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.

1. Professional Issues Update
Communications FOOD Group
AICPA Offices
New York, New York
February 6, 2012
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
1

3. Why we are here?
The tornado of changes from CPA Vision Project circa 2000

4. Today’s
le+er
Change
Complexity
Compliance
Convergence
Competition

5. From
feeling
“lonely
at
the
top”

6. To
the
wisdom
of
the
crowd

7. We
can
choose
to
harness
the
winds
of
change
The tornado of changes from CPA Vision Project circa 2000

8. It
is
really
about
this…
2

9. Today’s
le+er
• Context
• CollaboraAon
• ConAnuous
Learning
• Competencies

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

11. American Institute of CPAs
11

12. 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

13. Technology
• 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

14. Top Eight Challenges Facing CFOs
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

15. Opportunities for Financial Executives
• CGMA
• Sustainability – Integrated Reporting
• EBR – Enhanced Business Reporting
• XBRL

16. 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

18. A leader’s job is to…
Provide hope &
inspiration!
Tom Hood & Gretchen Pisano

19. Core
Values
• Integrity
• Competence
• Lifelong
learning
• ObjecAvity
• Commitment
to
excellence
• Relevance
in
global
marketplace
19

20. Core
Purpose
CPAs … making sense of a
changing and complex world
20

21. Key
Insights
Worldwide Market
Profession Permission
Lifelong Trusted
Learning Attester
Technology Your Firm, Your Pride in the
Company, YOU ! Profession
Value
Proposition
Demographic
Trusted Shifts
Marketplace Advisor
21

22. Resources
for Firms
22

23. Download from
www.aicpa.org

24. Download from
www.aicpa.org

25. Resources for State Societies
The Accounting Profession 2025 - live presentation
• Directly tailored to CPA firm managing partners/owners and
their firms strategic business planning process
• Works best as a one hour or 75 minute keynote/general
session
• Presented by Jim Metzler
• Dates are always a challenge, the greater the advance notice
the greater the availability
• Contact jmetzler@aicpa.org
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26. Follow me on:
Tom Hood, CPA.CITP.CGMA  Twitter: http://www.Twitter.com/tomhood
CEO
Maryland Association of CPAs  LinkedIn: http://www.linkedin.com/in/tomhood
Business Learning Institute  Facebook:
(443) 632-2301 http://www.facebook.com/thoodcpa
E-mail tom@macpa.org
Web http://www.macpa.org  Plaxo: http://tomhood.myplaxo.com
Blogs  Slideshare:
http://www.cpasuccess.com http://www.slideshare.net/thoodcpa
http://www.bizlearningblog.com
 Youtube: http://www.youtube.com/thoodcpa
 Second Life avatar name: Rocky Maddaloni

27. 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

28. Questions / Comments ?
Thank you !
Tom Hood tom@macpa.org
Jim Metzler jmetzler@aicpa.org