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MACPA CEO Tom Hood, voted second most influential leader in the CPA Profession in Accounting Today’s 2013 list of the Top 100 Most Influential People in Accounting (his ninth time on the list) sees five fundamental shifts facing accounting now – Leadership, Learning, Technology, Generations and Workplace. In a world of rapid change and increasing complexity, the winners will be those individuals and organizations who can keep their L>C², their rate of learning must be greater than the rate of change and greater than their competition. Tom’s updates are always popular for CPAs and include the latest trends and issues the profession is facing locally, nationally, and globally.
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Tom Hood, CPA, CITP, CGMA
Tom Hood, CPA, CITP, CGMA!
Tom Hood, CPA, CITP, CGMA CEO MACPA www.macpa.org and Business Learning Institute (BLI) www.blionline.org!
http://www.linkedin.com/in/tomhood/!
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 Magazine!
• Named the Second Most Influential in Accounting by Accounting Today Magazine 2013
• Linked-In Top 150 Influencer • Top 25 Influencers in Learning & HR by HR
Examiner • Top 25 Thought Leaders in Public Accounting
by CPA Practice Adviser • Working on Learning Management with
AICPA/CPA2Biz, Cloud Curriculum, Performance Management !
http://macpa.cnf.io!!
Respond to a Poll!
Ask a Question!
Select the session: MACPA 2014 PIU
Download today’s slides at … www.SlideShare.net/thoodcpa
Insights to Ac,on
“One without the other is either useless or destruc,ve”
Regulations & Standards���
Accounting���Auditing���
Tax
#Accoun,ngStandards Public & Private Companies
Private Companies-‐ Small Business
Public & Private Companies
Private Companies
Private Companies-‐ Small Business
Financial Repor9ng
IFRS (IASB)
IFRS-‐SME (IASB)
GAAP (FASB)
GAAP-‐PCC (FASB)
FRF-‐SME (AICPA)
Audi9ng IAASB IAASB PCAOB ASB (AICPA)
ASB (AICPA)
ASB (AICPA)
Ethics IFAC IFAC PEEC (AICPA)
PEEC (AICPA)
PEEC (AICPA)
FASB, PCC, FRF-‐SME • 13-01A Identifiable Intangible Assets – Business
Combinations • 13-02 Variable Interest Entities • 13-01B Accounting for Goodwill • 13-03A Variable Pay – Fixed Interest Rate Swaps • 13-013B Variable Pay – Fixed Interest Rate Swaps
GASB 67 & 68
Federal Agenda
• Mobile Workforce • What’s at Stake • DATA Act • Keep cash basis for personal service companies (S Corps & Partnerships)
• Stop Patent Trolls
“If you don’t want to be involved in poli,cs, then be prepared for the consequences of those that do.”
2,500 Bills -‐ 188 Legislators – 90 days
CPA Day 2014
CPA Day in Annapolis – January 29th, 2015
“It is more important to stop bad bills than pass good ones.” -‐ Calvin Coolidge – President
• Sales tax on accoun,ng and tax services (defeated several ,mes) 1997 -‐ HB 580 ,2001 HB 1337, 2004 HB 1364, 2007 -‐ HB 448 , 2012 HB 1051
• Maryland corporate accountability (SOX and 404 for private companies and non-‐profits) 2003 – SB 560
• Debt counseling registra,on by CPAs 2011 -‐ SB 741
• Maryland Tax Preparers 2007 -‐ HB 998 • Compara,ve fault (several ,mes) 1998 SB 618 ,
2000 -‐ SB 779, 2001 SB 483 , 2007 -‐ HB 110 • Elimina,on of audit requirements for Maryland
cemeteries 2011 – SB 352 • AG opinion allowing CPAs to include Social
Security numbers on documents for tax services – 8/30/2011
• Got Exemp,on from MSP Private Inves,gator Registra,on
If not us, Who?
Building and Maintaining the CPA Infrastructure
• Separate funding for the State Board 2006 -‐ HB 103
• Experience requirement to make Maryland CPAs compa,ble with UAA (Uniform Accountancy Act) 2001 -‐MD COMAR 09.24.03.1
• Ethics requirement for CPE 2006 -‐MD COMAR 09.24.02.02
• Mandatory peer review and prac,ce quality 2005 – HB 1223
• Exemp,on for CPAs from Maryland (and federal) tax preparer regula,on 2008 -‐ SB 817
• Prac,ce mobility 2008 -‐ HB 1296 • Expanding acceptable CPE methods 2009 -‐ HB 69 • 120/150 CPA exam legisla,on 2011 -‐ SB 287 • Restricted audits, reviews, and compila,ons to
CPAs and added safe harbor for compila,ons 2011 -‐ HB 328
• State Board of Public Accountancy reauthoriza,on 2013 -‐ SB 238
The MACPA 2014 Agenda
ü Stop sales taxes on services ü Protect contributory negligence ü Prevent combined reporting ü Prevent unnecessary CPA legislation ü Promote the Maryland
Competitiveness Coalition’s Work
Students & NABA at CPA Day
Combined Repor,ng
MACPA State Budget Task Force to Host GASB Pension Summit – Dec 1st
New Appointments: Art Flach – Grant Thornton & Phil Korb – University of Bal,more
Two emerging issues: 1) Firm Mobility 2) Defini,on of Ajest (SAS, SSARS + SSAEs (SOC reports) 3) CPE in small bytes
New CPA Swearing-‐in Ceremony
November 4, 2014 BWI Hilton
Maryland’s Future
“Our world is governed by numbers generated by the accounts of nations and corporations.” – Jane Gleesom-White
Maryland founded on March 25, 1634 (380 years old) MD CPA Law passed on April 10, 1900 (114 years old)
CFO of the Future will create strategic impact
30 30 30
CFO – Striking the right balance
31 31 31
CFO of the Future builds business capabilities
THE FUTURE OF JOBS
We are in a race…!
Caused by this guy…!
It’s really a math problem…!
2006!
The Shift Change
1. Leadership!2. Learning!3. Technology!4. Generations!5. Workplace!
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
"We live in a transformational time. In the next five years, guaranteed, we're going to transform – not change, but
transform – how we sell, how we market, how we communicate, collaborate, innovate, train, educate.
S-Curves & Business Model Innovation!
E-learn!
LMS!
Collaborat
e!
BLI!
• ROA!!• L>C!
• CC > EC!
Remember this?
What would Rita say? To stay ahead, (companies) need to constantly start new strategic initiatives, building and exploiting many transient competitive advantages at once. Though individually temporary, these advantages, as a portfolio, can keep companies in the lead over the long run.
Innovate often, decide quickly, succeed or fail, repeat
Dealing with the Shift Change – MACPA Young Professionals
How? 1. Professional unity 2. Work / life integration 3. The evolving nature of leadership and new leadership models
4. Proactive, goal-focused planning
5. Networked collaboration
6. Embracing and adopting new technologies
From: To: Hierarchy Network Transactions Relationships Efficient Effective Well managed Well led Command & Control Connect &
Collaborate Push Pull Good Great
http://www.macpa.org/Content/leadership-academy.aspx
June 24-26, 2014
Learning
theBounce
www.blionline.org
• Identify Competencies • Career Path (Ladder) • Curriculum • Cloud Learning
Our approach – The Four C’s
The right talent with the right skills at the right time
www.blionline.org
Anticipation is showing up across our Profession
CFO Roundtable, Gov’t CPAs & Biz & Ind Roundtable
54 54 54
Chief Future Officer?
Leading through Connections: IBM
75% Collaborative
67% Communicative
% of CEOs that identified these skills as CRITICAL for future success
61% Creativity
55 55 55
Skills most in need of improvement by finance personnel
The inside track ; Partnering for value- 2012 CGMA
56 56 56
Collaboration and decision support
www.blionline.org
The Bounce – Career path
Curriculum design by BLI and AICPA using Top 5
Competencies for future from CPA Horizons research and job
levels from the BLI “Bounce” Model. Leadership and
Communications were combined and the 5th category expanded
to include practice specialties for firms and functional areas for
corporate.
Examples would include: Corporate Accounting, FP&A,
divisional reporting, shared services, etc.
CPA Firms would have audit, tax, industry specialties.
These technical areas would
have specific curriculums designed to meet their specific technical competency needs.
CloudLearning
"We see this system as a key recruitment and retention tool, allowing us to offer our people many of the things that the largest firms do - competency–based curriculum, career paths, and just-in-time learning, and our own custom D&S learning center. " " " "!
"- Allen DeLeon, Managing Partner!
www.blionline.org
R.O.I = R.O.P
Technology
Cambrian “Big Bang” Explosion
"One out of five organizations has discovered a secret source of competitive differentiation. It allows them to
serve customers in new ways and reimagine their business models. It can help surface valuable insights
from their data and transform how they make decisions. It enables them to tap expertise from across
their entire ecosystem. And one more thing: It helps these Pacesetters grow revenue and gross profit faster
than other organizations. What’s their secret? It’s cloud computing -– their engine for growth."
Source: IBM Report – Under Cloud Cover – How Leaders are Accelerating Competitive Differentiation
How can we escape the “pull of the past”?
From: Systems of Record To: Systems of Engagement
Our Digital Transformation 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
4. Transformation to cloud – New cloud based systems – accounting
5. Transformation to cloud – Move AMS and MACPA website
June 16, 2014 – Hyatt Regency Inner Harbor http://cpa.tc/3pz
Generations
Generational Issues
• Tone at the Top • Cross generation meetings • Communication with Feedback frequently • Trust & try • Openness • Embrace technology • Build on strengths
Workplace
Work is not a place, it is what you do. And …What you do while working is fundamentally different.
5 virtual-‐work essen,als 1. The right technology 2. The right mobile solu,ons 3. The right apps 4. In-‐office tech support 5. In-‐office moral support
Expects a 13% growth rate in accounting and auditing jobs from 2012
to 2022
The future of accounting is bright – accounting students from six Maryland universities at MACPA – NABA event
http://cpa.tc/4aa
# 3
2014
Accounting education records broken
2013 AICPA Trends Report
40,350 CPA firm new hires 82,177 graduates
CPA credential in high demand!
Source: Wall Street Journal, 8/13/13
25%
38%
0
5
10
15
20
25
30
35
40
2006 2013
CFOs who are CPAs
Employers: Most desired credential
Solid salary growth
Entry-level demand also strong
Robert Half 2014 Salary Guide
The CPA Brand
The
A leader’s job is to define context and provide hope and inspiration...#
Tom Hood, CPA.CITP CEO
Maryland Associa9on of CPAs Business Learning Ins9tute
(443) 632-‐2301 E-‐mail [email protected]
Web hWp://www.macpa.org Blog hWp://www.cpasuccess.com