This presentation was given to Loyola University (Maryland) Accounting Alumni Circle on November 18, 2015. It includes our latest research in trends and issues facing the accounting and finance profession from the Business Learning Institute.
It also covers the programs and initiatives of the Maryland Association of CPAs in the context of Hard Trends and our work with world renowned futurist, Daniel Burrus.
Gov't Regulation
Demographics and Talent Pipeline
Technology
The exponential pace of change has created an environment best described as VUCA. To thrive in this new age of hyper-change and growing uncertainty, it is now an imperative to learn a new competency—how to accurately anticipate the future. The key to success in this fast-changing environment is to commit to changing before you are being forced to. This session will show how to anticipate these trends and move from being a crisis manager to an opportunity manager.
• Anticipate marketplace trends that will shape future markets
• Understand emerging innovation faster
• Identify opportunities
• Develop clear actionable steps to accelerate growth for the
organization and its customers
Learning the skill of anticipation and being proactive for CPAs, accounting and finance professionals
12. 91%
Of
firms
expect
to
con2nue
record
hiring
levels
16%
Projected
accoun2ng
job
growth
between
2010
and
2020
73%
Of
investors
express
confidence
in
U.S.
capital
markets
87%
Of
key
decision
makers
say
CPAs
are
valuable
to
their
orgs
Our
Profession
stands
strong
13. Maryland
Na8onal
Leadership
1. Lyle
Benson
2. Wayne
Berson
3. Ed
Karl
4. Jody
Padar
5. Tom
Hood
+
Vice-‐Chair
of
AICPA,
Kimberly
Ellison-‐Taylor
CEO
of
NABA,
Jina
E8enne
14. Mobile workforce
Patent holding companies
* DOL overtime
* Cash basis
* IRS Service Levels
* Top Priorities of Maryland
Managing Partners
15. DOL
ALERT
“The
DOL
will
ask
for
stakeholder
support,
and
will
strongly
encourage
state
boards
of
accountancy
to
consider
more
rigorous
review
of
firms
performing
ERISA
audits
and
examine
how
licensing
requirements
might
play
a
role
in
improving
con8nuing
educa8on
and
boost
quality.
We
believe
the
contents
of
these
leZers
to
be
reasonable
under
the
circumstances.”
-‐
AICPA
Regulatory
Affairs
Stats
from
DOL
Maryland
is
16th
in
#
of
plans/par8cipants/assets
with
282
firms
audi8ng
1,614
plans
with
3
million
par8cipants
and
$264.12
billion
in
plan
assets
24%
of
all
audits
and
22%
of
all
plans
17. CPA
Day
in
Annapolis
–
January
21,
2016
“if
you
don’t
have
0me
to
par0cipate
in
the
legisla0ve
process,
be
prepared
to
accept
the
consequences
of
those
who
do.”
18.
19. States
with
a
comprehensive
defini8on
of
aZest
Upholding
the
profession’s
public
interest
mission
Pennsylvania,
Rhode
Island
and
Guam
have
ac8ve
legisla8on
to
adopt
a
comprehensive
defini8on
Puerto
Rico
U.S.
Virgin
Islands
Guam
Marianas
Defini8on
of
AZest
25. American Institute of CPAs®
Next step in the journey
Maintain the two membership bodies – AICPA and CIMA –while
integrating their strategies, management and operations
Deliver better and more relevant resources for members
Strengthen advocacy, speaking with the power of more than
600,000 professionals worldwide on critical issues important to you
Recognize and support public and management accounting as
critical components of the end-to-end accounting profession
Elevate awareness of the CPA and CGMA and the opportunities they
unlock
Requires a membership vote from both AICPA and CIMA
Evolve the existing joint venture into an association that is the
voice of professional accounting worldwide.
26.
27. Those
who
build
great
companies
understand
that
the
ul8mate
throZle
on
growth
for
any
great
company
is
not
markets,
or
technology,
or
compe88on,
or
products.
It
is
one
thing
above
all
others:
the
ability
to
get
and
keep
enough
of
the
right
people.
-‐
Jim
Collins
War
for
Talent
MACPA
Pipeline
Ini8a8ves
43. 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!
44. 'If the rate of change on the outside
exceeds the rate of change on the inside,
the end is near.’ – Jack Welch
45.
46. Will your job be done by a machine?
Source: NPR Planet Money, May, 2015
51. TheTop 6 Ways to Create Capacity in
your Organization
• Maximize software & tools you have
• Use the latest and most efficient technologies
• Workflow & Process Efficiency
• Focus on your best ‘A’ clients
• Communicate your services (cross-sell)
• Engage your people
54. Maryland Public Company Collaboration
Top Four Issues
1. Learning & Talent Development
2. Global Structure of Finance
Function
3. Managing Risk & Innovation
4. Insight to Action*
*This started our journey to research the competencies needed for accounting and
finance professionals to provide “insight to action” and shift from reactive to proactive.
65. Tom Hood, CPA, CITP, CGMA
• CPA Practice Adviser Accounting Hall of
Fame
• Named the Second Most Influential in
Accounting by Accounting Today Magazine
2015, 2013
• Top 150 Influencer by Linked-In
• Top 25 Influencers in Learning & HR by HR
Examiner
• Top 25 Public Accounting Thought Leaders
by CPA Practice Adviser
• Working on Learning Management with
AICPA/CPA2Biz, Cloud Curriculum,
Performance Management /XBRL,
Leadership & Generations
CEO
Maryland Association of
CPAs (MACPA)
www.macpa.org
Business Learning
Institute (BLI)
www.blionline.org
http://www.linkedin.com/in/tomhood/
Hood's
greatest
aGribute
isn't
that
he
consistently
glimpses
the
future
more
quickly
than
the
rest
of
us
(though
he
does).
It's
that
he's
able
to
bring
it
back
to
the
present
and
serve
as
its
0reless,
inspiring
and
effec0ve
champion.
– Accounting Today