professional issues update for cpa communications food group
DESCRIPTION
Professional Issues Update by Jim Metzler (AICPA) & Tom Hood (MACPA) to the AICPA / State CPA Society Communications FOOD group. Something is different this time or what got you here won't get you there. Setting the context with the CPA Horizons 2025 Research, Tom & Jim present the latest trends and issues facing the CPA Profession covering things like Integrated Reporting, sustainability, XBRL, social media and their impact of CPAs in firms and in Business Industry, Government & NFPs.TRANSCRIPT
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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
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Why we are here?
The tornado of changes from CPA Vision Project circa 2000
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Today’s le+er
Change Complexity Compliance Convergence Competition
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From feeling “lonely at the top”
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To the wisdom of the crowd
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We can choose to harness the winds of change
The tornado of changes from CPA Vision Project circa 2000
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It is really about this…
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Today’s le+er
• Context • CollaboraAon • ConAnuous Learning
• Competencies
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http://www.youtube.com/watch?v=yXoj0D1pROM
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American Institute of CPAs 11
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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
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• 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
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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
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• CGMA • Sustainability – Integrated Reporting • EBR – Enhanced Business Reporting • XBRL
Opportunities for Financial Executives
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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
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A leader’s job is to…
Provide hope & inspiration!
Tom Hood & Gretchen Pisano
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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 !
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Resources for Firms
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Download from www.aicpa.org
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Download from www.aicpa.org
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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 [email protected]
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Tom Hood, CPA.CITP.CGMA CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail [email protected] 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
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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