Presentation to business farternity at University of Maryland. Covers Professional Issues of CPA Profession, Careers as a CPA

1. Professional Issues Update Fall 2008 Edition Tom Hood, CPA.CITP CEO & Executive Director Maryland Association of CPAs

6. Did you know?

8. Speed – Rate of Change will be blinding & comprehensive in scope Complexity – a quantum leap in forces will affect everything Risk – new risks, higher risks, more risk Change – drastic adjustments in your work, community & relationships will force you to adapt quickly to radical change Surprise – sometimes good, sometimes difficult to imagine– it will challenge your sensibility & logic The Extreme Future by James Canton, Ph.d

9. Enduring - to have or gain continued or lasting acknowledgment or recognition, as of worth, merit or greatness So… How do we endure and prosper in the face of continuous market, economic, and environmental change?

10. Look – See – Imagine - Create What is above knows what is below, but what is below does not know what is above. One climbs, one sees. One descends, one sees no longer, but one has seen. There is an art of conducting oneself in the lower regions by the memory of what one saw higher up. When one can no longer see, one can at least still know. -Rene' Daumal

11. Professional Standards, Legislation & Regulation 2008 ISSUE

12. MD Comptroller MD Comptroller Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan, CPA CAQ US Treasury MD Comptroller

14. Treasury Advisory Committee on the Auditing Profession - ACAP

16. International Financial Reporting Standards ISSUE 2008

17. IFRS – International Financial Reporting Standards Not if but when… Goodbye GAAP? Think about this – If SEC timeline is 2014 – what year do you have to convert to show three years of comparable f/s?

18. SEC Roadmap released

22. CPAs in Business, Industry, Gov’t & NFP 2008 ISSUE

24. Private Company Trends per CEOs Source: 2007 Private Company Index Report by Entrex Lean Operations Workforce

26. CPAs in Practice 2008 ISSUE

27. PCPS MAP Survey

30. 4 Generations in the Workplace 2008 ISSUE

31. Talkin’ bout my generation

32. Pipeline - Good News 20% avg increase in Graduates & enrollments!

33. Staff Shortage + Four Generations in workplace = Trouble! Staff Shortage

41. The Maryland Perspective 2008 ISSUE

43. WA 2008 OR CA NV ID 2008 MT ND SD WY UT 2008 CO AZ NM 2008 AK HI TX OK KS NE MN IA MO AR LA 2007 MS 2008 AL GA FL WI IL MI IN KY 2008 TN SC NC VA WV 2008 OH PA NY VT ME NH MA RI NJ DE MD CT States with Mobility Enacted or Legislation Introduced 40 States are moving toward uniform mobility for CPAs! DC Expected in 2009 Legislation Pending Mobility Enacted Mobility Enacted 28 Legislation Pending 2 Expected in 2009 10 AICPA –NASBA September, 2008 2007 2007 2007 2007 2007 2007 1961 2002 1999 2006 17 States have passed this in 2008! PR Opposition by unlicensed accountants

44. Web 2.0 continues to grow Try this professional networking site www.CPALEARNING2.com www.linkedin.com

50. 2. Promote the CPA license June 16, 2009 At the Maryland Business & Accounting Expo Maryland DLLR Swearing-in of new CPAs

51. New / Young Professionals NYPN All member holiday party Maryland Zoo (in Baltimore) December 4, 2008 “ CPE - Certified Penguin Extravaganza”

52. “ CPAs ARE the DISCIPLINE in business!” Jim Collins

54. Connect – Protect - Achieve! “ Association members earn, on average, $10,000 more per year than non-members” And “ are 19% more likely to say they are “very-satisfied” with their jobs than non-members” Where the Winners Meet Study by the William E. Smith Institute for Association Research

55. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632-2301 E-mail tom@macpa.org