professional issues update for cpa communications food group

Professional Issues Update

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Presented by:

Tom Hood, CPA.CITP.CGMA CEO: Maryland Association of CPAs

Business Learning Institute Jim Metzler CPA.CITP AICPA Vice President - Small Firm Interests

Communications FOOD Group AICPA Offices

New York, New York February 6, 2012

Why we are here?

The tornado of changes from CPA Vision Project circa 2000

Today’s  le+er  

Change Complexity Compliance Convergence Competition

From  feeling  “lonely  at  the  top”  

To  the  wisdom  of  the  crowd  

We  can  choose  to  harness  the  winds  of  change  

The tornado of changes from CPA Vision Project circa 2000

It  is  really  about  this…  

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Today’s  le+er  

•  Context  •  CollaboraAon  •  ConAnuous  Learning  

•  Competencies  

http://www.youtube.com/watch?v=yXoj0D1pROM

American Institute of CPAs 11

What CPAs have said abut the future:

1.  Changing demographics - Aging workforce, diversity, 4 generations in the workplace

2.  Increased globalization, economic shifts and increasing competition 3.  The technological revolution - cloud, social, big data & XBRL 4.  Issues around Information Security, Privacy & data integrity 5.  Shift to consumer and employee power (from push to pull) 6.  Changes in the way we communicate - mobile, txt, skype 7.  Work-life challenges or conflict - "do more with less", 24/7 work 8.  Information Overload - filter failure 9.  Increasing complexity of rules and standards (IFRS, GAAP, PCAOB,

SEC) 10. Economic uncertainty - deficit, debt and pressure on government

http://www.slideshare.net/thoodcpa/top-trends-to-watch-2012-cpa-horizons-2025

•  Social Media •  SOC reporting •  XBRL – Data is the new plastics

•  SBR – Standardized Business Reporting

•  Legislative/Regulatory – DATA Act •  Public Company •  Private Company / NFP

•  Cloud - New Tools – New ways of working

Technology

1.  Controlling the U.S. deficit 2.  Tax reform 3.  Health care uncertainty 4.  Dodd-Frank Act implementation and

revision 5.  Employer-provided retirement plans 6.  XBRL 7.  Convergence of U.S. GAAP and IFRS 8.  Private company accounting

Top Eight Challenges Facing CFOs

•  CGMA •  Sustainability – Integrated Reporting •  EBR – Enhanced Business Reporting •  XBRL

Opportunities for Financial Executives

New  Competencies  from  Horizons  

1.  Leadership  2.  CommunicaAon  3.  CriAcal  Thinking  &  

Problem  Solving  4.  AnAcipaAng  &  Serving  

Needs  5.  IntegraAon  &  

CollaboraAon  6.  Synthesizing  Intelligence  

to  Insight  

A leader’s job is to…

Provide hope & inspiration!

Tom Hood & Gretchen Pisano

Core  Values  

•  Integrity  •  Competence  

•  Lifelong  learning  •  ObjecAvity  •  Commitment  to  

excellence  

•  Relevance  in  global  marketplace  

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CPAs … making sense of a changing and complex world

Core  Purpose    

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Lifelong Learning

Technology

Market Permission

Trusted Attester

Pride in the Profession

Worldwide Profession

Demographic Shifts Trusted

Advisor

Value Proposition

Marketplace

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Key  Insights  

Your Firm, Your Company, YOU !

Resources for Firms

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Download from www.aicpa.org

Download from www.aicpa.org

Resources for State Societies

The Accounting Profession 2025 - live presentation •  Directly tailored to CPA firm managing partners/owners and

their firms strategic business planning process

•  Works best as a one hour or 75 minute keynote/general session

•  Presented by Jim Metzler

•  Dates are always a challenge, the greater the advance notice the greater the availability

•  Contact jmetzler@aicpa.org

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Tom Hood, CPA.CITP.CGMA CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org Web http://www.macpa.org Blogs http://www.cpasuccess.com http://www.bizlearningblog.com

Follow me on:

  Twitter: http://www.Twitter.com/tomhood

  LinkedIn: http://www.linkedin.com/in/tomhood

  Facebook: http://www.facebook.com/thoodcpa

 Plaxo: http://tomhood.myplaxo.com

 Slideshare: http://www.slideshare.net/thoodcpa

 Youtube: http://www.youtube.com/thoodcpa

 Second Life avatar name: Rocky Maddaloni

Links

•  Strategic Planning –  http://www.bizlearning.net/live/i2astrategicplanning

•  Future Forums –  http://www.bizlearning.net/live/i2afutureforums –  Leadership Development –  http://www/bizlearning.net/live/i2aleadership

•  Customized Training –  http://www.bizlearning.net/learningcenter/

•  Search our Catalog –  http://www.bizlearning.net/learningcenter/

customizedtraining/BLI_catalog.cfm

Questions / Comments ?

Thank you ! Tom Hood tom@macpa.org Jim Metzler jmetzler@aicpa.org