future of cpas, cfos & accounting - marriott finance/accounting
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Tom Hood, CPA, CITP, CGMA CEO
MACPA & the Business Learning Institute
Professional Issues Update and The Future of CPAs, CFOs and Accounting
Professionals Prepared for:
Global Accounting & Finance Team June 27, 2013
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Tom Hood CEO of MACPA & BLI
• Named Fourth Most Influen2al Person by Accoun2ng Today
• Top 25 Influencers in Learning & HR by HR Examiner
• Top 25 Public Accoun2ng Thought Leaders by CPA Prac2ce Adviser
• Working on Learning Management with AICPA/CPA2Biz, Cloud Curriculum, Performance Management /XBRL, Leadership & Genera2ons
Tom Hood, CPA, CITP, CGMA CEO MACPA Business Learning Institute (BLI)
hQp://www.linkedin.com/in/tomhood 6/26/13 T
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www.SlideShare.net/thoodcpa
@tomhood @MACPA
Download today’s slides at …
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hQp://macpa.cnf.io
Ask and answer ques2ons throughout the day here…
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Respond to a Poll
Ask a Question Vote up a Question
hQp://macpa.cnf.io
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Insights to Ac2on
“One without the other is either useless or destruc2ve” T
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Source: WTF What’s the Future of Business by Brian Solis
What I have been thinking about
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Business Not for Profits NGOs
Government
Different Worlds?
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The New Normal - VUCA
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What is the #1 reason organizations fail?
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http://www.burrus.com
Inattentional blindness
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The new “Big Four” + 1 + 3
• Economy • Globalization • Workforce • Technology + Health Care
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The Research
2 1,000 10,000
Source: CPA Horizons 2025
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• Change • Complexity • Compliance • Convergence • Competition
MANAGING THE “SEA” CHANGE
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Compliance - Standards • International – IASB &
IFRS • FASB & PCC • AICPA & FRF – SME • ASB – Clarity (12/15) • GASB Pension • PEEC • COSO • IIRC
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Convergence and IFRS
2013 FUTURE 2014
Leases re-exposure
Revenue recognition standard
Financial instruments
IFRS?
Principles- based
SEC milestone ─ IFRS decision
Affects virtually all businesses
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#MainStFinancials
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Happy 40th Birthday FASB!
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#AccountingStandards Public & Private Companies
Private Companies-‐ Small Business
Public & Private Companies
Private Companies
Private Companies-‐ Small Business
Financial ReporHng
IFRS (IASB)
IFRS-‐SME (IASB)
GAAP (FASB)
GAAP-‐PCC (FASB)
FRF-‐SME (AICPA)
AudiHng IAASB IAASB PCAOB ASB (AICPA)
ASB (AICPA)
ASB (AICPA)
Ethics IFAC IFAC PEEC (AICPA)
PEEC (AICPA)
PEEC (AICPA)
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Cascade!
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Health Care is major issue
Source: Thomson-‐Reuters 6/26/13 T
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And opportunity
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80
40
1950 1960 1970 1980 1990 2000 2010 1940
100%
60
20
Total U.S. debt as a percentage of GDP
2013 101.6%
1981: 32.5%
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Accounting bodies hail G20 emphasis on public sector reporting���
DATA Act & Financial Industry Transparency Act using XBRL
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XBRL ���FASB Industry Taxonomy Project
• Develop industry specific taxonomies • BeQer suited for each industry • Industries par2cipa2ng include: • Insurance • Banking • Brokers and Dealers • Real Estate • NFPs • GASB? • Form 990
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Historical Context – The Perfect Storm
• Web 2.0 • Globalization • Generations
Source: Don Tapscott - Wikinomics
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Five Things Every Professional Needs to be Good At
1. Learning and staying on the cutting edge. 2. Managing your career (yep, you have to
take charge of your own career). 3. Doing the work (research, productivity,
communication). 4. Interacting with your peers and colleagues. 5. Becoming a thought leader in your field. - Allen Blue co-founder Linked-In
hQp://lnkd.in/HghTcX
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#SocialAccoun2ng
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Four Generations in the Profession Millennials (Gen Y) - Born btw 1980 & 2000 Generation X - Born btw 1965 & 1979 Baby Boomers - Born btw 1946 & 1964 Matures (Traditionalists) - Born btw 1945 & 1925
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"For Gen Y, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses."
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Workforce���#TalentWar
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Workforce���#4Generations
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Business Not for Profits NGOs
Government
Different Worlds?
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#IIRC
hQp://www.theiirc.org
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<IR> Framework Consultation Draft – released April 16
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IIRC Value Crea2on Process
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CGMA & COSO Balancing Risk & Innova2on
hQp://cpa.tc/2qf hQp://www.coso.org T
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Source: DeloiQe CFO Signals™ survey, fourth quarter 2012 T
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CGMAs are part of a new, worldwide network of management accountants, working in the world’s leading corporations, private and public organizations, small businesses and start-ups.
Code of ethics and
enforcement
Continuous professional development
Financial and non-financial
expertise
Powered by a JV between AICPA and
CIMA
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2/3 1/3
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For businesses
Broader skills
Greater agility and adaptability
Increased mobility
Deeper leadership
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Benefit specifics
Designatory letters Affiliation with world-leading accounting
organizations
Tools for self-promotion
Commitment to inform market of
CGMA value
Commitment to global management
accounting Website (cgma.org) Online social
community Affiliation with
leaders in business
Inaugural print magazine Online magazine Thought leadership
papers Global Economic Outlook Survey
Advocacy voice of a half-million accounting
professionals around the world
Certificate Professional Development
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CGMA qualifying criteria
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Contact [email protected]
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Business Not for Profits NGOs
Government
When Worlds Collide
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#CFOsSaveTheWorld
Through collaboration, our CFO community manages financial accountability, compliance, and risk across HHS by maximizing resources to drive results.
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You can’t stop the waves but you can learn how to surf. �– Jon Kabbat-Zin �
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#Vision&Strategy
“If you don’t have a vision for your firm or yourself, you’ll just get sucked into somebody else’s vision” – adapted from Watts Wacker, Futurist
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CGMA – CIMA���The global value-added financial professional���
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CPAs are trusted advisors who, combining insight with integrity deliver value by:
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CommunicaHng the total picture with clarity and objec2vity TranslaHng complex informa2on into cri2cal knowledge
AnHcipaHng and crea2ng opportuni2es Turning insights into acHon to transform vision into reality
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Value-added Finance / Accounting Professional
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The Research
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1. Finance specialism – the fundamentals
‘’The commercial finance roles may seem sexy – in there with the buying and marketing teams doing deals. In these situations people may believe that the financial substance is a bit in the back, but the truth is that it is at the centre. You always need the bedrock of financial integrity and control.” Hetal Shah, CFO, Streamline
“It is critical to develop credibility to progress within the organisation.” The fast track to leadership
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2. Information for insight – being part of the solution
IBM report, Leading through connections
Turning the tide: How Europe can rebuild skills and generate growth, by Accenture
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3. The two C’s – communication and collaboration Two personal attributes that CEOs see as most critical for the future success of staff:
IBM’s Leading through connections survey
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4. Experience of major projects and strategic initiatives – in and out of finance
• Internal projects • Technology investments • Mergers & acquisitions • Operations support • Sales team support • Business expansion, new
markets
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5. Local and global perspectives – exposure to different markets and cultures
Accenture’s 2012 report, Turning the tide: How Europe can rebuild skills and generate growth
Business decision makers…
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6. Leadership – talent management
• Developing leadership skills is crucial
• Identifying opportunities: – Seize opportunities as the
arise – Think outside the box –
both inside and outside of work
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7. Strategic Vision EIU’s Plugging the skills gap….
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The action plan
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Building influence via trust and credibility – Finance leadership capabilities and behaviours
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hQp://cpa.tc/2qh
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theBounce
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#AdaptorDie���#BendAdoptionCurve
• Technology & Caveman • L > C • CC > EC • CPA as Artist
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Technology & the Caveman
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“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 6/26/13 T
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#CC>EC # 1 Skill is CollaboraHon # 2 Skill is CommunicaHon according to 2012 IBM Global CEO Study
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#Artist&CPA
• Lots of ways to mess up!
• Heat is needed to shape the glass
• Long setup 2me for quick finish
• Try, learn and adjust -‐Tim McFadden 6/26/13 T
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A leader’s job is to define context and provide hope and inspiration..."
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Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail [email protected] Web http://www.macpa.org Web http://blionline.org
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6/26/13