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2009 Piu Watkins Meegan

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2009 Professional Issues Update

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2009 Piu Watkins Meegan

  1. 2009 CPA PROFESSION UPDATE Prepared for: January 29 2009 29, Tom Hood, CPA.CITP CEO & Executive Director Maryland Association of CPAs
  2. “CPAs ARE the DISCIPLINE in business! business!” Jim Collins
  3. What is a Profession? All professions involve technical, specialized f i i l t hi l i li d and highly skilled work. Training for this work involves obtaining degrees and professional q qualifications without which entry to the y profession i b f i is barred. T i i also requires d Training l i regular updating of skills. Source: Wikipedia Maryland CPAs are required to achieve the 4 E’s to qualify for licensure 1. Education – bachelor’s degree + 30 hours 2. 2 Examination – Pass the Uniform CPA Exam 3. Ethics – Maryland requires a separate ethics exam 4. Experience – 1 year of experience working with a CPA Thereafter, they are required t complete 80 h Th ft th i d to lt hours of continuing f ti i education every two years, including four hours of ethics training.
  4. Economic Outlook • National Outlook is not bright •EEconomists estimate 3Q it ti t 2009 – 1st Q 2010 for recovery • Maryland outlook is much better • Top 5 states to recover the fastest • CPA Career one of the Top 10 recession-proof careers • CPA firms below Top 8 are p continuing to see growth www.cpasuccess.com – Economy category p y gy
  5. US Treasury MD Comptroller MD Comptroller MD Comptroller CAQ Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan CPA
  6. Infrastructure
  7. Your Infrastructure is maintained by your Professional Associations AICPA & State CPA societies (MACPA) Pipeline – Workforce Legislation – Regulation Technology – Web 2.0
  8. Pipeline - CPAs are SEXY!
  9. Pipeline - Good News p 20% avg increase in Graduates & enrollments!
  10. Pipeline Primary  College  CPA Exam CPA MACPA Engaged MACPA CPA School  Student Candidate CPA Retiree Career Paths Student NYPN 1,373 1,818 399 8,047 •Drive to   CPA Exam •Reach  h employment   influencers •Career  changers h
  11. Four Generations in the Workplace Issue: Generation Differences • Matures – 1909-45 • Boomers – 1946 64 1946-64 • Gen X – 1965-80 • Millennials - 1981 Mill il + up (Y2K, Netgen, Echo-boom, Echo-boom Gen Y) Which one are you?
  12. Why won t they sit? won’t
  13. CPA Exam changes Then: Now: • Paper-based • Computerized • 2 x year May & • Anytime November • 2 months per quarter • 5 sections • Pass all sections in 18 months (to keep passed sections) • 4 sections • 70% new content!
  14. Steps to become a CPA 1. Get Accounting Education – 150 hours 2. Sit for & Complete CPA Exam p 3. Take AICPA Ethics self-study & report grades to State Board 4. Complete 2,000 hour experience requirement (interning counts) RPE form 5. Take the official oath at the Swearing-in Ceremony
  15. What you can do to promote the th CPA? • Understand the “new” CPA Exam – New Educational Requirements • Encourage MACPA candidate membership b hi • Use CPA Exam tracking tool to track employees progress • Support the swearing-in ceremony • C t / reinforce firm/company culture Create if fi / lt that celebrates CPAs
  16. Promote the CPA license Maryland DLLR Swearing-in of new CPAs June 16, 2009 At the Maryland Business & Accounting Expo
  17. Biggest Issue Facing NYPNs • Bridging the Gap between college & real world • Under-Developed Skill Sets – Leadership & Communication – Ti Time M Management & Organization tO i ti – Analytical Skills – Technical Skills • Work-Life Balance • Limited Networking Opportunities g pp • Intimidation • CPA Exam • Lack of a Voice in Profession
  18. MACPA & Social Media By 2010, Millenials/Gen Y-ers will outnumber Baby Boomers Boomers.
  19. http://www.cpaisland.com
  20. www.cpalearning2.com Try this professional networking site www.linkedin.com www.CPALEARNING2.com
  21. Infrastructure – Legislation - Regulation
  22. US Treasury MD Comptroller MD Comptroller MD Comptroller CAQ Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan CPA
  23. IFRS – International Financial Reporting Standards Not if but when… Goodbye G GAAP? Think about this – If SEC timeline is 2014 – what year do you have to convert to show three years of y y comparable f/s?
  24. History of CPA Legislation KEY In the  Beginning... Rights & Recognition Max Teichman,  GOALS/ •Privilege of Self- RESULTS Frank Blacklock &  Frank Blacklock & AG opinion of 1981 Regulation SB 560 Defeated William Rogers Grants rights to non‐ Maryland Corporate  •Right to Sole Control CPAs for Reviews &  Accountability Act over an Area of Practice Comps. MACPA requests  HB 1296  reversal of AG Opinion  – “This is not an audit”  Mobility  language added • CPA Bill signed April 10, 1900 Passes PROJECTS/ MACPA wins use of  • MD is 3rd state (NY & PA) • MD is 3 state (NY & PA) STRATEGIES “consultants” in firm  letterhead at State  Board State Board of  Accounting  Accountancy  Reform task  formed Maryland  Force  KEY EVENTS addresses  becomes the 1st becomes the 1 SOX HB 1261 re‐writes state to restrict  State Board Hearing CPA Law ‐ 1986 May 1, 2003 practice for CPAs MACPA amendments  to ed requirements fail PEOPLE MACPA Forms Task Force  and  New simpler CPA  p surveys members surveys members exam Education Rules 88% Sub Equivalency 76% Peer Review & Safe Harbor 68% Non‐CPA Ownership Terry Hancock chairs Legislative  PRODUCTS/ Larry Kamanitz  Dawson Grove  Committee Allen Deleon  SERVICES/ chairs Legislative  SITES chairs Legislative  g chairs Legislative  g Committee C itt Committee Committee Dateline 1900 1901 1922 1924 1974 1976 1981 1987 1993 1999 2001 2003 2005 2006 2007 2008 26 Maryland Association of CPAs
  25. Leg / Reg Changes you need to know!  New Mobility Law y  Maryland Individual Tax Preparer Act  New Corporate Reporting Requirements  Peer Review Requirement – October 1st  Prevent Sales Tax on Accounting & Tax Services  S ff Stop trial lawyers efforts at repealing contributory fault doctrine CPA Day in Annapolis January 28, 2009
  26. 2009 Maryland Agenda Stop Sales Tax on Accounting/tax/consulting services Stop Tort Reform – Comparative Negligence = frivolous lawsuits Pass Technical C P T h i l Corrections – CPE & ti Peer Review St T P Stop Tax Preparer li i h licensing changes Stay up-to-date at our blog at www.cpalegislativeinsider.com
  27. New R N Recession R i Resources • Special Economy webpage • www.cpasuccess.com – Economy • 24 Hours of Free CPE for all members • Special Courses • MDBIZEXPO dedicated to surviving & thriving in this recession
  28. MDBIZEXPO June 16th & 17th, 2009 t t
  29. Financial Literacy www.feedthepig.org pg g www.360financialliteracy.org
  30. Connect – Protect - Achieve! “Association members Association earn, on average, $10,000 more per year than non- members” And “are 19% more likely to say they are “very- satisfied satisfied” with their jobs than non-members” Where the Winners Meet Study by the William E. Smith Institute for Association Research
  31. More ways t connect with MACPA M to t ith • Linked-In – MACPA Group • Facebook – NYPN Group • MACPA on Twitter • Youtube videos from MACPA • Tom on Twitter • Slideshare • Visit us in Second Life
  32. Stay current with our blogs & y g podcasts • CPA Success http://www.cpasuccess.com •NNew CPAS htt // http://www.newcpas.com • CPA Island – Free CPE events http://www.cpaisland.com http://www cpaisland com • Self-guided social media learning http://www.cpalearning2.com http://www cpalearning2 com • MACPA Podcasts http://www.macpa.org/Content/23333.aspx http://www macpa org/Content/23333 aspx
  33. Tom Hood, CPA.CITP CEO Maryland Association of CPAs Business Learning Institute (443) 632 2301 632-2301 E-mail tom@macpa.org