SlideShare une entreprise Scribd logo
1  sur  114
Télécharger pour lire hors ligne
Welcome to the Spring
          2010
Professional Issues Update
               An Exclusive Benefit
               For MACPA Members
“A pioneer in using social media and Web 2.0 technologies in
accounting, Hood (and his team at MACPA) has tapped his
expertise to roll out one of the most extensive sets of resources
in the country for helping CPAs handle the recession.”

                - Bill Carlino, Editor Accounting Today Magazine    1
Why we are here?



C
P
A
CPA Professional 2.0

1. Learning & staying
   on the cutting edge
2. Managing my career
3. Doing my work
4. Interacting with
   peers
5. Becoming a leader
   in my field


    Allen Blue – CEO of Linked In
Are you an untouchable?
                 A Washington lawyer friend recently
                 told me about layoffs at his firm. I
                 asked him who was getting axed.

                 He said it was interesting: lawyers
                 who were used to just showing up
                 and having work handed to them
                 were the first to go because with the
                 bursting of the credit bubble, that
                 flow of work just isn’t there.

                 But those who have the ability
                 to imagine new services, new
                 opportunities and new ways
                 to recruit work were being
                 retained. They are the new
                 untouchables.
What is the # 1 reason leaders (and their
           organizations) fail?




                                            5
What is different? 
Being in business today feels like being in
          permanent whitewater




                                              7
You feel
overwhelmed
by the rapid
and turbulent
pace of change
and
uncertainties in
business today
You need new skills and new approaches
     to ride these waves of change
            Photo: Pratt’s surfing page
You will learn
to become a
navigator of
change using
BLI's I2A -
Insight to
Action strategic
thinking system

  Sight    Insight    Create    Communicate    Inspire! 
Five Qualities of Extraordinary Leaders
                 1. Sight - Ability to see emerging
                      patterns and shift perspective
                      when necessary
                 2.   Insight - Ability to learn faster
                      than the rate of change in your
                      industry
                 3.   Create - Ability to think
                      strategically and critically to gain
                      insights that create new
                      opportunities
                 4.   Communicate - Ability to
                      collaborate inside and outside
                      your organization and to build
                      and sustain social networks of
                      people engaged in the work
                 5.   Inspire – Ability to mobilize
                      support and engage others to
                      join you in ACTION
It’s not what you look at that matters, it is what
         you see – Henry David Thoreau




“The faster you go, the further
   ahead you have to see.”
Insights & Opportunities

“But a time of turbulence is 
also one of great 
opportunity for those who 
can understand, accept and 
exploit the new realities. It is 
above all a time of 
opportunity for leadership.” 
 
       ‐ Peter Drucker,  
         Managing in Turbulent Times 



                Insight 
Create!

“The best way to 
predict the future 
is to create it.” 
 
                 ‐ Peter Drucker,  
                   Managing in Turbulent Times 




    Create 
Communicate
Extraordinary 
leaders must be                        O
                       E       W              R
adept at network                                  K
leadership – which         T
                                              S
is the building &      N
sustaining of large 
social networks of 
people engaged in 
the work. 
                               Communicate 
Inspire to Action
You must be 
able to reach 
the hearts 
and minds of 
the people 
doing the 
work.                       Inspire! 
Today’s agenda 
• What we see ‐ trends & issues we  are 
  watching 
• What do you see and what are your insights? 
   – External environment 
   – Internal environment – SCOT 
• Finding the strategic opportunities for you 
• Beginning of strategic planning process 
   
 Sight       Insight     Create     Communicate    Inspire! 
Trends & Issues 
• The economy 
• Connect – Protect – Achieve 
• The mega‐trends 
   – Globalization 
   – Workforce & Demographics 
   – Technology 
• The Profession 
   
 Sight      Insight    Create    Communicate    Inspire! 
The economy is still uncertain?

   Economists offer a wide range of predictions...




Source: Banham, R. (2010 Mar 1). The shape of things to come. CFO Magazine. 
Piu   keeping up with accounting - spring 2010
Piu   keeping up with accounting - spring 2010
The fact of the matter is, this is not a normal
downturn, this is a …fundamental re-SET!
                - Steve Ballmer – CEO Microsoft
The Pace of Change is Accelerating Faster




  “As it relates to science and technology, the rate of
 change in the next decade, is likely to be 4 to7 times
faster than in the last decade. If it is 4x faster it would
 be like planning for 2010 in 1890, if it is 7x faster it
        would be like planning for 2010 in 1670.”
   -Expert on Education Panel, The Aspen Institute, 2007
Connect




To your Profession
To our community
  To each other
Connect
  •   Chapters
  •   Committees
  •   Conferences
  •   CPE events
  •   NYPN
  •   Educators
  •   Students
  •   Social Networks
Despite a turbulent economy,
       learn how to make your business thrive

   MACPA’s Business & Industry Conference
              May 14 Turf Valley, Ellicott City
Topics:
• Annual Update
• National & Local Professional Issues Update
• Enterprise Risk Management
• The Virtual Workplace
• Strategic Planning
• Professional/Career Development
• Political & Social Changes in the Business Environment
• Economic Update
2010 Event Schedule
              www.macpa.org/events
 April 30          GNFP Conference
 May 14            Business and Industry
 June 7            Employee Benefit Plan Audit
 June 28-29        New! Maryland CPA Summit


 June 30- July 3   Annual Beach Retreat
 Sept 21           Government Contractors
 Sept 13 & 14      Technology/AccountingWeb
 Sept 27-28        Chesapeake Tax
 Oct 4             International Conference
 Oct 26            Practitioners’
 Nov 1-5           Advanced Tax Institute
 Jan 2011          Educator’s Conference
Protect
Protect
“No man’s life, liberty, or
happiness are safe when
the legislature is in session”
               – Mark Twain




  IRS 7216, FTC Red Flags, Sales Tax on
  Services, Tax Preparer regulations, Wall Street
  Reform Act, Sarbanes-Oxley Act…
State CPA Statutes
police power of the states to protect their citizens vs commerce clause
Where do major changes come from?
Us – MACPA & AICPA   Them

               OR
An example of “us” - The 120/150
     Hour CPA Exam Bill (HB 1137)

Changes the requirements to sit
for the CPA exam to allow you to
sit for the Exam upon
completion of 120 hours (and
the requirements of section 1 &
3) and get licensed upon
completion of the final 30 credit
hours (and the requirements in
group 2)
The A‐team! 
Piu   keeping up with accounting - spring 2010
A tale of two bills… 
The clock runs out at midnight 
37
CPAs swear oath to “protect the public
             interest”




  Maryland DLLR Swearing-in of new CPAs
             June 28, 2010
     At the MACPA Member Summit
Do the math!
      • 90 Days
      • 188 legislators
      • 2,500+ bills
      • House = 141
      • Senate = 47
      MACPA
      • Legislative Executive
        Committee
      • PAC
      • State Tax Committee
      • Board of Directors
State CPA Statutes
police power of the states to protect their citizens vs commerce clause
Landscape of Financial Regulatory
             Reform
                                              
                                              
                                              
                                              
                                              
                                              
White House                      Senate Banking Committee 


                    Financial 
                   Regulatory 
         
                     Reform 
         
                                                   
                                                   
                                                   
                                                   
                                                   
                                          House Financial 
Industry Groups                         Services Committee 
Latest proposals -Wall Street Reform & Consumer
              Protection Act - HR 4173
1. Promote robust supervision
   and regulation of financial
   firms
2. Establish comprehensive
   regulation of financial
   markets
3. Protect consumers and
   investors form financial
   abuse
4. Provide the government with
   the tools it needs to manage
   financial crisis
5. Raise international regulatory
   standards & improve
   international cooperation
  http://www.financialstability.gov/docs/regs/FinalReport_web.pdf
Wall Street Reform & Consumer
            Protection Act
• HR 4173 
   o Passed House floor vote (223‐202) 
   o Combines CFPA Act & Investor Protection Act 
• Provisions 
   o PCAOB authority to scope the regulation of audits for all 
     broker‐dealers through rulemaking 
   o Exempts non‐accelerated filers from SOX Section 404(b) 
• Progress 
   o Recognizes CPAs’ valuable advice and counsel  
   o Excludes sales of securities or extension of credit 
Senate Version Introduced

• Dodd introduced Senate bill March 15 
• Passed Senate committee March  22 
• Establishes Financial Stability Oversight Council 
• Grants greater powers to Federal Reserve 
   o Break up large entities that pose a “grave threat” 
   o Examine bank‐holding companies >$50 billion in assets 
   o Create Consumer Financial Protection Agency within Fed 
• Includes version of Volcker Rule 
• Proposes transaction fee to establish fund for future financial 
  collapse 
       
“Red Flags” Rule

Fair and Accurate    • Requires written plan for identity verification for 
      Credit           anyone who is a “creditor” 
                     • Defines “creditor” too broadly 
 Transaction Act 

                     • AICPA , state societies wrote letters urging delay of rules 
                       (enforcement delayed twice) 
Implementation       • Nov. 1 implementation date delayed to June 1, 2010 
                     • AICPA released guidance for CPAs on Oct. 16 



                     • AICPA continues to seek exemption for CPAs 
   Advocacy          • ABA and subsequent AICPA lawsuits filed 
Tax Issues


                Disclosure of 
Tax strategy                                    Regulation of 
                uncertain tax     Sec 7216 
  patents                                        preparers 
                  positions 


Health care      Estate tax         AMT          Tax reform 



 Valuation                        Workload       Workforce 
                    LIFO 
 discounts                       compression      mobility 
Tax Preparer Registration

Congress’ Concerns 
• High error rate associated with Earned Income Tax Credit 
• Consumer protection 
IRS Proposal 
• Registration of all paid tax return preparers; fee 
• Preparer Tax Identification Number; subject to Circular 230 
• Non‐affiliated tax preparers must: 
  • Pass “competency” exam 
  • Complete 15 hours education annually 
Tax Preparer Penalty - 7216

•   Temporary Regulations (12/29/09) 
     o Can filter newsletters to specific clients 
     o Can generally disclose scope of practice to potential clients  
     o Can disclose specific taxpayer information if required for qualify, peer 
       or conflict reviews  
•   Rev Rul 2010‐4  (12/30/09) 
     o No advance approval necessary to:    
         • Contact client regarding change in tax law or regulations 
         • To use unrelated third party to create, publish and distribute 
            newsletters 
•   Rev Rul 2010‐5  
     o Generally permits disclosure of specific taxpayer information as 
       necessary to the preparer’s professional liability insurance carrier 
Estate Tax
•   House action 
     o Proposed permanent extension of $3.5 million exemption, 45% rate 
     o Republicans wanted $5 million exclusion and 35% rate, or, as 
       an alternative, either total repeal or reducing the rate to that of long 
       term capital gains 
•   Meantime, total repeal 
     o Total repeal as of 1/1/10 but carryover basis  
         • Note – 1/1/10 not total carryover basis – get to step up 1.3 million of assets 
           (as selected by  executor) and another 3 million if there is a surviving spouse 
•   AICPA position  
     o Consistency important  
     o Index exemption to inflation  
     o Conform exemptions for estate, gift, generation skipping and special 
       use valuation  
     o Portability of exemption between spouse so, if first to die, does not 
       use full exemption; residual amount automatically carries over to the 
       surviving spouse  
Health Care and Taxes

•   Patient Protection and Affordable Care Act signed into law March 23 
•   Health Care and Education Reconciliation Act of 2010 signed into law 
    March 30 
•   Numerous tax provisions within for individuals and employers, including: 
     o Premium Assistance Credit 
     o Small Business Tax Credit 
     o Excise Tax on Uninsured Individuals 
     o Medical Care Itemized Deduction Threshold 
     o Additional Hospital Insurance Tax on High‐Income Taxpayers 
     o Excise Tax on High Cost Employer‐Sponsored Coverage 
     o Tax on HSA Distributions 
     o Expansion of Adoption Credit, Adoption Assistance Programs 
     o Information Reporting 
     o Adult Dependent 
     o Medicare Tax on Investment Income 
Looking to the Future

• 2011  top rates go up  ‐ 36% and 39.6%  
• Proposals not getting traction 
   o Increase capital gains rate to 20% 
   o Limit itemized deduction to 28% rate  
• Proposals getting traction 
   o Taxing carried interest as ordinary income 
   o Codification of economic substance doctrine  
   o Impose limits on family limited partnership valuations 
   o LIFO repeal  
   o AMT “patch “ will happen  
Standards Changes
•   AS 5 - PCAOB
•   IFRS – SEC International gets legs (again)
•   Fair Value Accounting
•   XBRL – SEC mandatory
•   Codification Project – FASB
•   Clarity Project – ASB
     – Convergence with international
•   Reliability Project (comps & reviews)
•   DOL 403 (b) Plans
•   Internal Control – COSO
•   Fin 48 effective 2009
•   Form 990 Changes
•   Fraud & Forensic SAS 99
•   FASB – IASB Convergence Project
Compilation and Review Standards

• SSARS No. 19 issued on December 30, 2009 
• Represents the most significant changes to the compilation 
  and review literature since 1978 
• How SSARS 19 differs from the April 2009 exposure draft 
   o SSARS 19 retains the concept of limited assurance rather 
     than moderate assurance 
   o Non‐independent review not part of SSARS 19 




                                                                 53
Clarity Project

• Convergence of auditing standards 
• ASB redrafting all of the auditing sections in Codification of 
  Statements on Auditing Standards 
   o Apply the clarity drafting conventions and converge the 
      material with the ISAs 
• Effective date is expected to apply to audits of financial 
  statements for periods beginning no earlier than December 
  15, 2010 
Ethics and Independence
                   Codification
• Professional Ethics Executive Committee creating a single 
  source of easy‐to‐use guidance on AICPA ethics and 
  independence matters 
• Restructure AICPA Code of Professional Conduct  and 
  combine with related guidance 
• Benefits 
      o Topically organized; simpler, easier and more intuitive to use 
      o Improved research capability 
      o Reduced time and effort in identifying differences with IFAC 
        Code 
• Scheduled for 3 years ( through 2011) 
   
SEC Roadmap released
Early adopters                    Large
can file using                  Accelerated
     IFRS                         Filers                    Small-caps
     2010                          2014                       2016




                     2011                        2015
                 Official SEC                 Accelerated
                  decision                      filers –
                     point                      second
                                                 wave
IASB/FASB Convergence
• Hope to complete convergence by 2011
• Outstanding Issues:
   – Revenue recognition
   – Financial statement presentation
   – Leases
   – Financial instruments
   – Liabilities and equity distinctions
   – Consolidations
   – Derecognition
   – Post-employment benefits



                                           57
Blue Ribbon Panel: Members

• Rick Anderson, Moss Adams, LLP      • Terri Polley, FAF  
  (Chairman of BRP)                   • Steve Feilmeier, Koch Industries  
• William Knese, Angus Industries     • Krista McMasters, Gunderson  
• Michael Menzies, Easton Bank and    • Dev Strischek, SunTrust Banks, Inc.  
  Trust Company                       • Hubert Glover, REDE, Inc.  
• Billy Atkinson, NASBA               • Barry Melancon, AICPA  
• Kewsong Lee, Warburg Pincus         • Mark Vonnahme, Surety, Arch 
• David Morgan, Lattimore, Black,       Insurance Group  
  Morgan and Cain PC                  • David Hirschmann, U.S. Chamber of 
• Daryl Buck, Reasor’s Holding          Commerce  
  Company, Inc.                       • Jason Mendelson, Foundry Group  
• Paul Limbert, WesBanco, Inc.        • Teri Yohn, Indiana Univ. 
Potential Versions of  
            Private Company IFRS 
                         IFRS with 
                        differential 
                         reporting 
     U.S. Adapted        (accent)        Separate U.S. 
       version of                         Private Co. 
    Private Entities                    GAAP – Revised 
       (Dialect)                           (PCFRC) 



                                                Separate U.S. 
IFRS SME 
                         Private                   GAAP‐ 
                        Company                  Maintained 
                                                and Updated 
Achieve
Globalization
5 Forces of Globalization

1. Growth of consumers in emerging economies 
2. Technologies that empower consumers & 
   communities 
3. Increase in labor productivity in developed markets 
4. Shift of economic activity between and within 
   regions 
5. Increasingly global markets for labor & talent 
    
It is not either global or local, it is AND…


           Glocal
Workforce / Pipeline
Bright spot?
AICPA - Accounting Doctoral
                  Scholars




•   $16.8 million contributed 
•   70 firms & 41 state societies 
•   39 universities 
•   99 complete applications 
•   60 selected for conference 
•   30 selected as ADS Scholars 
     
Piu   keeping up with accounting - spring 2010
Piu   keeping up with accounting - spring 2010
Live First,
Work Second




              Digital Natives
Generation Gap? Or Generation Lap?
                             Generations
“In 1997, young people for the first time were
recognized by adults as being authorities on
something truly revolutionary – digital technology,
interactive media, and collaboration.”
                  – Don Tapscott “Growing Up Digital”




                                              NGenophobia—the irrational and morbid
                                               fear of youth, especially with regards to
                                                        their use of the Internet
What are baby boomers most “clueless about”?

• Mom does not know how to
  work the TV
• Computers-
  do not let Dad touch it
• Technology in general
• Certain forms of technology
• Digital camera operation
• Boomers think work is
  everything
Gen X – Stuck beneath the boomer ceiling
        10 ways to breakthrough
1. Play to your strengths
2. Build your brand
3. Collaborate – create the context
    for your success
4. Raid the candy store – learning &
    development
5. Change the rules
6. Influence the organization
7. Influence the Boomers
8. Take initiative
9. Honor your commitments
10. Build & leverage your network
How to start the conversation
        The eight Net Gen Norms 
1. Freedom – The freedom to work when and 
   where you want 
2. Customization – My job my life 
3. Scrutiny – I know what you did last night 
4. Integrity – Be a good company to work for 
5. Collaboration – Teamwork 
6. Entertainment – Work should be fun 
7. Speed – Let’s make things happen now! 
8. Innovation – Let me invent 
Bottom Line: How to keep your star talent
• Engage your top performers
• Coach tomorrow’s leaders
• Manage your Millennials


Think   AMP
• Autonomy
• Mastery
• Purpose
Technology
•   Information Security        • Training & Competency
    Management                  • Identity & Access
•   Privacy Management            Management
•   Secure Data File Storage,   • Improved Application &
    Transmission and              Integration
    Exchange                    • Document, Forms, Content
•   Business Process              & Knowledge Management
    Improvement / Work Flow     • Electronic Data Retention
•   Mobile & Remote               Strategy
    Computing
The SEC Mandate
Piu   keeping up with accounting - spring 2010
Technology & Web 2.0
By 2010, Millenials/Gen Y-ers will outnumber
              Baby Boomers.
Here are five major benefits that The Economist 
  report says that social media has created: 
                1. Trusted online venues where real people
                   can meet up using their real identities.
                2. New ways for firms and organizations to
                   reach their customers and those who
                   influence them.
                3. Reduced friction in labor markets by
                   allowing employers and prospective
                   employees to find each other and connect.
                4. Faster information flow and communication
                   inside companies and organizations.
                5. A "free and immensely powerful set of
                   communication and collaboration tools to
                   everyone on Earth who has access to a
                   broadband internet connection."
Piu   keeping up with accounting - spring 2010
Social media = social capital
    real world examples 
Research says… 


• To ban or not to ban? A recent University of 
  Melbourne study showed that people who use the 
  internet for personal reasons at work are about 9% 
  more productive than those who do not. 

           "One day at work they took away our tools, like 
           Facebook, Pandora, Bebo, NPR. Work is slow 
           now, cold and boring." —STEVE RESSLER, 27, 
           TAMPA, FLORIDA 

In a social environment based on networked individualism, the
internet’s capacity to maintain and cultivate social networks has real
payoffs (in the workplace).”– “The Strength of Internet Ties” Report
Risk Management 

•   Educate & train your staff 
•   Set security & usage policies 
•   Restrict Access during certain  
    times (if you have to) 
•   Monitor – using search &  
    google alerts 
MACPA social media efforts featured 
in J of A and win 3rd place in Mobbies, 
 Top 75 Biz blogs & Top 50 Acctg blogs 


                   MACPA won 2 
                  out of top 10 Biz 
                    blogs in MD 
Piu   keeping up with accounting - spring 2010
CPA Profession
Top 10 Issues Facing CPAs 
             1. Economic Outlook  
             2. Tax  
             3. Business Operations  
             4. Implementation and Execution 
                of Plans  
             5. New Business Development  
             6. Personal/Professional 
                Development  
             7. Management and Leadership  
             8. Financial Regulatory Reform  
             9. Access to Financing and Credit  
             10 New Accounting Standards, 
                IFRS 
            Source: CPA Trendlines for AICPA Feb, 2010
Top Ten Issues for MFG 
1.  Regulatory/Legislative (56) 
2.  Private Company Leadership (47) 
3.  Capital Markets Awareness / Recognition (34) 
4.  Rethinking Business Model (25) 
5.  Protect Audit/CPA Franchise (20) 
6.  Risk Management (Audit efficiencies) (20) 
7.  Leadership Development / Succession 
    Planning (19) 
8. Global / International (Clients / IFRS / 
    Branding) (17) 
9. Leveraging Technology & Social Media (17) 
10. MFG Issues specific forums / focus groups (8) 
                                                     89
PCPS/TSCPA MAP Survey 2009 
     Top Five Issues Facing Firms 21+ 
1. Client Retention 
2. Marketing / Practice Growth 
3. Tax Law Changes & Complexity 
4. Keeping up with Regulations & 
   Standards 
5. Retaining Qualified Staff / 
   Work/Life Balance 


For larger firms add Partner
Accountability & Succession Planning         Mark Koziel, CPA
                                             AICPA PCPS
                    http://pcps.aicpa.org/
                                                                90
Top Ten Issues for FEI 
1. Economic Recovery and the U.S. Fiscal Outlook 
2. Health‐Care Reform 
3. Employee Benefits 
4. Financial Regulatory Reform 
5. Global Convergence of U.S. GAAP and IFRS 
6. Financial Instruments 
7. Financial Statement Regulation 
8. Revenue Recognition 
9. Business Taxation 
10. *XBRL 
    

                                                    91
Business & Industry Responsibilities
AICPA Core – 1/3 of B&I     AICPA non-Core – 2/3 of B&I
Responsibilities            Responsibilities
    Financial accounting        Strategic planning
    Financial reporting         Sustainability
    Audit                       Budgeting
    Tax                         Financial operations management
                                Risk management & internal
                 1/3 Core       controls
   2/3
                                Internal audit
   Additional
                                Governance
                                HR & benefits
                                IT, legal, purchasing
Are you a value integrator?
Efficiency, insight, integration


                 1.Scorekeeper
                 2.Disciplined operators
                 3.Constrained advisors
                 4.Value Integrators



        http://www.ibm.com/cfostudy
# 1 Gap is developing people in Finance




         Source: 2010 IBM Global CFO study
Image of the CPA




The future success of the CPA profession relies a
    great deal upon public perception of CPAs'
                 abilities & roles
                - CPA Vision Project
So what does the future look like for CPAs?
CPA re:Vision –the wisdom of the crowd

                      Our core purpose, our reason
                               for being is


                          CPAs...
                      Making sense
                      of a changing
                      and complex
  Here is what they
       said…
                          world.
Top 5 Competencies needed to ride the
           waves of change

• Communication &
  Leadership
• Strategic & Critical Thinking
• Focus on the Customer,
  Client, and Market
• Interpretation of Converging
  Information
• Technologically adept
Top 5 Attributes of CPAs
• Has integrity
• Competent
• Objective
• Able to synthesize
  information
• Focused on client
  needs




                                      99
Bottom Five Attributes of CPAs

•   Creative & innovative
•   Demonstrates leadership
•   Able to see the big picture
•   Communicates effectively
•   Technologically adept
CLO Magazine
 Stephen Miles, vice chairman of Heidrick &
Struggles, an executive recruitment firm, said this:
"The best CEOs in the world are a combination of
CEO, COO and CFO. They are inspirational,
financially literate and know the ins and outs of their
business at a sophisticated level."
Accounting is the quickest path to
        the corner office
                1. Broader and longer line of
                   sight (future focus)
                2. Network leadership
                3. Strong analysis skills
                   (financial and
                   operational)
                4. Communication skills
                5. Global perspective
                 Top 5 skills of the post-recession leader
                 – CLO Magazine
Top 10 Opportunities for CPAs


1. Valuation             6. Green / sustainability
2. Forensics and fraud   7. XBRL
3. Governmental –        8. Tax planning
   State/local/NFP       9. Enterprise Risk
4. International            Management
   (IFRS and tax)        10. Renewable energy
5. Health care
How to increase your odds of roaring
         out of the recession from HBR
1. Focus on operational efficiency (smart
   spending and targeted headcount
   reduction for efficiency versus across-
   the-board headcount reductions).
2. Investment in developing new markets
   (leveraging your product / service mix
   into expanded markets -- geographic,
   new segments or niches).
3. Investments in enlarging the asset
   base. (In professional services, that is
   training and development and strategic
   staffing for new opportunities.) I call
   this placing careful bets on the future.
 http://www.cpasuccess.com/2010/03/how-to-beat-the-odds-and-roar-out-of-the-recession.html
Are you indispensable?
              Imagine an organization with an
              employee who can accurately see
              the truth, understand the situation,
              and understand the potential
              outcomes of various decisions.
              And now imagine that this person
              is also able to make something
              happen.

              This is our leader, our marketer,
              our linchpin!
Tools for CPA Leaders
The meta map of the I2A™Strategic Thinking System provides an
architecture or framework to structure thinking and conversation as you
engage. When talking about complex issues that aren’t completely
understood, or debating solutions where there are multiple points of view, it is
easy 107get lost in the conversation and prematurely locked into a solution.
     to
Insight & Communicate 



      CPA
templates
   to help
you with...
Insight & Communicate – Social Media Tools 




             http://www.cpalearning2.com 
Piu   keeping up with accounting - spring 2010
Tom Hood, CPA.CITP 
                  CEO 
    Maryland Association of CPAs 
      Business Learning Institute 
            (443) 632‐2301 
       E‐mail tom@macpa.org 
     Web http://www.macpa.org 
  Blog http://www.cpasuccess.com 
Blog http://www.bizlearningblog.com 
                     
                     
MACPA resources 
• CPA Success, our daily blog 
  www.CPASuccess.com 
•  CPA Spotlight, our weekly podcast 
  www.macpa.org/podcast 
•  Other MACPA blogs: 

      • www.CPALegislativeInsider.com 
      • www.NewCPAs.com 
      • www.Bizlearningblog.com 
      • CPA Learning 2, a Web 2.0 playground by CPAs for CPAs 
        www.CPALearning2.com 
                                                                 112
   
Tools 
• I2A – Insights to Action – a strategic thinking system 
       –   http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=09IASTS 
        
• CPA Vision project 
       – http://www.cpavision.org 
 
• Social media – How are CPAs using social media 
       – http://www.cpasuccess.com/2009/09/how‐are‐cpas‐using‐social‐media.html 
       – Social Media Quick Start Program 
       –   http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=09SOCMED 
        
• XBRL  
       – http://www.xbrl.org 
       – Blog posts from CPA Success 
       –   http://www.cpasuccess.com/2009/06/xbrl‐and‐government‐a‐marriage‐made‐in‐nevada.html 
       – http://www.cpasuccess.com/xbrl/ 
        
• Mindmanager CPA edition 
       – http://www.mindjet.com/cpas/mj.aspx 
    
Professional Issues Update
                Spring, 2010 
                         
                Tom Hood, CPA.CITP 
                   CEO & Executive Director 
                 Maryland Association of CPAs 
                    http://www.MACPA.org 
                       tom@macpa.org 
                                
• 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 

Contenu connexe

Tendances (6)

ICSA Annual Conference; Day 1, 13.30
ICSA Annual Conference; Day 1, 13.30ICSA Annual Conference; Day 1, 13.30
ICSA Annual Conference; Day 1, 13.30
 
Guernsey Minute Taking event, 28 June 2017
Guernsey Minute Taking event, 28 June 2017 Guernsey Minute Taking event, 28 June 2017
Guernsey Minute Taking event, 28 June 2017
 
ICSA Subsidiary Governance Conference
ICSA Subsidiary Governance ConferenceICSA Subsidiary Governance Conference
ICSA Subsidiary Governance Conference
 
Boostrapsfinal
BoostrapsfinalBoostrapsfinal
Boostrapsfinal
 
Boostraps
BoostrapsBoostraps
Boostraps
 
ICSA Isle of Man Conference 2017, 10 May
ICSA Isle of Man Conference 2017, 10 MayICSA Isle of Man Conference 2017, 10 May
ICSA Isle of Man Conference 2017, 10 May
 

En vedette

Public Opinion Landscape
Public Opinion Landscape Public Opinion Landscape
Public Opinion Landscape GloverParkGroup
 
Grafico diario del dax perfomance index para el 13 06-2013
Grafico diario del dax perfomance index para el 13 06-2013Grafico diario del dax perfomance index para el 13 06-2013
Grafico diario del dax perfomance index para el 13 06-2013Experiencia Trading
 
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETING
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETINGLEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETING
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETINGAndrea Payaro
 
Case study-Lockheed Martin, reduces turnover by 13%
Case study-Lockheed Martin, reduces turnover by 13%Case study-Lockheed Martin, reduces turnover by 13%
Case study-Lockheed Martin, reduces turnover by 13%Amy Swenson
 
700k w 4180kw hfo heavy fuel oil generator
700k w 4180kw hfo heavy fuel oil generator 700k w 4180kw hfo heavy fuel oil generator
700k w 4180kw hfo heavy fuel oil generator Mark Wang
 
Знакомство с КМ Школа
Знакомство с КМ ШколаЗнакомство с КМ Школа
Знакомство с КМ ШколаLuda76
 
Bodycon midi dress uk - Bandagedress.co.uk
Bodycon midi dress uk - Bandagedress.co.ukBodycon midi dress uk - Bandagedress.co.uk
Bodycon midi dress uk - Bandagedress.co.ukcookdress
 
Apres Call 2 Q09 V Final
Apres Call 2 Q09 V FinalApres Call 2 Q09 V Final
Apres Call 2 Q09 V FinalArteris S.A.
 
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccionRodrigo Arrau
 
Understanding The Benefits Of Good Content
Understanding The Benefits Of Good ContentUnderstanding The Benefits Of Good Content
Understanding The Benefits Of Good ContentJRoots
 
La Sanità Che Cambia: L'Evoluzione dei Ruoli Professionali
La Sanità Che Cambia: L'Evoluzione dei Ruoli ProfessionaliLa Sanità Che Cambia: L'Evoluzione dei Ruoli Professionali
La Sanità Che Cambia: L'Evoluzione dei Ruoli ProfessionaliALTEMS
 
华南农业大学农村建设
华南农业大学农村建设华南农业大学农村建设
华南农业大学农村建设Tenly Wu
 
Grafico diario del dax perfomance index para el 11 02-2014
Grafico diario del dax perfomance index para el 11 02-2014Grafico diario del dax perfomance index para el 11 02-2014
Grafico diario del dax perfomance index para el 11 02-2014Experiencia Trading
 
Things I like,I love and I hate
Things I like,I love and I hateThings I like,I love and I hate
Things I like,I love and I hatenachisoukaina
 

En vedette (20)

Public Opinion Landscape
Public Opinion Landscape Public Opinion Landscape
Public Opinion Landscape
 
Grafico diario del dax perfomance index para el 13 06-2013
Grafico diario del dax perfomance index para el 13 06-2013Grafico diario del dax perfomance index para el 13 06-2013
Grafico diario del dax perfomance index para el 13 06-2013
 
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETING
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETINGLEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETING
LEAN MARKETING: GLI SPRECHI NELLE STRATEGIE DI MARKETING
 
Case study-Lockheed Martin, reduces turnover by 13%
Case study-Lockheed Martin, reduces turnover by 13%Case study-Lockheed Martin, reduces turnover by 13%
Case study-Lockheed Martin, reduces turnover by 13%
 
700k w 4180kw hfo heavy fuel oil generator
700k w 4180kw hfo heavy fuel oil generator 700k w 4180kw hfo heavy fuel oil generator
700k w 4180kw hfo heavy fuel oil generator
 
Знакомство с КМ Школа
Знакомство с КМ ШколаЗнакомство с КМ Школа
Знакомство с КМ Школа
 
Bodycon midi dress uk - Bandagedress.co.uk
Bodycon midi dress uk - Bandagedress.co.ukBodycon midi dress uk - Bandagedress.co.uk
Bodycon midi dress uk - Bandagedress.co.uk
 
Apres Call 2 Q09 V Final
Apres Call 2 Q09 V FinalApres Call 2 Q09 V Final
Apres Call 2 Q09 V Final
 
Email Marketing
Email MarketingEmail Marketing
Email Marketing
 
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion
7240021 boltanski-y-chiapello-el-nuevo-espiritu-del-capitalismo-introduccion
 
Understanding The Benefits Of Good Content
Understanding The Benefits Of Good ContentUnderstanding The Benefits Of Good Content
Understanding The Benefits Of Good Content
 
IEA Medium-Term Coal Market Report 2015
IEA Medium-Term Coal Market Report 2015IEA Medium-Term Coal Market Report 2015
IEA Medium-Term Coal Market Report 2015
 
La Sanità Che Cambia: L'Evoluzione dei Ruoli Professionali
La Sanità Che Cambia: L'Evoluzione dei Ruoli ProfessionaliLa Sanità Che Cambia: L'Evoluzione dei Ruoli Professionali
La Sanità Che Cambia: L'Evoluzione dei Ruoli Professionali
 
Call 4 t13_eng
Call 4 t13_engCall 4 t13_eng
Call 4 t13_eng
 
华南农业大学农村建设
华南农业大学农村建设华南农业大学农村建设
华南农业大学农村建设
 
Grafico diario del dax perfomance index para el 11 02-2014
Grafico diario del dax perfomance index para el 11 02-2014Grafico diario del dax perfomance index para el 11 02-2014
Grafico diario del dax perfomance index para el 11 02-2014
 
ฟิสิก - อะตอม
ฟิสิก - อะตอมฟิสิก - อะตอม
ฟิสิก - อะตอม
 
Primero medio
Primero medioPrimero medio
Primero medio
 
Things I like,I love and I hate
Things I like,I love and I hateThings I like,I love and I hate
Things I like,I love and I hate
 
456
456456
456
 

Similaire à Piu keeping up with accounting - spring 2010

Keeping up with Accounting - Business & Industry edition
Keeping up with Accounting - Business & Industry editionKeeping up with Accounting - Business & Industry edition
Keeping up with Accounting - Business & Industry editionTom Hood, CPA,CITP,CGMA
 
PIU-Keeping Up With Accounting Fall, 2009
PIU-Keeping Up With Accounting   Fall, 2009PIU-Keeping Up With Accounting   Fall, 2009
PIU-Keeping Up With Accounting Fall, 2009Tom Hood, CPA,CITP,CGMA
 
2010 Business & Industry Conference - National & State Issues
2010 Business & Industry Conference - National & State Issues2010 Business & Industry Conference - National & State Issues
2010 Business & Industry Conference - National & State IssuesTom Hood, CPA,CITP,CGMA
 
MACPA Spring 2016 Professional Issues Update - Business & Industry Edition
MACPA Spring 2016 Professional Issues Update - Business & Industry EditionMACPA Spring 2016 Professional Issues Update - Business & Industry Edition
MACPA Spring 2016 Professional Issues Update - Business & Industry EditionTom Hood, CPA,CITP,CGMA
 
Accounting Career & Professional Issues Update for Students - 2014
Accounting Career & Professional Issues Update for Students - 2014Accounting Career & Professional Issues Update for Students - 2014
Accounting Career & Professional Issues Update for Students - 2014Tom Hood, CPA,CITP,CGMA
 
MACPA 2010 Legislative Regulatory Update
MACPA 2010 Legislative Regulatory UpdateMACPA 2010 Legislative Regulatory Update
MACPA 2010 Legislative Regulatory UpdateTom Hood, CPA,CITP,CGMA
 
MACPA Professional Issues Update - Fall 2010 Edition
MACPA Professional Issues Update - Fall 2010 EditionMACPA Professional Issues Update - Fall 2010 Edition
MACPA Professional Issues Update - Fall 2010 EditionTom Hood, CPA,CITP,CGMA
 
Learn & Meet Like a Millennial - Do you have a Second Life?
Learn & Meet Like a Millennial - Do you have a Second Life?Learn & Meet Like a Millennial - Do you have a Second Life?
Learn & Meet Like a Millennial - Do you have a Second Life?Tom Hood, CPA,CITP,CGMA
 
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15MACPA Annual Meeting & Town Hall - June, 2015 #PIU15
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15Tom Hood, CPA,CITP,CGMA
 
MACPA Fall 2014 - Professional Issues Update
MACPA Fall 2014 - Professional Issues UpdateMACPA Fall 2014 - Professional Issues Update
MACPA Fall 2014 - Professional Issues UpdateTom Hood, CPA,CITP,CGMA
 
CPA Congress Sydney 2015 - Day One Wrap Up
CPA Congress Sydney 2015 - Day One Wrap UpCPA Congress Sydney 2015 - Day One Wrap Up
CPA Congress Sydney 2015 - Day One Wrap UpCPA Australia
 
Professional Issues Update - Leadership in the New Normal
Professional Issues Update - Leadership in the New NormalProfessional Issues Update - Leadership in the New Normal
Professional Issues Update - Leadership in the New NormalTom Hood, CPA,CITP,CGMA
 
Get unstuck and grow
Get unstuck and grow  Get unstuck and grow
Get unstuck and grow CPA.com
 
CPA Congress Melbourne 2015 - Day Two Wrap Up
CPA Congress Melbourne 2015 -  Day Two Wrap Up CPA Congress Melbourne 2015 -  Day Two Wrap Up
CPA Congress Melbourne 2015 - Day Two Wrap Up CPA Australia
 
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry EditionMACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry EditionTom Hood, CPA,CITP,CGMA
 
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011Commerce Committee Presentation by Matthew Nemerson on January 20, 2011
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011Paige Rasid
 
How Social Networking & Remote Conferencing (SL) Transfomed MACPA
How Social Networking & Remote Conferencing (SL) Transfomed MACPAHow Social Networking & Remote Conferencing (SL) Transfomed MACPA
How Social Networking & Remote Conferencing (SL) Transfomed MACPATom Hood, CPA,CITP,CGMA
 
CPA Congress Melbourne 2015 - Day Three Wrap Up
CPA Congress Melbourne 2015 - Day Three Wrap UpCPA Congress Melbourne 2015 - Day Three Wrap Up
CPA Congress Melbourne 2015 - Day Three Wrap UpCPA Australia
 
Will your firm thrive or just survive? Anticipation - The critical competency...
Will your firm thrive or just survive? Anticipation - The critical competency...Will your firm thrive or just survive? Anticipation - The critical competency...
Will your firm thrive or just survive? Anticipation - The critical competency...Tom Hood, CPA,CITP,CGMA
 

Similaire à Piu keeping up with accounting - spring 2010 (20)

Keeping up with Accounting - Business & Industry edition
Keeping up with Accounting - Business & Industry editionKeeping up with Accounting - Business & Industry edition
Keeping up with Accounting - Business & Industry edition
 
PIU-Keeping Up With Accounting Fall, 2009
PIU-Keeping Up With Accounting   Fall, 2009PIU-Keeping Up With Accounting   Fall, 2009
PIU-Keeping Up With Accounting Fall, 2009
 
2010 Business & Industry Conference - National & State Issues
2010 Business & Industry Conference - National & State Issues2010 Business & Industry Conference - National & State Issues
2010 Business & Industry Conference - National & State Issues
 
MACPA Spring 2016 Professional Issues Update - Business & Industry Edition
MACPA Spring 2016 Professional Issues Update - Business & Industry EditionMACPA Spring 2016 Professional Issues Update - Business & Industry Edition
MACPA Spring 2016 Professional Issues Update - Business & Industry Edition
 
Accounting Career & Professional Issues Update for Students - 2014
Accounting Career & Professional Issues Update for Students - 2014Accounting Career & Professional Issues Update for Students - 2014
Accounting Career & Professional Issues Update for Students - 2014
 
MACPA 2010 Legislative Regulatory Update
MACPA 2010 Legislative Regulatory UpdateMACPA 2010 Legislative Regulatory Update
MACPA 2010 Legislative Regulatory Update
 
MACPA Professional Issues Update - Fall 2010 Edition
MACPA Professional Issues Update - Fall 2010 EditionMACPA Professional Issues Update - Fall 2010 Edition
MACPA Professional Issues Update - Fall 2010 Edition
 
Leadership in the New Normal
Leadership in the New NormalLeadership in the New Normal
Leadership in the New Normal
 
Learn & Meet Like a Millennial - Do you have a Second Life?
Learn & Meet Like a Millennial - Do you have a Second Life?Learn & Meet Like a Millennial - Do you have a Second Life?
Learn & Meet Like a Millennial - Do you have a Second Life?
 
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15MACPA Annual Meeting & Town Hall - June, 2015 #PIU15
MACPA Annual Meeting & Town Hall - June, 2015 #PIU15
 
MACPA Fall 2014 - Professional Issues Update
MACPA Fall 2014 - Professional Issues UpdateMACPA Fall 2014 - Professional Issues Update
MACPA Fall 2014 - Professional Issues Update
 
CPA Congress Sydney 2015 - Day One Wrap Up
CPA Congress Sydney 2015 - Day One Wrap UpCPA Congress Sydney 2015 - Day One Wrap Up
CPA Congress Sydney 2015 - Day One Wrap Up
 
Professional Issues Update - Leadership in the New Normal
Professional Issues Update - Leadership in the New NormalProfessional Issues Update - Leadership in the New Normal
Professional Issues Update - Leadership in the New Normal
 
Get unstuck and grow
Get unstuck and grow  Get unstuck and grow
Get unstuck and grow
 
CPA Congress Melbourne 2015 - Day Two Wrap Up
CPA Congress Melbourne 2015 -  Day Two Wrap Up CPA Congress Melbourne 2015 -  Day Two Wrap Up
CPA Congress Melbourne 2015 - Day Two Wrap Up
 
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry EditionMACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
MACPA - BLI Professional Issues Update - Spring 2015 Business & Industry Edition
 
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011Commerce Committee Presentation by Matthew Nemerson on January 20, 2011
Commerce Committee Presentation by Matthew Nemerson on January 20, 2011
 
How Social Networking & Remote Conferencing (SL) Transfomed MACPA
How Social Networking & Remote Conferencing (SL) Transfomed MACPAHow Social Networking & Remote Conferencing (SL) Transfomed MACPA
How Social Networking & Remote Conferencing (SL) Transfomed MACPA
 
CPA Congress Melbourne 2015 - Day Three Wrap Up
CPA Congress Melbourne 2015 - Day Three Wrap UpCPA Congress Melbourne 2015 - Day Three Wrap Up
CPA Congress Melbourne 2015 - Day Three Wrap Up
 
Will your firm thrive or just survive? Anticipation - The critical competency...
Will your firm thrive or just survive? Anticipation - The critical competency...Will your firm thrive or just survive? Anticipation - The critical competency...
Will your firm thrive or just survive? Anticipation - The critical competency...
 

Plus de Tom Hood, CPA,CITP,CGMA

Creating the Magnetic Firm - Allinial HR Conference 2016
Creating the Magnetic Firm - Allinial HR Conference 2016Creating the Magnetic Firm - Allinial HR Conference 2016
Creating the Magnetic Firm - Allinial HR Conference 2016Tom Hood, CPA,CITP,CGMA
 
Future of Learning - innovative new learning formats for accounting and finan...
Future of Learning - innovative new learning formats for accounting and finan...Future of Learning - innovative new learning formats for accounting and finan...
Future of Learning - innovative new learning formats for accounting and finan...Tom Hood, CPA,CITP,CGMA
 
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...Tom Hood, CPA,CITP,CGMA
 
Next Gen Leaders Report from the AICPA EDGE Conference 2016
Next Gen Leaders Report from the AICPA EDGE Conference 2016Next Gen Leaders Report from the AICPA EDGE Conference 2016
Next Gen Leaders Report from the AICPA EDGE Conference 2016Tom Hood, CPA,CITP,CGMA
 
Anticipatory Organization: Accounting and Finance Edition (AOAF)
Anticipatory Organization: Accounting and Finance Edition (AOAF)Anticipatory Organization: Accounting and Finance Edition (AOAF)
Anticipatory Organization: Accounting and Finance Edition (AOAF)Tom Hood, CPA,CITP,CGMA
 
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...Tom Hood, CPA,CITP,CGMA
 
COCPA - The Anticipatory Individual and Organization
COCPA - The Anticipatory Individual and OrganizationCOCPA - The Anticipatory Individual and Organization
COCPA - The Anticipatory Individual and OrganizationTom Hood, CPA,CITP,CGMA
 
Leadership in a VUCA World - AICPA PSTECH 2016
Leadership in a VUCA World - AICPA PSTECH 2016Leadership in a VUCA World - AICPA PSTECH 2016
Leadership in a VUCA World - AICPA PSTECH 2016Tom Hood, CPA,CITP,CGMA
 
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...
How to  Accelerate Growth, Innovation, and High Performance for CPAs, Account...How to  Accelerate Growth, Innovation, and High Performance for CPAs, Account...
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...Tom Hood, CPA,CITP,CGMA
 
The Firm of the Future - 2016 AAM InNEWvation Summit
The Firm of the Future - 2016 AAM InNEWvation Summit The Firm of the Future - 2016 AAM InNEWvation Summit
The Firm of the Future - 2016 AAM InNEWvation Summit Tom Hood, CPA,CITP,CGMA
 
An Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of OpportunityAn Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of OpportunityTom Hood, CPA,CITP,CGMA
 
Competencies for Accounting and Finance Professionals - 2016 Edition
Competencies for Accounting and Finance Professionals - 2016 EditionCompetencies for Accounting and Finance Professionals - 2016 Edition
Competencies for Accounting and Finance Professionals - 2016 EditionTom Hood, CPA,CITP,CGMA
 
Innovation is Not Just for Technology Companies Anymore
Innovation is Not Just for Technology Companies AnymoreInnovation is Not Just for Technology Companies Anymore
Innovation is Not Just for Technology Companies AnymoreTom Hood, CPA,CITP,CGMA
 
Firm learning strategy - a competitive advantage
Firm learning strategy - a competitive advantageFirm learning strategy - a competitive advantage
Firm learning strategy - a competitive advantageTom Hood, CPA,CITP,CGMA
 
Accounting in a VUCA World - The Anticipatory CPA
Accounting in a VUCA World - The Anticipatory CPAAccounting in a VUCA World - The Anticipatory CPA
Accounting in a VUCA World - The Anticipatory CPATom Hood, CPA,CITP,CGMA
 
MACPA Fall Town Hall / Professional Issues Update - 2015
MACPA Fall Town Hall / Professional Issues Update - 2015MACPA Fall Town Hall / Professional Issues Update - 2015
MACPA Fall Town Hall / Professional Issues Update - 2015Tom Hood, CPA,CITP,CGMA
 

Plus de Tom Hood, CPA,CITP,CGMA (20)

Creating the Magnetic Firm - Allinial HR Conference 2016
Creating the Magnetic Firm - Allinial HR Conference 2016Creating the Magnetic Firm - Allinial HR Conference 2016
Creating the Magnetic Firm - Allinial HR Conference 2016
 
Future of Learning - innovative new learning formats for accounting and finan...
Future of Learning - innovative new learning formats for accounting and finan...Future of Learning - innovative new learning formats for accounting and finan...
Future of Learning - innovative new learning formats for accounting and finan...
 
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...
Impact of Firm Wide Adoption - The Anticipatory Organization Accounting and F...
 
Next Gen Leaders Report from the AICPA EDGE Conference 2016
Next Gen Leaders Report from the AICPA EDGE Conference 2016Next Gen Leaders Report from the AICPA EDGE Conference 2016
Next Gen Leaders Report from the AICPA EDGE Conference 2016
 
Anticipatory Organization: Accounting and Finance Edition (AOAF)
Anticipatory Organization: Accounting and Finance Edition (AOAF)Anticipatory Organization: Accounting and Finance Edition (AOAF)
Anticipatory Organization: Accounting and Finance Edition (AOAF)
 
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...
It May be Time to Reinvent Your Firm - CPAFMA National Practice Management Co...
 
Future Ready CPA firm - keynote CPA FMA
Future Ready CPA firm - keynote CPA FMAFuture Ready CPA firm - keynote CPA FMA
Future Ready CPA firm - keynote CPA FMA
 
COCPA - The Anticipatory Individual and Organization
COCPA - The Anticipatory Individual and OrganizationCOCPA - The Anticipatory Individual and Organization
COCPA - The Anticipatory Individual and Organization
 
Leadership in a VUCA World - AICPA PSTECH 2016
Leadership in a VUCA World - AICPA PSTECH 2016Leadership in a VUCA World - AICPA PSTECH 2016
Leadership in a VUCA World - AICPA PSTECH 2016
 
The Future Ready CPA Firm
The Future Ready CPA FirmThe Future Ready CPA Firm
The Future Ready CPA Firm
 
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...
How to  Accelerate Growth, Innovation, and High Performance for CPAs, Account...How to  Accelerate Growth, Innovation, and High Performance for CPAs, Account...
How to Accelerate Growth, Innovation, and High Performance for CPAs, Account...
 
The Firm of the Future - 2016 AAM InNEWvation Summit
The Firm of the Future - 2016 AAM InNEWvation Summit The Firm of the Future - 2016 AAM InNEWvation Summit
The Firm of the Future - 2016 AAM InNEWvation Summit
 
CPA Vision 2011
CPA Vision 2011CPA Vision 2011
CPA Vision 2011
 
An Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of OpportunityAn Accounting Career: Big Waves of Change and Oceans of Opportunity
An Accounting Career: Big Waves of Change and Oceans of Opportunity
 
State of My Industry: Accounting 2016
State of My Industry: Accounting 2016State of My Industry: Accounting 2016
State of My Industry: Accounting 2016
 
Competencies for Accounting and Finance Professionals - 2016 Edition
Competencies for Accounting and Finance Professionals - 2016 EditionCompetencies for Accounting and Finance Professionals - 2016 Edition
Competencies for Accounting and Finance Professionals - 2016 Edition
 
Innovation is Not Just for Technology Companies Anymore
Innovation is Not Just for Technology Companies AnymoreInnovation is Not Just for Technology Companies Anymore
Innovation is Not Just for Technology Companies Anymore
 
Firm learning strategy - a competitive advantage
Firm learning strategy - a competitive advantageFirm learning strategy - a competitive advantage
Firm learning strategy - a competitive advantage
 
Accounting in a VUCA World - The Anticipatory CPA
Accounting in a VUCA World - The Anticipatory CPAAccounting in a VUCA World - The Anticipatory CPA
Accounting in a VUCA World - The Anticipatory CPA
 
MACPA Fall Town Hall / Professional Issues Update - 2015
MACPA Fall Town Hall / Professional Issues Update - 2015MACPA Fall Town Hall / Professional Issues Update - 2015
MACPA Fall Town Hall / Professional Issues Update - 2015
 

Dernier

3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptxmary850239
 
How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17Celine George
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE
 
How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17Celine George
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17Celine George
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.EnglishCEIPdeSigeiro
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxKatherine Villaluna
 
The Singapore Teaching Practice document
The Singapore Teaching Practice documentThe Singapore Teaching Practice document
The Singapore Teaching Practice documentXsasf Sfdfasd
 
What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?TechSoup
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxiammrhaywood
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxEduSkills OECD
 
Prescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxPrescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxraviapr7
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfMohonDas
 
How to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesHow to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesCeline George
 
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfMaximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfTechSoup
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxKatherine Villaluna
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapitolTechU
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxraviapr7
 
The basics of sentences session 10pptx.pptx
The basics of sentences session 10pptx.pptxThe basics of sentences session 10pptx.pptx
The basics of sentences session 10pptx.pptxheathfieldcps1
 

Dernier (20)

3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptx
 
How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024
 
How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17How to Add a many2many Relational Field in Odoo 17
How to Add a many2many Relational Field in Odoo 17
 
How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17How to Show Error_Warning Messages in Odoo 17
How to Show Error_Warning Messages in Odoo 17
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptx
 
The Singapore Teaching Practice document
The Singapore Teaching Practice documentThe Singapore Teaching Practice document
The Singapore Teaching Practice document
 
What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
 
Prescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptxPrescribed medication order and communication skills.pptx
Prescribed medication order and communication skills.pptx
 
HED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdfHED Office Sohayok Exam Question Solution 2023.pdf
HED Office Sohayok Exam Question Solution 2023.pdf
 
How to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 SalesHow to Manage Cross-Selling in Odoo 17 Sales
How to Manage Cross-Selling in Odoo 17 Sales
 
Prelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quizPrelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quiz
 
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfMaximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
 
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptxPractical Research 1: Lesson 8 Writing the Thesis Statement.pptx
Practical Research 1: Lesson 8 Writing the Thesis Statement.pptx
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptx
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptx
 
The basics of sentences session 10pptx.pptx
The basics of sentences session 10pptx.pptxThe basics of sentences session 10pptx.pptx
The basics of sentences session 10pptx.pptx
 

Piu keeping up with accounting - spring 2010

  • 1. Welcome to the Spring 2010 Professional Issues Update An Exclusive Benefit For MACPA Members “A pioneer in using social media and Web 2.0 technologies in accounting, Hood (and his team at MACPA) has tapped his expertise to roll out one of the most extensive sets of resources in the country for helping CPAs handle the recession.” - Bill Carlino, Editor Accounting Today Magazine 1
  • 2. Why we are here? C P A
  • 3. CPA Professional 2.0 1. Learning & staying on the cutting edge 2. Managing my career 3. Doing my work 4. Interacting with peers 5. Becoming a leader in my field Allen Blue – CEO of Linked In
  • 4. Are you an untouchable? A Washington lawyer friend recently told me about layoffs at his firm. I asked him who was getting axed. He said it was interesting: lawyers who were used to just showing up and having work handed to them were the first to go because with the bursting of the credit bubble, that flow of work just isn’t there. But those who have the ability to imagine new services, new opportunities and new ways to recruit work were being retained. They are the new untouchables.
  • 5. What is the # 1 reason leaders (and their organizations) fail? 5
  • 7. Being in business today feels like being in permanent whitewater 7
  • 8. You feel overwhelmed by the rapid and turbulent pace of change and uncertainties in business today
  • 9. You need new skills and new approaches to ride these waves of change Photo: Pratt’s surfing page
  • 10. You will learn to become a navigator of change using BLI's I2A - Insight to Action strategic thinking system Sight  Insight  Create  Communicate  Inspire! 
  • 11. Five Qualities of Extraordinary Leaders 1. Sight - Ability to see emerging patterns and shift perspective when necessary 2. Insight - Ability to learn faster than the rate of change in your industry 3. Create - Ability to think strategically and critically to gain insights that create new opportunities 4. Communicate - Ability to collaborate inside and outside your organization and to build and sustain social networks of people engaged in the work 5. Inspire – Ability to mobilize support and engage others to join you in ACTION
  • 12. It’s not what you look at that matters, it is what you see – Henry David Thoreau “The faster you go, the further ahead you have to see.”
  • 14. Create! “The best way to  predict the future  is to create it.”              ‐ Peter Drucker,               Managing in Turbulent Times  Create 
  • 15. Communicate Extraordinary  leaders must be  O E W R adept at network  K leadership – which  T S is the building &  N sustaining of large  social networks of  people engaged in  the work.  Communicate 
  • 17. Today’s agenda  • What we see ‐ trends & issues we  are  watching  • What do you see and what are your insights?  – External environment  – Internal environment – SCOT  • Finding the strategic opportunities for you  • Beginning of strategic planning process    Sight  Insight  Create  Communicate  Inspire! 
  • 18. Trends & Issues  • The economy  • Connect – Protect – Achieve  • The mega‐trends  – Globalization  – Workforce & Demographics  – Technology  • The Profession    Sight  Insight  Create  Communicate  Inspire! 
  • 19. The economy is still uncertain? Economists offer a wide range of predictions... Source: Banham, R. (2010 Mar 1). The shape of things to come. CFO Magazine. 
  • 22. The fact of the matter is, this is not a normal downturn, this is a …fundamental re-SET! - Steve Ballmer – CEO Microsoft
  • 23. The Pace of Change is Accelerating Faster “As it relates to science and technology, the rate of change in the next decade, is likely to be 4 to7 times faster than in the last decade. If it is 4x faster it would be like planning for 2010 in 1890, if it is 7x faster it would be like planning for 2010 in 1670.” -Expert on Education Panel, The Aspen Institute, 2007
  • 24. Connect To your Profession To our community To each other
  • 25. Connect • Chapters • Committees • Conferences • CPE events • NYPN • Educators • Students • Social Networks
  • 26. Despite a turbulent economy, learn how to make your business thrive MACPA’s Business & Industry Conference May 14 Turf Valley, Ellicott City Topics: • Annual Update • National & Local Professional Issues Update • Enterprise Risk Management • The Virtual Workplace • Strategic Planning • Professional/Career Development • Political & Social Changes in the Business Environment • Economic Update
  • 27. 2010 Event Schedule www.macpa.org/events  April 30 GNFP Conference  May 14 Business and Industry  June 7 Employee Benefit Plan Audit  June 28-29 New! Maryland CPA Summit  June 30- July 3 Annual Beach Retreat  Sept 21 Government Contractors  Sept 13 & 14 Technology/AccountingWeb  Sept 27-28 Chesapeake Tax  Oct 4 International Conference  Oct 26 Practitioners’  Nov 1-5 Advanced Tax Institute  Jan 2011 Educator’s Conference
  • 29. Protect “No man’s life, liberty, or happiness are safe when the legislature is in session” – Mark Twain IRS 7216, FTC Red Flags, Sales Tax on Services, Tax Preparer regulations, Wall Street Reform Act, Sarbanes-Oxley Act…
  • 30. State CPA Statutes police power of the states to protect their citizens vs commerce clause
  • 31. Where do major changes come from? Us – MACPA & AICPA Them OR
  • 32. An example of “us” - The 120/150 Hour CPA Exam Bill (HB 1137) Changes the requirements to sit for the CPA exam to allow you to sit for the Exam upon completion of 120 hours (and the requirements of section 1 & 3) and get licensed upon completion of the final 30 credit hours (and the requirements in group 2)
  • 37. 37
  • 38. CPAs swear oath to “protect the public interest” Maryland DLLR Swearing-in of new CPAs June 28, 2010 At the MACPA Member Summit
  • 39. Do the math! • 90 Days • 188 legislators • 2,500+ bills • House = 141 • Senate = 47 MACPA • Legislative Executive Committee • PAC • State Tax Committee • Board of Directors
  • 40. State CPA Statutes police power of the states to protect their citizens vs commerce clause
  • 41. Landscape of Financial Regulatory Reform                         White House  Senate Banking Committee  Financial  Regulatory    Reform                          House Financial  Industry Groups  Services Committee 
  • 42. Latest proposals -Wall Street Reform & Consumer Protection Act - HR 4173 1. Promote robust supervision and regulation of financial firms 2. Establish comprehensive regulation of financial markets 3. Protect consumers and investors form financial abuse 4. Provide the government with the tools it needs to manage financial crisis 5. Raise international regulatory standards & improve international cooperation http://www.financialstability.gov/docs/regs/FinalReport_web.pdf
  • 43. Wall Street Reform & Consumer Protection Act • HR 4173  o Passed House floor vote (223‐202)  o Combines CFPA Act & Investor Protection Act  • Provisions  o PCAOB authority to scope the regulation of audits for all  broker‐dealers through rulemaking  o Exempts non‐accelerated filers from SOX Section 404(b)  • Progress  o Recognizes CPAs’ valuable advice and counsel   o Excludes sales of securities or extension of credit 
  • 44. Senate Version Introduced • Dodd introduced Senate bill March 15  • Passed Senate committee March  22  • Establishes Financial Stability Oversight Council  • Grants greater powers to Federal Reserve  o Break up large entities that pose a “grave threat”  o Examine bank‐holding companies >$50 billion in assets  o Create Consumer Financial Protection Agency within Fed  • Includes version of Volcker Rule  • Proposes transaction fee to establish fund for future financial  collapse   
  • 45. “Red Flags” Rule Fair and Accurate  • Requires written plan for identity verification for  Credit  anyone who is a “creditor”  • Defines “creditor” too broadly  Transaction Act  • AICPA , state societies wrote letters urging delay of rules  (enforcement delayed twice)  Implementation  • Nov. 1 implementation date delayed to June 1, 2010  • AICPA released guidance for CPAs on Oct. 16  • AICPA continues to seek exemption for CPAs  Advocacy  • ABA and subsequent AICPA lawsuits filed 
  • 46. Tax Issues Disclosure of  Tax strategy  Regulation of  uncertain tax  Sec 7216  patents  preparers  positions  Health care  Estate tax  AMT   Tax reform  Valuation  Workload  Workforce  LIFO  discounts   compression  mobility 
  • 47. Tax Preparer Registration Congress’ Concerns  • High error rate associated with Earned Income Tax Credit  • Consumer protection  IRS Proposal  • Registration of all paid tax return preparers; fee  • Preparer Tax Identification Number; subject to Circular 230  • Non‐affiliated tax preparers must:  • Pass “competency” exam  • Complete 15 hours education annually 
  • 48. Tax Preparer Penalty - 7216 • Temporary Regulations (12/29/09)  o Can filter newsletters to specific clients  o Can generally disclose scope of practice to potential clients   o Can disclose specific taxpayer information if required for qualify, peer  or conflict reviews   • Rev Rul 2010‐4  (12/30/09)  o No advance approval necessary to:     • Contact client regarding change in tax law or regulations  • To use unrelated third party to create, publish and distribute  newsletters  • Rev Rul 2010‐5   o Generally permits disclosure of specific taxpayer information as  necessary to the preparer’s professional liability insurance carrier 
  • 49. Estate Tax • House action  o Proposed permanent extension of $3.5 million exemption, 45% rate  o Republicans wanted $5 million exclusion and 35% rate, or, as  an alternative, either total repeal or reducing the rate to that of long  term capital gains  • Meantime, total repeal  o Total repeal as of 1/1/10 but carryover basis   • Note – 1/1/10 not total carryover basis – get to step up 1.3 million of assets  (as selected by  executor) and another 3 million if there is a surviving spouse  • AICPA position   o Consistency important   o Index exemption to inflation   o Conform exemptions for estate, gift, generation skipping and special  use valuation   o Portability of exemption between spouse so, if first to die, does not  use full exemption; residual amount automatically carries over to the  surviving spouse  
  • 50. Health Care and Taxes • Patient Protection and Affordable Care Act signed into law March 23  • Health Care and Education Reconciliation Act of 2010 signed into law  March 30  • Numerous tax provisions within for individuals and employers, including:  o Premium Assistance Credit  o Small Business Tax Credit  o Excise Tax on Uninsured Individuals  o Medical Care Itemized Deduction Threshold  o Additional Hospital Insurance Tax on High‐Income Taxpayers  o Excise Tax on High Cost Employer‐Sponsored Coverage  o Tax on HSA Distributions  o Expansion of Adoption Credit, Adoption Assistance Programs  o Information Reporting  o Adult Dependent  o Medicare Tax on Investment Income 
  • 51. Looking to the Future • 2011  top rates go up  ‐ 36% and 39.6%   • Proposals not getting traction  o Increase capital gains rate to 20%  o Limit itemized deduction to 28% rate   • Proposals getting traction  o Taxing carried interest as ordinary income  o Codification of economic substance doctrine   o Impose limits on family limited partnership valuations  o LIFO repeal   o AMT “patch “ will happen  
  • 52. Standards Changes • AS 5 - PCAOB • IFRS – SEC International gets legs (again) • Fair Value Accounting • XBRL – SEC mandatory • Codification Project – FASB • Clarity Project – ASB – Convergence with international • Reliability Project (comps & reviews) • DOL 403 (b) Plans • Internal Control – COSO • Fin 48 effective 2009 • Form 990 Changes • Fraud & Forensic SAS 99 • FASB – IASB Convergence Project
  • 53. Compilation and Review Standards • SSARS No. 19 issued on December 30, 2009  • Represents the most significant changes to the compilation  and review literature since 1978  • How SSARS 19 differs from the April 2009 exposure draft  o SSARS 19 retains the concept of limited assurance rather  than moderate assurance  o Non‐independent review not part of SSARS 19  53
  • 54. Clarity Project • Convergence of auditing standards  • ASB redrafting all of the auditing sections in Codification of  Statements on Auditing Standards  o Apply the clarity drafting conventions and converge the  material with the ISAs  • Effective date is expected to apply to audits of financial  statements for periods beginning no earlier than December  15, 2010 
  • 55. Ethics and Independence Codification • Professional Ethics Executive Committee creating a single  source of easy‐to‐use guidance on AICPA ethics and  independence matters  • Restructure AICPA Code of Professional Conduct  and  combine with related guidance  • Benefits  o Topically organized; simpler, easier and more intuitive to use  o Improved research capability  o Reduced time and effort in identifying differences with IFAC  Code  • Scheduled for 3 years ( through 2011)   
  • 56. SEC Roadmap released Early adopters Large can file using Accelerated IFRS Filers Small-caps 2010 2014 2016 2011 2015 Official SEC Accelerated decision filers – point second wave
  • 57. IASB/FASB Convergence • Hope to complete convergence by 2011 • Outstanding Issues: – Revenue recognition – Financial statement presentation – Leases – Financial instruments – Liabilities and equity distinctions – Consolidations – Derecognition – Post-employment benefits 57
  • 58. Blue Ribbon Panel: Members • Rick Anderson, Moss Adams, LLP  • Terri Polley, FAF   (Chairman of BRP)  • Steve Feilmeier, Koch Industries   • William Knese, Angus Industries   • Krista McMasters, Gunderson   • Michael Menzies, Easton Bank and  • Dev Strischek, SunTrust Banks, Inc.   Trust Company   • Hubert Glover, REDE, Inc.   • Billy Atkinson, NASBA   • Barry Melancon, AICPA   • Kewsong Lee, Warburg Pincus   • Mark Vonnahme, Surety, Arch  • David Morgan, Lattimore, Black,  Insurance Group   Morgan and Cain PC   • David Hirschmann, U.S. Chamber of  • Daryl Buck, Reasor’s Holding  Commerce   Company, Inc.   • Jason Mendelson, Foundry Group   • Paul Limbert, WesBanco, Inc.   • Teri Yohn, Indiana Univ. 
  • 59. Potential Versions of   Private Company IFRS  IFRS with  differential  reporting  U.S. Adapted  (accent)  Separate U.S.  version of  Private Co.  Private Entities  GAAP – Revised  (Dialect)  (PCFRC)  Separate U.S.  IFRS SME  Private  GAAP‐  Company   Maintained  and Updated 
  • 62. 5 Forces of Globalization 1. Growth of consumers in emerging economies  2. Technologies that empower consumers &  communities  3. Increase in labor productivity in developed markets  4. Shift of economic activity between and within  regions  5. Increasingly global markets for labor & talent   
  • 63. It is not either global or local, it is AND… Glocal
  • 66. AICPA - Accounting Doctoral Scholars • $16.8 million contributed  • 70 firms & 41 state societies  • 39 universities  • 99 complete applications  • 60 selected for conference  • 30 selected as ADS Scholars   
  • 69. Live First, Work Second Digital Natives
  • 70. Generation Gap? Or Generation Lap? Generations “In 1997, young people for the first time were recognized by adults as being authorities on something truly revolutionary – digital technology, interactive media, and collaboration.” – Don Tapscott “Growing Up Digital” NGenophobia—the irrational and morbid fear of youth, especially with regards to their use of the Internet
  • 71. What are baby boomers most “clueless about”? • Mom does not know how to work the TV • Computers- do not let Dad touch it • Technology in general • Certain forms of technology • Digital camera operation • Boomers think work is everything
  • 72. Gen X – Stuck beneath the boomer ceiling 10 ways to breakthrough 1. Play to your strengths 2. Build your brand 3. Collaborate – create the context for your success 4. Raid the candy store – learning & development 5. Change the rules 6. Influence the organization 7. Influence the Boomers 8. Take initiative 9. Honor your commitments 10. Build & leverage your network
  • 73. How to start the conversation The eight Net Gen Norms  1. Freedom – The freedom to work when and  where you want  2. Customization – My job my life  3. Scrutiny – I know what you did last night  4. Integrity – Be a good company to work for  5. Collaboration – Teamwork  6. Entertainment – Work should be fun  7. Speed – Let’s make things happen now!  8. Innovation – Let me invent 
  • 74. Bottom Line: How to keep your star talent • Engage your top performers • Coach tomorrow’s leaders • Manage your Millennials Think AMP • Autonomy • Mastery • Purpose
  • 76. Information Security • Training & Competency Management • Identity & Access • Privacy Management Management • Secure Data File Storage, • Improved Application & Transmission and Integration Exchange • Document, Forms, Content • Business Process & Knowledge Management Improvement / Work Flow • Electronic Data Retention • Mobile & Remote Strategy Computing
  • 79. Technology & Web 2.0 By 2010, Millenials/Gen Y-ers will outnumber Baby Boomers.
  • 80. Here are five major benefits that The Economist  report says that social media has created:  1. Trusted online venues where real people can meet up using their real identities. 2. New ways for firms and organizations to reach their customers and those who influence them. 3. Reduced friction in labor markets by allowing employers and prospective employees to find each other and connect. 4. Faster information flow and communication inside companies and organizations. 5. A "free and immensely powerful set of communication and collaboration tools to everyone on Earth who has access to a broadband internet connection."
  • 82. Social media = social capital real world examples 
  • 83. Research says…  • To ban or not to ban? A recent University of  Melbourne study showed that people who use the  internet for personal reasons at work are about 9%  more productive than those who do not.  "One day at work they took away our tools, like  Facebook, Pandora, Bebo, NPR. Work is slow  now, cold and boring." —STEVE RESSLER, 27,  TAMPA, FLORIDA  In a social environment based on networked individualism, the internet’s capacity to maintain and cultivate social networks has real payoffs (in the workplace).”– “The Strength of Internet Ties” Report
  • 84. Risk Management  • Educate & train your staff  • Set security & usage policies  • Restrict Access during certain     times (if you have to)  • Monitor – using search &     google alerts 
  • 88. Top 10 Issues Facing CPAs  1. Economic Outlook   2. Tax   3. Business Operations   4. Implementation and Execution  of Plans   5. New Business Development   6. Personal/Professional  Development   7. Management and Leadership   8. Financial Regulatory Reform   9. Access to Financing and Credit   10 New Accounting Standards,  IFRS  Source: CPA Trendlines for AICPA Feb, 2010
  • 89. Top Ten Issues for MFG  1. Regulatory/Legislative (56)  2. Private Company Leadership (47)  3. Capital Markets Awareness / Recognition (34)  4. Rethinking Business Model (25)  5. Protect Audit/CPA Franchise (20)  6. Risk Management (Audit efficiencies) (20)  7. Leadership Development / Succession  Planning (19)  8. Global / International (Clients / IFRS /  Branding) (17)  9. Leveraging Technology & Social Media (17)  10. MFG Issues specific forums / focus groups (8)  89
  • 90. PCPS/TSCPA MAP Survey 2009  Top Five Issues Facing Firms 21+  1. Client Retention  2. Marketing / Practice Growth  3. Tax Law Changes & Complexity  4. Keeping up with Regulations &  Standards  5. Retaining Qualified Staff /  Work/Life Balance  For larger firms add Partner Accountability & Succession Planning Mark Koziel, CPA AICPA PCPS http://pcps.aicpa.org/ 90
  • 91. Top Ten Issues for FEI  1. Economic Recovery and the U.S. Fiscal Outlook  2. Health‐Care Reform  3. Employee Benefits  4. Financial Regulatory Reform  5. Global Convergence of U.S. GAAP and IFRS  6. Financial Instruments  7. Financial Statement Regulation  8. Revenue Recognition  9. Business Taxation  10. *XBRL    91
  • 92. Business & Industry Responsibilities AICPA Core – 1/3 of B&I AICPA non-Core – 2/3 of B&I Responsibilities Responsibilities Financial accounting Strategic planning Financial reporting Sustainability Audit Budgeting Tax Financial operations management Risk management & internal 1/3 Core controls 2/3 Internal audit Additional Governance HR & benefits IT, legal, purchasing
  • 93. Are you a value integrator? Efficiency, insight, integration 1.Scorekeeper 2.Disciplined operators 3.Constrained advisors 4.Value Integrators http://www.ibm.com/cfostudy
  • 94. # 1 Gap is developing people in Finance Source: 2010 IBM Global CFO study
  • 95. Image of the CPA The future success of the CPA profession relies a great deal upon public perception of CPAs' abilities & roles - CPA Vision Project
  • 96. So what does the future look like for CPAs?
  • 97. CPA re:Vision –the wisdom of the crowd Our core purpose, our reason for being is CPAs... Making sense of a changing and complex Here is what they said… world.
  • 98. Top 5 Competencies needed to ride the waves of change • Communication & Leadership • Strategic & Critical Thinking • Focus on the Customer, Client, and Market • Interpretation of Converging Information • Technologically adept
  • 99. Top 5 Attributes of CPAs • Has integrity • Competent • Objective • Able to synthesize information • Focused on client needs 99
  • 100. Bottom Five Attributes of CPAs • Creative & innovative • Demonstrates leadership • Able to see the big picture • Communicates effectively • Technologically adept
  • 101. CLO Magazine Stephen Miles, vice chairman of Heidrick & Struggles, an executive recruitment firm, said this: "The best CEOs in the world are a combination of CEO, COO and CFO. They are inspirational, financially literate and know the ins and outs of their business at a sophisticated level."
  • 102. Accounting is the quickest path to the corner office 1. Broader and longer line of sight (future focus) 2. Network leadership 3. Strong analysis skills (financial and operational) 4. Communication skills 5. Global perspective Top 5 skills of the post-recession leader – CLO Magazine
  • 103. Top 10 Opportunities for CPAs 1. Valuation 6. Green / sustainability 2. Forensics and fraud 7. XBRL 3. Governmental – 8. Tax planning State/local/NFP 9. Enterprise Risk 4. International Management (IFRS and tax) 10. Renewable energy 5. Health care
  • 104. How to increase your odds of roaring out of the recession from HBR 1. Focus on operational efficiency (smart spending and targeted headcount reduction for efficiency versus across- the-board headcount reductions). 2. Investment in developing new markets (leveraging your product / service mix into expanded markets -- geographic, new segments or niches). 3. Investments in enlarging the asset base. (In professional services, that is training and development and strategic staffing for new opportunities.) I call this placing careful bets on the future. http://www.cpasuccess.com/2010/03/how-to-beat-the-odds-and-roar-out-of-the-recession.html
  • 105. Are you indispensable? Imagine an organization with an employee who can accurately see the truth, understand the situation, and understand the potential outcomes of various decisions. And now imagine that this person is also able to make something happen. This is our leader, our marketer, our linchpin!
  • 106. Tools for CPA Leaders
  • 107. The meta map of the I2A™Strategic Thinking System provides an architecture or framework to structure thinking and conversation as you engage. When talking about complex issues that aren’t completely understood, or debating solutions where there are multiple points of view, it is easy 107get lost in the conversation and prematurely locked into a solution. to
  • 108. Insight & Communicate  CPA templates to help you with...
  • 111. Tom Hood, CPA.CITP  CEO  Maryland Association of CPAs  Business Learning Institute  (443) 632‐2301  E‐mail tom@macpa.org  Web http://www.macpa.org  Blog http://www.cpasuccess.com  Blog http://www.bizlearningblog.com     
  • 112. MACPA resources  • CPA Success, our daily blog  www.CPASuccess.com  •  CPA Spotlight, our weekly podcast  www.macpa.org/podcast  •  Other MACPA blogs:  • www.CPALegislativeInsider.com  • www.NewCPAs.com  • www.Bizlearningblog.com  • CPA Learning 2, a Web 2.0 playground by CPAs for CPAs  www.CPALearning2.com  112  
  • 113. Tools  • I2A – Insights to Action – a strategic thinking system  – http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=09IASTS    • CPA Vision project  – http://www.cpavision.org    • Social media – How are CPAs using social media  – http://www.cpasuccess.com/2009/09/how‐are‐cpas‐using‐social‐media.html  – Social Media Quick Start Program  – http://www.bizlearning.net/learningcenter/customizedtraining/event_detail_inHouse.cfm?eventid=09SOCMED    • XBRL   – http://www.xbrl.org  – Blog posts from CPA Success  – http://www.cpasuccess.com/2009/06/xbrl‐and‐government‐a‐marriage‐made‐in‐nevada.html  – http://www.cpasuccess.com/xbrl/    • Mindmanager CPA edition  – http://www.mindjet.com/cpas/mj.aspx   
  • 114. Professional Issues Update Spring, 2010    Tom Hood, CPA.CITP  CEO & Executive Director  Maryland Association of CPAs  http://www.MACPA.org  tom@macpa.org    • 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