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

          Tom Hood, CPA.CITP
What is a Profession?
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

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

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

1.   Auditing & Attestation
2.   Business Environment Concepts
3rd Annual Investor Education Survey
          Level of Investor Confidence in U.S. Capital Markets
Attitudes toward CPA Credential
      Attitudes toward CPA Credential
           %      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
• Doing work that
• 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
   • Fair Market Value (Acctg Standards)
   • Futures & Deriv...
Where do major changes come from?
Us – MACPA & AICPA   Them

“No man’s life, liberty, or
happiness are safe when
the legislature is in 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...
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
                    20% avg increase in
                  Graduates & enrollments!
Staff Shortage + Four Generations in
               workplace = Trouble!
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
when it comes to my generation; e...
Generation Gap? Or Generation Lap?

•   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


       Industry Me...
It s all about your Whuffie
     It’s all about your Whuffie
Whuffie is the culmination of your reputation, 
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 
• Social media requires 
  loosening the reins on 
nGenophobia is out there…
      nGenophobia is out there…
Social Notworking is a 
managerial problem, not a 
technology pr...
Next steps…
1.   Educate yourself –
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
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
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
      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

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 Think strengths, not
3. It...
Who is in charge of your career?
                    1 Know thyself – what are
Tom Hood, CPA.CITP
  Maryland Association of CPAs
   Business Learning Institute
         (443) 632‐230...
MACPA resources
• CPA Success, our daily blog
• CPA Spotlight, our weekly podcast
Professional Issues Update
                Spring, 2010
                Spring, 2010
                   Tom Hood, CPA.CITP...
Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632‐2301
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Tom Hood, CPA.CITP
Maryland Association of CPAs
Business Learning Institute
(443) 632‐2301
E mail tom@macpa org

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