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MACPA Annual Meeting & Town Hall - June, 2015 #PIU15

MACPA Annual Meeting and Town Hall Professional Issues Update took place on June 18, 2015 at JHU in Rockville, MD. With a love audience of 165+ and another 200 via webcast it set a new record.

This includes the polls held during the session that identified the demographics, top challenges, and other key information from the membership.

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MACPA Annual Meeting & Town Hall - June, 2015 #PIU15

  1. Annual Meeting & Town Hall!
  2. http://www.cpa.com/sites/default/files/default_images/cpapogo_press.gif! Thank You to Our Sponsors us&ei!
  3. MACPA.CNF.IO Select your session, and join the conversation. Vote for a question Respond to Poll Ask a Question
  4. Demographics – 320 people! 320 people in attendance with an average of 20.7 years as CPAs! Business Industry Corporate! NonProfit! Government! Public Practice Audit! Public Practice Tax! Consulting CFO Advisory! Public Practice Financial Planning! Other!
  5. How was this busy season?! Compared to last year!
  6. Generations in Attendance! Traditional born btw 1925 1945! Baby Boomer born btw 1946 1964! Gen X born btw 1965 1979! Gen Y Millenial born btw 1980 2000!
  7. What are your top challenges?!
  8. Are you Future Ready?! Future Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment.!
  9. 3 Membership Organization 1 Lookout Post 2 Laws, Regulations, & Standards 4 L > C2
  10. Lookout Post
  11. Trends in the Profession
  12. What is causing change today?
  13. Leadership
  14. Leadership
  15. Learning
  16. Learning
  17. Learning 1. Social! 2. Mobile/Nano! 3. Cloud! 4. Collaborative (MBSN)! 5. Competency-based!
  18. Technology
  19. Technology
  20. Workplace
  21. Workplace
  22. Workplace
  23. Workplace
  24. Generations
  25. Gen-X
  26. Lookout Post Trends by Segment: Public Practice Corporate - Business & Industry Young Professionals Students
  27. What does this mean for Small Practitioners? Sleeter Group Survey 2014 The research: Anticipation is showing up across our Profession.
  28. Maryland Public Company Collaboration •  Learning & Talent Development •  Global Structure of Finance Function •  Managing Risk & Innovation •  Insight to Action
  29. 1.  Private Companies Dominate! 2.  Private Companies create wealth & jobs! 3.  Private Companies invest and drive growth! 4.  Private Companies are agile & nimble and drive innovation !
  30. What does this mean for Young Professionals? 11 Things Young Professionals Want You to Know 1. More collaboration. 2. More transparency.  3. Encourage initiative. 4. Focus on strengths. 5. Expect the unexpected. 6. Take time to save time. 7. Look beyond the billable hour. 8. Engage your team in your vision. 9. Be realistic. 10. Train your staff and expect accountability. 11. Take a financial risk on leadership.
  31. What does this mean for Students? Top 5 Things They Want:! 1. Work-Life Balance! 2. Career Growth & Stability! 3. Competitive Pay! 4. Flexibility! 5. Learning & Development! Top!
  32. want to throw everything up and see where it lands. They want to make it someone else’s problem. But I hav
  33. Gradual then Sudden! Exponential growth fueled by Technology (Moore’s Law)!
  34. What Got You Here, Won’t Get You There. So What?!
  35. 1 Lookout Post 3 Membership Organization 4 L > C2 2 Laws, Regulations, & Standards
  36. Laws, Regulations, & Standards
  37. News you’ve got to stay on top of
  38. Federal Laws & Regulations
  39. Supreme Court - SCOTUS ACA and Tax Credits! Perez vs Mortgage Bankers! FTC vs NC State Board of Dental Examiners! Wynne Case - MD out-of-state tax credits! SCOTUS Allows federal challenge of CO “Amazon Tax”!
  40. DOL Pension Audits
  41. Data Act
  42. Board of Public Accountancy (Licensing Is
  43. Current issues with your license •  Employee Benefit Plans Peer Review •  Responding to the Board •  CPE Tracking and Reporting
  44. Financial Accounting Standards
  45. Accounting Standards Public  &   Private   Companies   Private   Companies-­‐   Small   Business   Public  &   Private   Companies   Private   Companies   Private   Companies-­‐   Small   Business   State  &   Local  Gov’t   Federal   Gov’t   Financial   Repor-ng   IFRS   (IASB)   IFRS-­‐SME   (IASB)   GAAP   (FASB)   GAAP-­‐PCC   (FASB)   FRF-­‐SME   (AICPA)   GASB   FASAB   Audi-ng   IAASB   IAASB   PCAOB   ASB  (AICPA)   ASB  (AICPA)   ASB  (AICPA)   GAGAS   Yellow   Book   GAO   GAGAS   Yellow   Book   GAO   Ethics   IFAC   IFAC   PEEC   (AICPA)   PEEC   (AICPA)   PEEC   (AICPA)   PEEC   (AICPA)   PEEC   (AICPA)  
  46. •  Rev Rec Financial Accounting Standards •  Cash Flow •  GASB 67, 68 •  Fair Value
  47. MACPA Practice Monitoring Task Force! Responds to AICPA! Position Paper!
  48. New Code of Ethics •  Intuitively arranged •  User-friendly online code: aicpa.org/newcode •  Enforceable rules and principles not changed •  Minimum substantive changes to interpretations •  Non-authoritative guidance referenced •  Effective December 15, 2014 •  Additional year for Conceptual Frameworks
  49. 1 Lookout Post 2 Laws, Regulations, & Standards 4 L > C2 3 Membership Organization
  50. Membership Organization
  51. Connecting CPAs to our profession, each other, and the world at large.
  52. Student Group Town Hall
  53. NYPN
  54. Women to Watch
  55. Committee and Chapter Activity
  56. MACPA Groups
  57. http://cpa.tc/21g!
  58. https://twitter.com/macpaCPE! twitter.com/macpaCPE
  59. Sales Tax Resources for MACPA The MACPA Accountants Resources Center gives you the tools you need to lead your clients through the complexities and dynamic challenges of sales and use tax compliance.
  60. MACPA Legislative and Regulatory Advocacy
  61. What is the #1 Thing MACPA does! for CPAs and CPA Firms that nobody else does?!
  62. Legislative Advocacy “From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens.” – Alexis de Tocqueville, on the power of Associations in Democracy in America
  63. 3 Levels 2 Objectives 1.  Offense: Pass Proactive Bills 2.  Defense: Stop Bad Bills 1.  Federal 2.  State 3.  State Board of Accountancy
  64. Federal Laws & Regulations
  65. State Laws Passage of MD Mandatory Peer Review Legislation
  66. Board of Public Accountancy (Licensing Is
  67. Our challenge 40% turnover in legislature Governor Attorney General Secretary of DLLR Key Committees 3 House •  Economic Matters •  Ways & Means •  Judiciary 3 Senate •  Education, Health & Environment •  Budget & Tax •  Judicial Proceedings
  68. CPA Day in Annapolis - 1/29/15
  69. Our 2015 MD agenda 1. Appeal Bond Reform 2. Expanded definition of attest 3. Build new relationships with legislators 1. Stop Sales Taxes on Services 2. Stop Comparative Fault by Trial Lawyers 3. Monitor 2,500 active bills in MD legislature Numbers Count! Defense Offense
  70. How we did it 1.  Build and maintain Key Relationships with legislators and regulators (PAC, meetings and events) 2.  Grassroots capabilities through membership - we can target specific legislators by committee and district 3.  Financial support of key legislators via our PAC 4.  High profile events that increase visibility of CPA Profession (CPA Day for legislators and Swearing-in for DLLR/State Board)
  71. Your career, forward, faster.
  72. CGMA Competency Framework
  73. Our Magnetic Firm / Company Framework!
  74. MACPA Upcoming Events
  75. Innovation Summit 2015 June 23, 2015
  76. Leadership Academy August 26-28, 2015
  77. Summary of MACPA Today
  78. Lighting the Way for the Shift Change
  79. http://cpaguide.macpa.org!
  80. Senator Feldman said Maryland is the best state in the nation to have your CPA license.
  81. The Next Chair of the AICPA Kimberly Ellison-Taylor
  82. Learning 1. Social! 2. Mobile/Nano! 3. Cloud! 4. Collaborative (MBSN)! 5. Competency-based!
  83. Tom’s Favorite Tools “Use the tools, don’t let the tools use you.” – Francine McKenna @retheauditors •  Twitter •  Linked-In •  Blog •  Slideshare.net •  Evernote •  Tweetdeck.com •  Hootsuite.com •  Zite.com •  Kindle
  84. Our Digital Transformation Strategy 1.  Digitization & workflow –shifting resources and systems to growth areas 2.  Virtualization – Moving IT infrastructure to cloud 3.  Transformation to cloud – Increase use of existing systems of engagement 4.  Transformation to cloud – New cloud based systems – accounting 5.  Transformation to cloud – Move AMS and MACPA website
  85. We identified three major goals for making this shift:! 1.  Help employees identify and address the challenges and opportunities that have the greatest imp 2.  Help employees strengthen high-impact connections by enabling them to collaborate easily with o 3.  Amplify the impact of those efforts by building an infrastructure that allows small improvements to
  86. Membership Organization
  87. 1 Lookout Point 2 Laws, Regulations, & Standards 3 Membership Organization 4 L > C2
  88. L>C2
  89. “In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.” - Tom Hood, CPA.CITP.CGMA
  90. 92% of CPAs are! NOT Future Ready!! Future Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment.! Source: CPA.COM 2014 CPA of the Future Study!
  91. How Extraordinary Leaders Double Profits
  92. Competencies – Research & Examples
  93. Strategic Thinking! External Awareness! Vision! Continuous Learning! Innovation! Creativity! Problem Solving! Prioritization! Business Acumen! Decisiveness! Influencing/Persuading! Emotional Intelligence! Consensus Building! Collaboration! Inspiration! Risk Management! Anticipatory Organization:! Finance / Accounting Edition!
  94. L>C2
  95. Why CPAs?
  96. Thank You for Coming