Level of Investor Confidence in U.S. Capital Markets
60
50
40
30
20
10
 0
 ...
Attitudes toward CPA Credential
      Attitudes toward CPA Credential
         76%
           %      74%
                 ...
Top 5 Attributes of CPAs from the public
               (investors & BDMs)
• Has integrity
• Competent
• Objective
• Able ...
Benefits of being a CPA professional
• S i to others
  Service     h
  and the
  community
• Doing work that
  matters
• B...
Our members are feeling a
        tsunami of changes




     Q: What is the # 1 Issue facing all CPAs?
A: Keeping up with...
The Perfect Storm of Trends & Forces
  •   Economy
  •   Standards, Legislation Regulation
      S d d L i l i &R         ...
What are MACPA members saying?




  What phrases, images, topics stuck out
       p      ,    g , p
   for you?
  •   Gen...
Top 10 Issues Facing CPAs
             1. Economic Outlook 
             2. Tax 
             3. Business Operations 
    ...
The economy is uncertain
              Which ill be?
              Whi h will it b ?
• Pending home sales index rose 6.4% ...
A useful framework to understand
       the CPA profession




  What does the CPA profession support?
   What is under th...
Federal Laws & Regulations – SEC,
  DOL, Treasury, GAO, PCAOB

   CPA Profession Standards – AICPA
   & FASB, GASB FASAB, ...
Another View
              Public Company   Private Company    Int’l Company


Financial         SEC              FASB    ...
US Treasury




MD Comptroller
 MD Comptroller




MD Comptroller




                                                    ...
Standards Changes
•   AS 5 - PCAOB
•   IFRS – SEC International gets legs (again)
•   Fair Value Accounting
•   XBRL – SEC...
“the basic physical and organizational
     structures needed for the operation of a
      t   t        d d f th          ...
What happens when the infrastructure
                breaks?
   • Fair Market Value (Acctg Standards)
   • Futures & Deriv...
Where do major changes come from?
Us – MACPA & AICPA   Them

               OR
“No man’s life, liberty, or
happiness are safe when
the legislature is in session”
                      session
         ...
An example of “they” - The Consumer
         Financial Protection Act
1. Promote robust supervision
   and regulation of f...
An example of “us” - The 120/150
     Hour CPA Exam Bill (HB 1137)
     H        E

Changes the requirements to sit
for th...
Globalization
IFRS – International
Financial Reporting Standards




"Accounting standard setters should take action to
make significant...
SEC Roadmap released
Early adopters                    Large
can file using                  Accelerated
     IFRS        ...
GAAP, IFRS & Private Company standards




     2,500 pages         25,000 pages
Workforce /Generations
Pipeline - Good News
  p
                    20% avg increase in
                  Graduates & enrollments!
Staff Shortage + Four Generations in
               workplace = Trouble!
90,000,000
80,000,000
                           ...
Four Generations in the Workplace
                   Issue: Generational Differences


•   Matures       65 - 100
•   Boom...
Another way of looking at this…

                      Self Actualization



                                   Esteem Nee...
Here comes the Net Generation
"There is plenty of cause for alarm and/or optimism
 There
when it comes to my generation; e...
Generation Gap? Or Generation Lap?
                           Generations


                                              ...
Technology
        gy
•   Information Security        • Training & Competency
    Management                  • Identity & Access
•   Privacy Ma...
The SEC Mandate
Technology & Web 2.0
By 2010 Millenials/Gen Y-ers will outnumber
   2010,               Y ers
             Baby Boomers.
The New Math



           Social Networking (Old)

+                   Social Media (New)

=   A change in the way we bui...
Old School vs. New School

Chamber of Commerce


  Class Reunions


      Friends and Family

  E‐mail

       Industry Me...
It s all about your Whuffie
     It’s all about your Whuffie
Whuffie is the culmination of your reputation, 
   influence,...
It’s about the Network Effect


                                                        How big is 
                      ...
Whuffie Example
Get found  Digital Footprints
Get found – Digital Footprints
Use the tools and don’t let the tools use 
                 you!
• Social media requires 
  loosening the reins on 
  loos...
nGenophobia is out there…
      nGenophobia is out there…
Social Notworking is a 
managerial problem, not a 
technology pr...
Next steps…
1.   Educate yourself –
     www.cpalearning2.com
2.   Create your digital footprint. Create 
              y ...
What is different about where we are now?




  “As it relates to science and technology, the rate of
 change in the next ...
The meta map of the I2A™Strategic Thinking System provides an
architecture or framework to structure thinking and conversa...
Five Qualities of Extraordinary Leaders
                    1. Sight - Ability to see emerging
                         pa...
What is above knows what is below, but what is
 below does not know what is above. One climbs,
 one sees. One descends one...
So what does the future look like for CPAs?
The Year of the CFO




As financial skills are valued more highly, CFOs will
make it to the corner office in greater numb...
Accounting is the quickest path to
        the corner office
                1. Broader and longer line of
               ...
In 1997, the CPA profession crowd-sourced its
future with over 3,500 CPAs in the CPA Vision
Project
P j t
                ...
Our Vision Statement for the future is:
( mandates to ourselves for a successful future)

   CPAs are the trusted professi...
This means we want to move up the
business value chain & add value by:

      Business        Infor- Knowl-
              ...
Using these competencies needed for a changing
               & complex world
                    p
      2008 – Deloitte ...
Standing on these core values
S what d
So h t does thi mean t you?
            this     to   ?
How to avoid the “lost generation” syndrome




                                              66
Are you an untouchable?
                 A Washington l
                   W hi t lawyer f i d recently
                  ...
Are you indispensable?
              Imagine an organization with an
              employee who can accurately see
       ...
Six Career Lessons from Johnny Bunko

1. There is no plan
2.
2 Think strengths, not
         strengths
   weaknesses
3. It...
Who is in charge of your career?
                    1.
                    1 Know thyself – what are
                    ...
Tom Hood, CPA.CITP
               CEO
  Maryland Association of CPAs
   Business Learning Institute
         (443) 632‐230...
MACPA resources
• CPA Success, our daily blog
  www.CPASuccess.com
• CPA Spotlight, our weekly podcast
  www.macpa.org/pod...
Professional Issues Update
                Spring, 2010
                Spring, 2010
                   Tom Hood, CPA.CITP...
Use the tools and don’t let the tools use  you! • Social media requires  loosening the reins on 
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Use the tools and don’t let the tools use  you! • Social media requires  loosening the reins on  Piu Keeping Up With Accounting Spring 2010 Salisbury

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Use the tools and don’t let the tools use 
you!
• Social media requires 
loosening the reins on 
loosening the reins on
technology platforms and 
access
• S i l
Social media management 
di
requires constant care and 
feeding, as well as 
monitoring
i i
• Because social media is 
MASS media mistakes
media, mistakes 
and missteps are 
amplified 
amplified

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