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MACPA Fall 2014 - Professional Issues Update

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MACPA works to keep it's members "future ready" and to be able to thrive in this rapidly changing and complex world. This update given every six months in interactive "town hall" meetings covers the latest developments in four major areas: 1) Lookout post - the latest trends and issues facing business and the Profession; 2) Laws, regulations and standards; 3) What MACPA is doing about these issues as a membership organization; and 4) How to keep their L>C, rate of learning greater than the rate of change, or to help CPAs find their competitive edge.

The current batches of trends revives around the "shift change".

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MACPA Fall 2014 - Professional Issues Update

  1. Format: Town Hall
  2. Thank You to Our Sponsors
  3. Download today’s slides at www.SlideShare.net/thoodcpa
  4. MACPA.CNF.IO Select your session, and join the conversation. Respond to Poll Ask a Question Vote for a question
  5. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  6. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  7. Lookout Post
  8. Trends in the Profession
  9. Command & Control Episodic & Passive Systems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – Customized Rigid, Cube farms Generation Gap Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap
  10. Leadership Learning Technology Workplace Generations Command & Control Episodic & Passive Systems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – Customized Rigid, Cube farms Generation Gap Incumbent practices, resources and institutions are in decline Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap New business models, practices and technologies are emerging The challenge & opportunity is to make the shift from the first curve to the second curve at the right time and with the right strategy
  11. Leadership
  12. 1.a.ii.1 Leadership Leaders are positive, flexible and future-minded, self-aware, and attuned to the changing context around them. – Tom Hood & Gretchen Pisano
  13. Learning
  14. Learning
  15. Technology
  16. Technology
  17. Work is not a place, it is what you do. And… What you do while working is fundamentally different. Workplace
  18. Workplace
  19. Workplace
  20. Workplace
  21. Workplace
  22. Generations
  23. Gen X
  24. So what does this all mean for CPAs?
  25. What Got You Here, Won’t Get You There.
  26. What does this mean for Small Practitioners? "Increasing the proactive consultative approach to business service and technology information is one of the most important factors in improving a firm’s reputation and the strength of its relationships.” - Doug Sleeter
  27. What does this mean for Small Practitioners? MACPA Member Survey Top Challenges 2014 Sleeter Group Survey 2014 The research: Anticipation is showing up across our Profession.
  28. What does this mean for CFOs? 1. Plan A – know your fundamentals 2. Strategy & Business Experience 3. New skills/services as new baseline Career plan for next big thing: insight and analytics 4. Get risk experience under the belt 5. Become a deal maker 6. Get closer to stakeholders and customer focus 7. Focus on management skills that matter 1. Leadership 2. Communication 3. Strategic thinking 4. Change management 8. Prepare for regulation and broader reporting 9. Get connected 10.Expand your footprint (go global)
  29. Maryland Public Company Collaboration • Learning & Talent Development • Global Structure of Finance Function • Managing Risk & Innovation • Insight to Action
  30. What does this mean for CPA Firms? FIRMS WITH 21+ PROFESSIONALS 2013 2011 2009 2007 1 Owner/partner accountability and unity Owner/partner accountability and unity Retention of current clients Finding qualified staff 2 Bringing in new clients Bringing in new clients Owner/partner accountability and unity Retaining qualified staff 3 Retaining qualified staff Retention of current clients Succession planning Developing new partners 4 Succession planning Fee pressure/pricing of services Bringing in new clients Work/life balance initiatives 5 Finding qualified staff Succession planning Retaining qualified staff (1) Management of human resources (2) Seasonality/workload compression PCPS CPA Firm Top Issues
  31. What does this mean for Small Firms?
  32. What does this mean for Young Professionals? What’s Keeping Young CPAs Up at Night? ! 1. Not enough time 2. Being reactive vs. proactive 3. Talent development 4. Keeping up 5. Growth (and opportunity) 6. Doing more with less 7. Information overload http://cpa.tc/54s
  33. 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. http://cpa.tc/54r
  34. What does this mean for Students?
  35. Five Ways to Thrive in the Shift Change 1. Power of Vision, Purpose & Alignment 2. People - Strengths & Positivity (ROP) 3. Collaboration & Engagement 4. Learning & Development – L>C2 5. Technology (RONI)
  36. Lookout Post
  37. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  38. Laws, Regulations, & Standards
  39. Federal Laws & Regulations
  40. DOL Pension Audits
  41. Cash Basis Income Tax
  42. ACA - Affordable Care Act
  43. IRS Regulations for Tax Preparers, CPAs Suing the IRS
  44. Wynne Case in SCOTUS
  45. Workforce Mobility
  46. Data Act
  47. Data Act
  48. State Board of Public Accountancy (Licensing Issues)
  49. Current issues with your license • Employee Benefit Plans Peer Review • Responding to the Board • CPE Tracking and Reporting
  50. Financial Accounting Standards
  51. 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 Reporting IFRS (IASB) IFRS-­‐SME (IASB) GAAP (FASB) GAAP-­‐PCC (FASB) FRF-­‐SME (AICPA) GASB FASAB Auditing 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)
  52. Financial Accounting Standards • Rev Rec • Cash Flow • GASB 67, 68
  53. Peer Review Standards
  54. 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
  55. Laws, Regulations, & Standards
  56. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  57. Connect
  58. Connecting CPAs to our profession, each other, and the world at large.
  59. Connecting to Our Member Segments
  60. Student Group Town Hall
  61. NYPN
  62. Women to Watch
  63. Town Hall
  64. Committee and Chapter Activity
  65. MACPA Groups
  66. http://cpa.tc/21g
  67. https! ://twitter.com/macpaCPE twitter.com/macpaCPE
  68. 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.
  69. Connect
  70. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  71. Protect
  72. MACPA Legislative and Regulatory Advocacy
  73. What is the #1 Thing MACPA does for CPAs and CPA Firms that nobody else does?
  74. 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
  75. Federal Laws & Regulations
  76. State Laws Passage of MD Mandatory Peer Review Legislation
  77. State Board of Public Accountancy (Licensing Issues)
  78. CPA Day in Annapolis - 1/29/15
  79. New CPA Swearing In 11/10/14
  80. Results “MACPA has one of the most effective legislative advocacy programs in the nation.” - Joe Petito, PWC Representative for The Big Four Accountants Coalition
  81. Offense ! • Separate funding for the State Board 2006 - HB 103 • Experience requirement to make Maryland CPAs compatible with UAA (Uniform Accountancy Act) 2001 -MD COMAR 09.24.03.1 • Ethics requirement for CPE 2006 -MD COMAR 09.24.02.02 Prevent SOX Cascade • Mandatory peer review and practice quality 2005 – HB 1223 • Exemption for CPAs from Maryland (and federal) tax preparer regulation 2008 - SB 817 • Practice mobility 2008 - HB 1296 • Expanding acceptable CPE methods 2009 - HB 69 • 120/150 CPA exam legislation 2011 - SB 287 • Restricted audits, reviews, and compilations to CPAs and added safe harbor for compilations 2011 - HB 328 • State Board of Public Accountancy reauthorization 2013 - SB 238
  82. Defense ! • Sales tax on accounting and tax services (defeated several times) 1997 - HB 580 , 2001 HB 1337, 2004 HB 1364, 2007 - HB 448 , 2012 HB 1051 • Maryland corporate accountability (SOX and 404 for private companies and non-profits) 2003 – SB 560 • Debt counseling registration by CPAs 2011 - SB 741 • Maryland Tax Preparers 2007 - HB 998 • Comparative fault (several times) 1998 SB 618 , 2000 - SB 779, 2001 SB 483 , 2007 - HB 110 • Elimination of audit requirements for Maryland cemeteries 2011 – SB 352 • AG opinion allowing CPAs to include Social Security numbers on documents for tax services – 8/30/2011 • Got Exemption from MSP Private Investigator Registration
  83. Our 2015 MD agenda Offense 1. Appeal Bond Reform 2. Expanded definition of attest 3. Build new relationships with legislators Defense 1. Stop Sales Taxes on Services 2. Stop Comparative Fault by Trial Lawyers 3. Monitor 2,500 active bills in MD legislature Numbers Count!
  84. Still true today “...not many members of the Maryland legislature likely had had dealings with accountants or had familiarity with what they did.” - an appeal to members from a 1900 meeting of MACPA
  85. We need you! 1.100% Membership Support for Grassroots Advocacy 2. Legislative Sponsorship (lobbying and event support) 3. Support our PAC ($4,000 per firm $350 per partner) 4. Attendance at key events: A. New CPA / Swearing-In - November 10th BWI Hilton B. CPA day in Annapolis - January 29, 2015 Numbers Count!
  86. Protect
  87. 1 Lookout Post 2 Laws, Regulations, & Standards 4 Protect 5 Achieve 3 Connect
  88. Achieve
  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. Welcome to Gen Flux “…where the number one skill is the ability to acquire new skills.”
  91. Rita McGrath
  92. Daniel Burrus May 4, 2015 BWI Hilton
  93. CGMA Competency Framework
  94. CGMA Follows the Bounce!
  95. Changes in CPE Programming
  96. MACPA Upcoming Events
  97. Innovation Summit 2015 June 23, 2015
  98. Leadership Academy June 3-5, 2015
  99. Tom’s Favorite Tools • Twitter • Linked-In • Blog • Slideshare.net • Evernote • Tweetdeck.com • Hootsuite.com • Zite.com • Kindle “Use the tools, don’t let the tools use you.” – Francine McKenna @retheauditors
  100. Achieve
  101. Connect Protect Achieve
  102. Lighting the Way for the Shift Change Command & Control Episodic & Passive Systems of Record A place you go Connect & Collaborate JIT & Participative Systems of Engagement What you do Hierarchy Transactional On-Premise – Customized Rigid, Cube farms Generation Gap Network Transformational SMAC – Social Mobile Analytics Cloud Open, Collaborative, Flexible Generation Lap
  103. Senator Feldman said Maryland is the best state in the nation to have your CPA license.
  104. “Tom Hood makes every CPA kinda wish they were licensed in Maryland.” – Greg Kyte, CPA, Utah and Accounting Today Top 100 Influencer
  105. Why CPAs?
  106. Thank You for Coming

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