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Professional
      Issues
      Update
      for CPE
      Professionals
          By: Tom Hood, CPA,
              CITP, CGMA
          2012 North East CPE
              Conference
           February 20, 2012
             Clearwater, FL
Monday, February 20, 12         1
2


Monday, February 20, 12       2
What is the #1 reason
                           organizations fail?
           “# 1 reason organizations fail is
           that they miss the weak signals
           of disruptive change.”
                          – Andrew Zolli




                                                  3


Monday, February 20, 12                               3
Anticipation of a very large business
                          model change amidst rapid change –
                          Steve King

                           There are two recessions –
                          the obvious one and the not
                           so obvious, the end of the
                               industrial age where
                          perfecting the model was the
                           key. The new model will be
                           completely different. – Seth
                                      Godin
                            #4 Rethinking the Business Model (25)
                                      from AICPA MFG




      Re-Set, Re-Think, Re-Imagine - 2011

Monday, February 20, 12                                             4
In our hyper-networked,
         mobile, social, global world,
         the rules and plans of
         yesterday are increasingly
         under pressure; the
         enterprises and individuals
         that will thrive will be those
         willing to adapt in a
         disciplined, unsentimental
         way.

     Generation Flux is a term that describes all of this -
     the chaotic business era that we have moved into -
     as well as the people who are poised to thrive in this
     environment. - Robert Safian - editor FastCompany

Monday, February 20, 12                                       5
The tornado of changes from CPA Vision Project circa 2000


Monday, February 20, 12                                               6
Remember the good old
                                 days?




Monday, February 20, 12                           7
This time it is different.




    “What got you here, won’t get you there.” - Emmanuel
                   Gobillot - Leadershift
Monday, February 20, 12                                    8
The idea of a hierarchy that
        fundamentally empowers the few and
        disempowers the many is more or less
        dead. - Gary Hamel Forbes


        “Command and control hierarchical
        structures are being disintegrated” -
        Danah Boyd - Microsoft Researcher




                                                9



        You ain’t seen nothing yet!
Monday, February 20, 12                             9
Monday, February 20, 12   10
If Content is king
   Context is the kingdom!
                          - Will Avgerakis - AICPA




Monday, February 20, 12                              11
Monday, February 20, 12   12
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




Monday, February 20, 12                                                                      13
Top Five Issues Facing CPA Firms (PCPS)

     1. Partner
        Accountability

     2. Bringing in New
        Clients

     3. Retention of Current
        Clients

     4. Fee Pressure / Pricing
        of Services

     5. Developing a
        Succession Plan

Monday, February 20, 12                                    14
Top$Seven$Issues$Facing$CPA$Firms$
                Issues$Facing$CPA$Firms$
   1.     Succession$planning$
   2.     Accountability$and$buy>in$
   3.     Communica@on$(lack$thereof)$
   4.     Managing$millennials$
   5.     Work$/$life$balance$
   6.     Leadership$development$
   7.     Managing$change$



Monday, February 20, 12                         15
Monday, February 20, 12   16
Top$10$Issues$–$Maryland$CFOs$


    1.  Communica:ng$effec:vely$(new$tools$vs.$faceBtoB
        face)$
    2.  Talent$/$training$/$succession$planning$
    3.  Economic$environment$
    4.  Genera:onal$/$workBlife$balance$
    5.  Supply$chain$/$rising$costs$
    6.  Strategic$planning$in$uncertainty$
    7.  Financial$literacy$about$business$
    8.  Increasing$government$regula:ons$
    9.  IT$security$/$privacy$
    10. Mul:Btasking$and$increasing$workload$
Monday, February 20, 12                                  17
Our new research bears out
        that the human dimension –
        relationships with customers,
        employees, partners and
        communities – will be key to
        getting things moving again
        and sustaining success over
        the long run.


        CGMA & your Business &
        Industry members



Monday, February 20, 12                 18
The Letter
        for today is
        “C”
       • Change
       • Complexity
       • Compliance
       • Convergence
       • Cascade
       • Competition
                          19


Monday, February 20, 12        19
Change

       4x=1890
       7x=1670


                          20


Monday, February 20, 12        20
Complexity
           “the biggest
           challenge facing
           enterprises from
           here on will be the
           accelerating
           complexity and the


                                  79%
           velocity of a world
           that is operating as
           a massively
           interconnected
           system.”



                                  51%   21


Monday, February 20, 12                      21
The CPA Profession and CPE
                                    6,000 pages
               17,000 pages
                                500 Million words




Monday, February 20, 12                             22
How is your knowledge inventory?




Monday, February 20, 12                               23
Compliance




Monday, February 20, 12                24
25



  When do we think about infrastructure?
Monday, February 20, 12                    25
Professional
  Standards

                          Federal Laws    State Laws &
                          & Regulations    Regulations
Monday, February 20, 12                                  26
State Legislation and Regulatory

              • Accountancy bills (20 states) - 51
              • Auditor Rotation (3 states) - 8
              • Mobility (2 states) - 6
              • Regulation of Tax Preparers (3 states) - 5
              • Tax on Accounting Services (6 states) - 11
              • Peer Review (4 states) - 7
              • State Board Consolidation (6 states) 8
Monday, February 20, 12                                      27
Danger

                          28


Monday, February 20, 12        28
29



        Tsunami of 1099K and info returns

Monday, February 20, 12                          29
CPAs in Tax
        The increase in IRS
        activity is swamping our
        tax practitioners and
        costing them hundreds
        of hours in chasing
        down IRS notices.




                                   30


Monday, February 20, 12                 30
31
                          Convergence
Monday, February 20, 12                      31
Public      Private            Int’l
                          Company     Company           Company
 Financial
Reporting                   SEC$         FASB$            IASB$
                            FASB$         PCFRC$        IFRS$&$SME$


  Auditing                               AICPA$
                          PCAOB$      ASB,$ARSC,$PRB$
                                                        IAASB$
    Ethics                 AICPA$        AICPA$
                            PEEC$         PEEC$
                                                        IFAC$
                              State Boards of Accountancy

Monday, February 20, 12                                               32
Cascade

                           “a series of steps or stages that,
                           once initiated, continues to the
                           final step because each step is
                           triggered by the preceding one,
                           resulting in amplification of the
                           signal, information, or effect at
                           each stage.”




Monday, February 20, 12                                         33
34



        Sarbanes-Oxley Act of 2003
Monday, February 20, 12                   34
CPAs required to register as
                              debt settlement advisors




                                                            35


     Dodd-Frank - the bill that keeps on giving

Monday, February 20, 12                                          35
36



        Cascade!
Monday, February 20, 12        36
MACPA s Social Media Map
        82,027 views


                                                     1,251 connections

                                                       450 connections
        80,568 views
                                                    3,570 followers
                          450 members

                                                           Top Accounting
                                                      Blogs – 2009, 2010, 2011
                     Top 50 Business Blogs - 2011                           34




Monday, February 20, 12                                                          37
The generation gap is widening


          "For Gen Y, training and development is the most highly valued employee benefit.
           The number choosing training and development as their first choice of benefit is
                    THREE times higher than those who chose cash bonuses."




Monday, February 20, 12                                                                       38
39


      “You can’t stop the waves, but you can learn to surf”
      - Jon Kabat-Zinn

Monday, February 20, 12                                            39
The Letter
        for today is
        still “C”

       • Continuous
          Learning
       • Collaboration
       • Competencies

                      =
          Career Success!   40


Monday, February 20, 12          40
41
                               Picture: John Drake - Flickr


        “...where the most important skill is the ability to
        acquire new skills.”

Monday, February 20, 12                                             41
It really is about this...


                                                  2"


Monday, February 20, 12                                42
3 Critical
        Workforce
        Priorities
        1.Rapidly developing
        workforce skills and
        capabilities
        2.Fostering collaboration
        & knowledge sharing
        3.Developing future
        leaders




                                    43


Monday, February 20, 12                  43
Monday, February 20, 12   44
According to these young professionals, the
  future is one in which CPAs:

    ● are proactive, flexible, adaptive and
     collaborative by nature;
    ● have regained the trust of their clients and
     the public at large;
    ● have successfully bridged the profession’s
     “leadership gap” by focusing on
     succession planning, personal growth, and
     generational cooperation;
    ● have created the profession’s premier
     global industry standards and best
     practices;
    ● have redefined the profession through
     work / life integration, collaboration, and a
     team-first approach; and
    ● have earned a reputation as technological      45
     innovators.




 Wisdom from the MACPA Leadership Academy
Monday, February 20, 12                                   45
Monday, February 20, 12   46
“The organizations that
                            will become the household
                            names of this century will
                            be renowned for
                            sustained, large-scale,
                            efficient innovation.
                          The key to that capability is
                          neither company loyalty nor
                          free-agent autonomy but,
                          rather, a strong collaborative
                          community.”
                                                           47
                          HBR, July-August 2011

   The collaboration curve replaces the
   experience curve
Monday, February 20, 12                                         47
How to
      increase your
      Complexipacity
      1.Improved forecasting
      methods
      2.Better risk mitigation
      3.Making tradeoffs
      4.Ensuring diversity of
      thought (collaboration)




                                 48


Monday, February 20, 12               48
■ Companies increase training to fill
              skill gaps
          ■ Training groups gain efficiencies
          ■ Extending the reach of the training
              organization
          ■ Changing roles with the L&D
              function
          ■ Making it stick - reinforcement
          ■ Social learning becomes
              mainstream
          ■ Outsourcing for efficiency               49



                 Trends in Learning & Development

Monday, February 20, 12                                  49
Training Spending is
                     back on the rise




Monday, February 20, 12                   50
Our$Challenge$
               New$Compe//on$


                                            Tradi/onal$
                                             Training$



                              E2Learning$
                                 25%$
    Google$search$for$CPE$shows$
    42,500,000$results$1,260,000$
    in$Maryland$alone!$


Monday, February 20, 12                                   51
Our$Distribu*on$Channels$



                                        e4
           Public$        On4site$
                                     Learning$




Monday, February 20, 12                          52
MACPA%&%BLI%*%CPE%Course%Revenue%by%Fiscal%Year%
     !3,000!!




     !2,500!!




     !2,000!!



                                                                                                          Public!Course!Revenue!
     !1,500!!                                                                                             In"House!Course!Revenue!
                                                                                                          Webcast!Revenue!


     !1,000!!

                                                                                                          e"learning!

       !500!!




         !"!!!!
                  2001!   2002!   2003!   2004!   2005!   2006!   2007!   2008!   2009!   2010!   2011!




Monday, February 20, 12                                                                                                              53
Haven’t we been here before?



                          1992                                                    2001
                                 CPE$Profession$–$Training$0Environmental$Scan$




              2001         2006                 2009                               2011
Monday, February 20, 12                                                                   54
1. Ask the naive question
        2. Be the house (measure,
        odds, risk)
        3. A willingness to try anything
        4. look around (especially
        outside)
        5. Confidence matters -
                                           Paul DePodesta - VP of Player
        believe in yourself                Development for the New York Mets
                                           formerly Asst GM of Oakland A’s
                                                                               55



        Adopt a moneyball mindset
Monday, February 20, 12                                                             55
56


Monday, February 20, 12        56
1.Providing a unique interface between
        members of the organization
        2.Delivering unique creativity
        3.Managing a situation or organization
        of great complexity
        4.Leading customers
        5.Inspiring staff
        6.Providing deep domain knowledge
        7.Possessing a unique talent

                                                 57



        Become a Linchpin
Monday, February 20, 12                               57
A leader’s
        job is to
        provide
        hope and
        inspiration...



                          58


Monday, February 20, 12        58
Tom Hood CPA, CITP. CGMA
                                    CEO
                            Business Learning Institute
                           Maryland Association of CPAs
                                    http://www.bizlearning,net

                                        (800) 888-481-3500
                                       tom@bizlearning.net

                                             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




Monday, February 20, 12                                                     59

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Professional Issues Update for Learning Professionals

  • 1. Professional Issues Update for CPE Professionals By: Tom Hood, CPA, CITP, CGMA 2012 North East CPE Conference February 20, 2012 Clearwater, FL Monday, February 20, 12 1
  • 3. What is the #1 reason organizations fail? “# 1 reason organizations fail is that they miss the weak signals of disruptive change.” – Andrew Zolli 3 Monday, February 20, 12 3
  • 4. Anticipation of a very large business model change amidst rapid change – Steve King There are two recessions – the obvious one and the not so obvious, the end of the industrial age where perfecting the model was the key. The new model will be completely different. – Seth Godin #4 Rethinking the Business Model (25) from AICPA MFG Re-Set, Re-Think, Re-Imagine - 2011 Monday, February 20, 12 4
  • 5. In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way. Generation Flux is a term that describes all of this - the chaotic business era that we have moved into - as well as the people who are poised to thrive in this environment. - Robert Safian - editor FastCompany Monday, February 20, 12 5
  • 6. The tornado of changes from CPA Vision Project circa 2000 Monday, February 20, 12 6
  • 7. Remember the good old days? Monday, February 20, 12 7
  • 8. This time it is different. “What got you here, won’t get you there.” - Emmanuel Gobillot - Leadershift Monday, February 20, 12 8
  • 9. The idea of a hierarchy that fundamentally empowers the few and disempowers the many is more or less dead. - Gary Hamel Forbes “Command and control hierarchical structures are being disintegrated” - Danah Boyd - Microsoft Researcher 9 You ain’t seen nothing yet! Monday, February 20, 12 9
  • 11. If Content is king Context is the kingdom! - Will Avgerakis - AICPA Monday, February 20, 12 11
  • 13. 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 Monday, February 20, 12 13
  • 14. Top Five Issues Facing CPA Firms (PCPS) 1. Partner Accountability 2. Bringing in New Clients 3. Retention of Current Clients 4. Fee Pressure / Pricing of Services 5. Developing a Succession Plan Monday, February 20, 12 14
  • 15. Top$Seven$Issues$Facing$CPA$Firms$ Issues$Facing$CPA$Firms$ 1.  Succession$planning$ 2.  Accountability$and$buy>in$ 3.  Communica@on$(lack$thereof)$ 4.  Managing$millennials$ 5.  Work$/$life$balance$ 6.  Leadership$development$ 7.  Managing$change$ Monday, February 20, 12 15
  • 17. Top$10$Issues$–$Maryland$CFOs$ 1.  Communica:ng$effec:vely$(new$tools$vs.$faceBtoB face)$ 2.  Talent$/$training$/$succession$planning$ 3.  Economic$environment$ 4.  Genera:onal$/$workBlife$balance$ 5.  Supply$chain$/$rising$costs$ 6.  Strategic$planning$in$uncertainty$ 7.  Financial$literacy$about$business$ 8.  Increasing$government$regula:ons$ 9.  IT$security$/$privacy$ 10. Mul:Btasking$and$increasing$workload$ Monday, February 20, 12 17
  • 18. Our new research bears out that the human dimension – relationships with customers, employees, partners and communities – will be key to getting things moving again and sustaining success over the long run. CGMA & your Business & Industry members Monday, February 20, 12 18
  • 19. The Letter for today is “C” • Change • Complexity • Compliance • Convergence • Cascade • Competition 19 Monday, February 20, 12 19
  • 20. Change 4x=1890 7x=1670 20 Monday, February 20, 12 20
  • 21. Complexity “the biggest challenge facing enterprises from here on will be the accelerating complexity and the 79% velocity of a world that is operating as a massively interconnected system.” 51% 21 Monday, February 20, 12 21
  • 22. The CPA Profession and CPE 6,000 pages 17,000 pages 500 Million words Monday, February 20, 12 22
  • 23. How is your knowledge inventory? Monday, February 20, 12 23
  • 25. 25 When do we think about infrastructure? Monday, February 20, 12 25
  • 26. Professional Standards Federal Laws State Laws & & Regulations Regulations Monday, February 20, 12 26
  • 27. State Legislation and Regulatory • Accountancy bills (20 states) - 51 • Auditor Rotation (3 states) - 8 • Mobility (2 states) - 6 • Regulation of Tax Preparers (3 states) - 5 • Tax on Accounting Services (6 states) - 11 • Peer Review (4 states) - 7 • State Board Consolidation (6 states) 8 Monday, February 20, 12 27
  • 28. Danger 28 Monday, February 20, 12 28
  • 29. 29 Tsunami of 1099K and info returns Monday, February 20, 12 29
  • 30. CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices. 30 Monday, February 20, 12 30
  • 31. 31 Convergence Monday, February 20, 12 31
  • 32. Public Private Int’l Company Company Company Financial Reporting SEC$ FASB$ IASB$ FASB$ PCFRC$ IFRS$&$SME$ Auditing AICPA$ PCAOB$ ASB,$ARSC,$PRB$ IAASB$ Ethics AICPA$ AICPA$ PEEC$ PEEC$ IFAC$ State Boards of Accountancy Monday, February 20, 12 32
  • 33. Cascade “a series of steps or stages that, once initiated, continues to the final step because each step is triggered by the preceding one, resulting in amplification of the signal, information, or effect at each stage.” Monday, February 20, 12 33
  • 34. 34 Sarbanes-Oxley Act of 2003 Monday, February 20, 12 34
  • 35. CPAs required to register as debt settlement advisors 35 Dodd-Frank - the bill that keeps on giving Monday, February 20, 12 35
  • 36. 36 Cascade! Monday, February 20, 12 36
  • 37. MACPA s Social Media Map 82,027 views 1,251 connections 450 connections 80,568 views 3,570 followers 450 members Top Accounting Blogs – 2009, 2010, 2011 Top 50 Business Blogs - 2011 34 Monday, February 20, 12 37
  • 38. The generation gap is widening "For Gen Y, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses." Monday, February 20, 12 38
  • 39. 39 “You can’t stop the waves, but you can learn to surf” - Jon Kabat-Zinn Monday, February 20, 12 39
  • 40. The Letter for today is still “C” • Continuous Learning • Collaboration • Competencies = Career Success! 40 Monday, February 20, 12 40
  • 41. 41 Picture: John Drake - Flickr “...where the most important skill is the ability to acquire new skills.” Monday, February 20, 12 41
  • 42. It really is about this... 2" Monday, February 20, 12 42
  • 43. 3 Critical Workforce Priorities 1.Rapidly developing workforce skills and capabilities 2.Fostering collaboration & knowledge sharing 3.Developing future leaders 43 Monday, February 20, 12 43
  • 45. According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological 45 innovators. Wisdom from the MACPA Leadership Academy Monday, February 20, 12 45
  • 47. “The organizations that will become the household names of this century will be renowned for sustained, large-scale, efficient innovation. The key to that capability is neither company loyalty nor free-agent autonomy but, rather, a strong collaborative community.” 47 HBR, July-August 2011 The collaboration curve replaces the experience curve Monday, February 20, 12 47
  • 48. How to increase your Complexipacity 1.Improved forecasting methods 2.Better risk mitigation 3.Making tradeoffs 4.Ensuring diversity of thought (collaboration) 48 Monday, February 20, 12 48
  • 49. ■ Companies increase training to fill skill gaps ■ Training groups gain efficiencies ■ Extending the reach of the training organization ■ Changing roles with the L&D function ■ Making it stick - reinforcement ■ Social learning becomes mainstream ■ Outsourcing for efficiency 49 Trends in Learning & Development Monday, February 20, 12 49
  • 50. Training Spending is back on the rise Monday, February 20, 12 50
  • 51. Our$Challenge$ New$Compe//on$ Tradi/onal$ Training$ E2Learning$ 25%$ Google$search$for$CPE$shows$ 42,500,000$results$1,260,000$ in$Maryland$alone!$ Monday, February 20, 12 51
  • 52. Our$Distribu*on$Channels$ e4 Public$ On4site$ Learning$ Monday, February 20, 12 52
  • 53. MACPA%&%BLI%*%CPE%Course%Revenue%by%Fiscal%Year% !3,000!! !2,500!! !2,000!! Public!Course!Revenue! !1,500!! In"House!Course!Revenue! Webcast!Revenue! !1,000!! e"learning! !500!! !"!!!! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! Monday, February 20, 12 53
  • 54. Haven’t we been here before? 1992 2001 CPE$Profession$–$Training$0Environmental$Scan$ 2001 2006 2009 2011 Monday, February 20, 12 54
  • 55. 1. Ask the naive question 2. Be the house (measure, odds, risk) 3. A willingness to try anything 4. look around (especially outside) 5. Confidence matters - Paul DePodesta - VP of Player believe in yourself Development for the New York Mets formerly Asst GM of Oakland A’s 55 Adopt a moneyball mindset Monday, February 20, 12 55
  • 57. 1.Providing a unique interface between members of the organization 2.Delivering unique creativity 3.Managing a situation or organization of great complexity 4.Leading customers 5.Inspiring staff 6.Providing deep domain knowledge 7.Possessing a unique talent 57 Become a Linchpin Monday, February 20, 12 57
  • 58. A leader’s job is to provide hope and inspiration... 58 Monday, February 20, 12 58
  • 59. Tom Hood CPA, CITP. CGMA CEO Business Learning Institute Maryland Association of CPAs http://www.bizlearning,net (800) 888-481-3500 tom@bizlearning.net 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 Monday, February 20, 12 59