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Professional Issues Update for CPA Communications FOOD Group
The document highlights the evolving landscape of the CPA profession, emphasizing changes from demographic shifts to technological advancements and increased competition. Key challenges include managing economic uncertainty, compliance with complex regulations, and adapting to new communication methods. It advocates for continuous learning and the development of new competencies essential for CPA leadership in a rapidly changing world.
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Professional Issues Update for CPA Communications FOOD Group
- 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 arehere? 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
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- 11. American Institute ofCPAs 11
- 12. What CPAs havesaid 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 ChallengesFacing 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 FinancialExecutives • 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 jobis 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
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- 25. Resources for StateSocieties 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 [email protected] 25
- 26. Follow me on: TomHood, 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 [email protected] 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 [email protected] Jim Metzler [email protected]