Annual Meeting & Town Hall!
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Demographics – 320 people!
320 people in attendance with an average of 20.7 years as CPAs!
Business Industry Corporate!NonProfit!Government!Public Practice Audit!Public Practice Tax!Consulting CFO Advisory!Public Practice Financial Planning!Other!
How was this busy season?!Compared to last year!
Generations in Attendance!
Traditional born btw 1925 1945!
Baby Boomer born btw 1946 1964!
Gen X born btw 1965 1979!
Gen Y Millenial born btw 1980 2000!
What are your top challenges?!
Are you Future Ready?!
Future Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment.!
3 Membership Organization
1 Lookout Post
2 Laws, Regulations,
& Standards
4 L > C2
Lookout Post
Trends in the Profession
What is causing change today?
Leadership
Leadership
Learning
Learning
Learning
1. Social!2. Mobile/Nano!3. Cloud!4. Collaborative (MBSN)!5. Competency-based!
Technology
Technology
Workplace
Workplace
Workplace
Workplace
Generations
Gen-X
Lookout Post Trends by Segment:
Public Practice Corporate - Business & Industry
Young Professionals Students
What does this mean for Small Practitioners?
Sleeter Group Survey 2014 The research: Anticipation is showing up across our Profession.
Maryland Public Company Collaboration
• Learning & Talent Development • Global Structure of Finance
Function • Managing Risk & Innovation • Insight to Action
1. Private Companies Dominate!2. Private Companies create wealth & jobs!3. Private Companies invest and drive growth!4. Private Companies are agile & nimble and drive innovation !
What does this mean for Young Professionals?
11 Things Young Professionals Want You to Know
1. More collaboration. 2. More transparency. 3. Encourage initiative. 4. Focus on strengths. 5. Expect the unexpected. 6. Take time to save time. 7. Look beyond the billable hour. 8. Engage your team in your vision. 9. Be realistic. 10. Train your staff and expect accountability. 11. Take a financial risk on leadership.
What does this mean for Students?
Top 5 Things They Want:!1. Work-Life Balance!2. Career Growth & Stability!3. Competitive Pay!4. Flexibility!5. Learning & Development!
Top!
When you’re a part of an established entity, there’s so much incentive to maintain the status quo. A lot of times, the people who are leading are at the end of their careers, so they don’t want to throw everything up and see where it lands. They want to make it someone else’s problem. But I have seen the shift happening before my eyes, and have at times been frustrated that people weren’t taking advantage of this new platform in a way that would be effective for the content.!
Gradual then Sudden!
Exponential growth fueled by Technology (Moore’s Law)!
What Got You Here, Won’t Get You There.
So What?!
1 Lookout Post
3 Membership Organization
4 L > C2
2 Laws, Regulations,
& Standards
Laws, Regulations, & Standards
News you’ve got to stay on top of
Federal Laws & Regulations
Supreme Court - SCOTUS
ACA and Tax Credits!Perez vs Mortgage Bankers!FTC vs NC State Board of Dental Examiners!Wynne Case - MD out-of-state tax credits!SCOTUS Allows federal challenge of CO “Amazon Tax”!
DOL Pension Audits
Data Act
State Board of Public Accountancy (Licensing Issues)
Current issues with your license
• Employee Benefit Plans Peer Review
• Responding to the Board
• CPE Tracking and Reporting
Financial Accounting Standards
Accounting Standards
Public & Private Companies
Private Companies-‐ Small Business
Public & Private Companies
Private Companies
Private Companies-‐ Small Business
State & Local Gov’t
Federal Gov’t
Financial Repor-ng
IFRS (IASB)
IFRS-‐SME (IASB)
GAAP (FASB)
GAAP-‐PCC (FASB)
FRF-‐SME (AICPA)
GASB FASAB
Audi-ng IAASB IAASB PCAOB ASB (AICPA)
ASB (AICPA) ASB (AICPA) GAGAS Yellow Book GAO
GAGAS Yellow Book GAO
Ethics IFAC IFAC PEEC (AICPA)
PEEC (AICPA)
PEEC (AICPA)
PEEC (AICPA)
PEEC (AICPA)
• Rev Rec
Financial Accounting Standards
• Cash Flow
• GASB 67, 68
• Fair Value
MACPA Practice Monitoring Task Force!
Responds to AICPA!Position Paper!
New Code of Ethics • Intuitively arranged
• User-friendly online code: aicpa.org/newcode
• Enforceable rules and principles not changed
• Minimum substantive changes to interpretations
• Non-authoritative guidance referenced
• Effective December 15, 2014
• Additional year for Conceptual Frameworks
1 Lookout Post
2 Laws, Regulations,
& Standards
4 L > C2
3 Membership Organization
Membership Organization
Connecting CPAs to our profession, each other, and
the world at large.
Student Group Town Hall
NYPN
Women to Watch
Committee and Chapter Activity
MACPA Groups
http://cpa.tc/21g!
https://twitter.com/macpaCPE !
twitter.com/macpaCPE
Sales Tax Resources for MACPA
The MACPA Accountants Resources Center gives you the tools you need to lead your clients through the complexities and dynamic challenges of sales and use tax compliance.
MACPA Legislative and Regulatory Advocacy
What is the #1 Thing MACPA does!
for CPAs and CPA Firms that nobody else
does?!
Legislative Advocacy
“From then on, they are no longer isolated men, but a power one sees
from afar, whose actions serve as an example; a
power that speaks, and to which one listens.”
– Alexis de Tocqueville, on the power of Associations in Democracy
in America
3 Levels
2 Objectives 1. Offense: Pass Proactive Bills 2. Defense: Stop Bad Bills
1. Federal 2. State 3. State Board of Accountancy
Federal Laws & Regulations
State Laws
Passage of MD Mandatory Peer Review Legislation
State Board of Public Accountancy (Licensing Issues)
Our challenge 40% turnover in legislature
Governor Attorney General Secretary of DLLR Key Committees
3 House • Economic Matters
• Ways & Means • Judiciary
3 Senate • Education, Health &
Environment • Budget & Tax • Judicial Proceedings
CPA Day in Annapolis - 1/29/15
Our 2015 MD agenda
1. Appeal Bond Reform 2. Expanded definition of attest 3. Build new relationships with legislators
1. Stop Sales Taxes on Services 2. Stop Comparative Fault by Trial Lawyers 3. Monitor 2,500 active bills in MD legislature
Numbers Count!
Defense
Offense
How we did it 1. Build and maintain Key Relationships with
legislators and regulators (PAC, meetings and events)
2. Grassroots capabilities through membership - we can target specific legislators by committee and district
3. Financial support of key legislators via our PAC 4. High profile events that increase visibility of
CPA Profession (CPA Day for legislators and Swearing-in for DLLR/State Board)
Your career, forward, faster.
CGMA Competency Framework
Our Magnetic Firm / Company Framework!
MACPA Upcoming Events
Innovation Summit 2015
June 23, 2015
Leadership Academy August 26-28, 2015
Summary of MACPA Today
Lighting the Way for the Shift Change
http://cpaguide.macpa.org!
Senator Feldman said
Maryland is the best state in the nation to have
your CPA license.
The Next Chair of the AICPA Kimberly Ellison-Taylor
Learning
1. Social!2. Mobile/Nano!3. Cloud!4. Collaborative (MBSN)!5. Competency-based!
Tom’s Favorite Tools
“Use the tools, don’t let the tools use you.”
– Francine McKenna @retheauditors
• Twitter • Linked-In • Blog • Slideshare.net • Evernote • Tweetdeck.com • Hootsuite.com • Zite.com • Kindle
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
We identified three major goals for making this shift:!1. Help employees identify and address the challenges and opportunities that have the greatest impact on the business.!2. Help employees strengthen high-impact connections by enabling them to collaborate easily with others inside and outside the organization.!3. Amplify the impact of those efforts by building an infrastructure that allows small improvements to scale easily across the organization.!
Membership Organization
1 Lookout Point
2 Laws, Regulations,
& Standards
3 Membership Organization
4 L > C2
L>C2
“In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.”
- Tom Hood, CPA.CITP.CGMA
92% of CPAs are!NOT
Future Ready!!Future Ready is the
capacity to be aware, predictive, and adaptive of emerging challenges,
tech innovations, and trends and changes in business, population,
and social environment.!
Source: CPA.COM 2014 CPA of the Future Study!
How Extraordinary Leaders Double Profits
Competencies – Research & Examples
Strategic Thinking!External Awareness!
Vision!Continuous Learning!
Innovation!Creativity!
Problem Solving!Prioritization!
Business Acumen!Decisiveness!
Influencing/Persuading!Emotional Intelligence!Consensus Building!
Collaboration!Inspiration!
Risk Management!
Anticipatory Organization:!Finance / Accounting Edition!
L>C2
Why CPAs?
Thank You for Coming