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Tom Hood, CPA, CITP, CGMA	

CEO	

MACPA & the Business Learning
Institute	

MACPA Town Hall & Professional
Issues Update for MEMBERS	

Fall, 2013
http://macpa.cnf.io	

Ask and answer
questions throughout
the day here…	

Conferences.io was used to engage
our members and encourage open
Q&A and feedback with this
exciting new technology we will
begin incorporating into strategic
planning and CPE courses for
engagement and collaboration.
www.blionline.org
HOW TO PROFIT FROM INNOVATION:
Building the Agile Learning Organization
The New Normal - VUCA
Historical Context – The
Perfect Storm	

•  Web 2.0	

•  Globalization	

•  Generations	

Source: DonTapscott - Wikinomics
T
www.SlideShare.net/thoodcpa	
  
#PIU13	
  #MACPA	
  
@tomhood	
  
@MACPA	
  
Download	
  today’s	
  slides	
  at	
  …	
  
Insights	
  to	
  Ac,on	
  
	
  
“One	
  without	
  the	
  other	
  is	
  either	
  useless	
  or	
  destruc,ve”	
  
The	
  new	
  “Big	
  Four”	
  
• Standards	
  &	
  
Leg/Reg	
  
• Technology	
  
• The	
  Changing	
  
Workplace	
  
• Innova,on	
  
What’s	
  in	
  a	
  list?	
  
Standards	
  
•  Interna,onal	
  –	
  
IASB	
  &	
  IFRS	
  
•  FASB	
  &	
  PCC	
  
•  AICPA	
  &	
  FRF	
  –	
  
SME	
  
•  ASB	
  –	
  Clarity	
  
(12/15)	
  
•  GASB	
  Pension	
  
•  PEEC	
  hQp://cpa.tc/1us	
  
#Accoun,ngStandards	
  
Public	
  &	
  
Private	
  
Companies	
  
Private	
  
Companies-­‐	
  
Small	
  
Business	
  
Public	
  &	
  
Private	
  
Companies	
  
	
  
Private	
  
Companies	
  
	
  
Private	
  
Companies-­‐	
  
Small	
  
Business	
  
Financial	
  
ReporFng	
  
IFRS	
  
(IASB)	
  
	
  
IFRS-­‐SME	
  
(IASB)	
  
	
  
GAAP	
  
(FASB)	
  
	
  
GAAP-­‐PCC	
  
(FASB)	
  
	
  
FRF-­‐SME	
  
(AICPA)	
  
	
  
AudiFng	
   IAASB	
   IAASB	
   PCAOB	
  
ASB	
  (AICPA)	
  
ASB	
  (AICPA)	
  
	
  
ASB	
  (AICPA)	
  
	
  
Ethics	
   IFAC	
   IFAC	
   PEEC	
  
(AICPA)	
  
PEEC	
  
(AICPA)	
  
	
  
PEEC	
  
(AICPA)	
  
	
  
Happy	
  40th	
  Birthday	
  FASB!	
  
10/9/13	
   T	
  
FASB	
  PCC	
  
#MainStFinancials	
  
10/9/13	
   T	
  
MACPA Professional Issues Update - Fall 2013 Edition
MACPA Professional Issues Update - Fall 2013 Edition
MACPA Professional Issues Update - Fall 2013 Edition
Comfort	
  LeQers?	
  
COSO	
  and	
  you	
  
1. Ar,cula,ng	
  the	
  role	
  
of	
  a	
  company	
  when	
  
outsourcing	
  
2. Pu^ng	
  fraud	
  right	
  
out	
  in	
  the	
  forefront	
  
3. Highligh,ng	
  the	
  
cri,cal	
  nature	
  	
  of	
  IT	
  
Federal	
  Agenda	
  
•  Mobile	
  Workforce	
  
•  Tax	
  Due	
  Dates	
  
•  What’s	
  at	
  Stake	
  
•  Tax	
  Simplifica,on	
  
•  Amended	
  1099s	
  (de	
  minimis)	
  
•  DATA	
  Act	
  
•  Keep	
  accrual	
  basis	
  for	
  personal	
  service	
  
companies	
  (S	
  Corps	
  &	
  Partnerships)	
  
	
  
Here	
  we	
  go	
  again…	
  
#CPAsSavetheWorld	
  
www.macpa.org
MACPA State Budget
Task Force	

15
MACPA Professional Issues Update - Fall 2013 Edition
www.macpa.org
Record of
what has
actually
happened	

Prepared
on an
accrual
basis	

Provide
informatio
n about
longer-
term
implicatio
ns	

Financial statement
www.macpa.org
!5,000%
0%
5,000%
10,000%
15,000%
20,000%
25,000%
30,000%
35,000%
Revenues%
Expenses%
Net%
11
www.macpa.org
Revenue: how much money
the company is bringing in	

Expenses: how much
money the company
is spending	

Earnings	

 Expenses < Revenue =
Financially Healthy Company	

How a CPA looks at a publicly traded
company’s financials
2012 Financial Statements
Revenue =
$33.8 billion	

 Expenses
exceeded revenue
by $1.0 billion	

Note:The Financial
Statement Deficit is
down from the
2009 highpoint of
$2.9 billion	

6
0"
5000"
10000"
15000"
20000"
25000"
30000"
35000"
40000"
2002" 2003" 2004" 2005" 2006" 2007" 2008" 2009" 2010" 2011" 2012"
Millions!
State"of"Maryland"
Financial Statements!
Revenue"&"Expenses"
Revenue"
Expenses"
The"State"of"Maryland"is"showing"a"negaEve"trend"
in"covering"expenses."Only"2"years"out"of"11"show"
net"revenues"over"expenses"on"a"financial"basis."
7
www.macpa.org
Assets: Property, contracts, and
investments owned by a company,
regarded as having value and
available to meet debts,
commitments, or legacies.	

Liabilities: Debts and
obligations arising
from past
transactions and
events	

Net Assets:The residual net
worth of assets minus
liabilities. If net assets are
negative you are considered
insolvent as your obligations
are more than you own. 	

Assets > Liabilities =
Financially Healthy Company	

How a CPA looks at a publicly traded
company’s financials
www.macpa.org
0"
5"
10"
15"
20"
25"
30"
35"
40"
45"
2007" 2008" 2009" 2010" 2011" 2012"
State of Maryland!
Balance Sheet!
Billions $!
Assets" Liabili4es" Net"Assets"
Net Assets
decreased by
$8.6 Billion in
past 6 years	

9
Revenue	
  =	
  $2.4	
  
trillion	
   Expenses	
  =	
  exceeded	
  
revenue	
  by	
  $1.3	
  
trillion	
  
2012 financial statements
Assets=	
  
$2.7	
  trillion	
  
LiabiliFes=	
  
$18.8	
  trillion	
  
Accumulated	
  
deficit=	
  
$16.1	
  trillion	
  
2012 financial statements
Reality of future obligations
These future obligations equal:
Additional social insurance deficit $52 trillion
Cumulative deficit 16 trillion
Total deficit $68 trillion
In	
  trillions	
  
2009 2010 2011 2012
$11.5
$13.5
$14.8
$16.1
Accumulated deficit
Where	
  were	
  you	
  on	
  January	
  16th?	
  
2014	
  CPA	
  day	
  –	
  January	
  15,	
  2014	
  
MACPA Professional Issues Update - Fall 2013 Edition
#TaxSimplify	
  
“It	
  is	
  more	
  important	
  to	
  stop	
  bad	
  bills	
  than	
  pass	
  good	
  ones.”	
  
-­‐	
  Calvin	
  Coolidge	
  –	
  President	
  
•  Sales	
  tax	
  on	
  accoun,ng	
  and	
  tax	
  services	
  (defeated	
  
several	
  ,mes)	
  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	
  registra,on	
  by	
  CPAs	
  	
  
2011	
  -­‐	
  SB	
  741	
  
•  Maryland	
  Tax	
  Preparers	
  2007	
  -­‐	
  HB	
  998	
  
•  Compara,ve	
  fault	
  (several	
  ,mes)	
  1998	
  SB	
  618	
  ,	
  
2000	
  -­‐	
  SB	
  779,	
  2001	
  SB	
  483	
  ,	
  	
  2007	
  -­‐	
  HB	
  110	
  
•  Elimina,on	
  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	
  Exemp,on	
  from	
  MSP	
  Private	
  Inves,gator	
  
Registra,on	
  
If	
  not	
  us,	
  Who?	
  
Building	
  and	
  Maintaining	
  the	
  CPA	
  
Infrastructure	
  
•  Separate	
  funding	
  for	
  the	
  State	
  Board	
  
2006	
  -­‐	
  HB	
  103	
  
•  Experience	
  requirement	
  to	
  make	
  Maryland	
  CPAs	
  
compa,ble	
  with	
  UAA	
  (Uniform	
  Accountancy	
  Act)	
  
2001	
  -­‐MD	
  COMAR	
  09.24.03.1	
  	
  	
  
•  Ethics	
  requirement	
  for	
  CPE	
  2006	
  -­‐MD	
  COMAR	
  
09.24.02.02	
  
•  Mandatory	
  peer	
  review	
  and	
  prac,ce	
  quality	
  
2005	
  –	
  HB	
  1223	
  
•  Exemp,on	
  for	
  CPAs	
  from	
  Maryland	
  (and	
  federal)	
  
tax	
  preparer	
  regula,on	
  2008	
  -­‐	
  SB	
  817	
  
•  Prac,ce	
  mobility	
  2008	
  -­‐	
  HB	
  1296	
  
•  Expanding	
  acceptable	
  CPE	
  methods	
  	
  2009	
  -­‐	
  HB	
  69	
  
•  120/150	
  CPA	
  exam	
  legisla,on	
  	
  2011	
  -­‐	
  SB	
  287	
  
•  Restricted	
  audits,	
  reviews,	
  and	
  compila,ons	
  to	
  
CPAs	
  and	
  added	
  safe	
  harbor	
  for	
  compila,ons	
  	
  
2011	
  -­‐	
  HB	
  328	
  
•  State	
  Board	
  of	
  Public	
  Accountancy	
  reauthoriza,on	
  
2013	
  -­‐	
  SB	
  238	
  
State	
  Board	
  of	
  Public	
  Accountancy	
  
•  License	
  –	
  Inac,ve	
  Status	
  Explained	
  
•  PI	
  License	
  Required	
  in	
  MD?	
  
•  Firm	
  Names	
  –	
  Do’s	
  and	
  Don’ts	
  
•  Mobility	
  –	
  Do	
  You	
  Have	
  Staff	
  Licensed	
  In	
  Another	
  
State?	
  
•  MD	
  Firm	
  Permit	
  Number	
  –	
  Website	
  Requirement	
  
•  State	
  Board	
  –	
  Renewed	
  Un,l	
  2025	
  
•  Peer	
  Review	
  –	
  Update	
  and	
  Sta,s,cs	
  
•  State	
  Board	
  CPE	
  Audit	
  Periods	
  
It’s	
  really	
  a	
  numbers	
  game	
  
2,500	
  
188	
  
90	
  
3	
  
New	
  CPA	
  Swearing-­‐in	
  Ceremony	
  
November	
  4,	
  2013	
  BWI	
  Hilton	
  
#CPATechnology	
  
AICPA	
  Top	
  Technology	
  Issues	
  
1.  Managing	
  and	
  retaining	
  data	
  
2.  Securing	
  the	
  IT	
  environment	
  
3.  Managing	
  IT	
  risk	
  and	
  compliance	
  
4.  Ensuring	
  privacy	
  
5.  Managing	
  system	
  implementa,ons	
  
6.  Preven,ng	
  and	
  responding	
  to	
  computer	
  fraud	
  
7.  Enabling	
  decision	
  support	
  and	
  analy,cs	
  
8.  Governing	
  and	
  managing	
  IT	
  investment/spending	
  
9.  Leveraging	
  emerging	
  technologies	
  
10. Managing	
  vendors	
  and	
  service	
  providers	
  
RIP	
  Lotus	
  1-­‐2-­‐3	
  &	
  PC	
  
#SocialAccoun,ng	
  
MACPA Professional Issues Update - Fall 2013 Edition
"The	
  speed	
  of	
  change	
  
makes	
  you	
  uncomfortable	
  
on	
  a	
  regular	
  basis,"	
  he	
  says.	
  
"That's	
  so	
  difficult	
  for	
  
people	
  who	
  are	
  paying	
  
mortgages,	
  buying	
  cars,	
  
trying	
  to	
  give	
  their	
  kids	
  the	
  
things	
  they	
  had,	
  to	
  get	
  
them	
  through	
  school.	
  You	
  
want	
  to	
  feel	
  confident	
  in	
  
the	
  last	
  15	
  years	
  of	
  your	
  
career	
  that	
  ater	
  25	
  or	
  30	
  
years	
  of	
  effort,	
  it's	
  just	
  
going	
  to	
  work,"	
  he	
  says.	
  
"But	
  it	
  isn't	
  so.	
  And	
  I	
  don't	
  
think	
  you	
  ever	
  get	
  over	
  the	
  
fear	
  of	
  not	
  knowing.”	
  	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  –	
  Doug	
  Gould	
  Ad	
  Exec	
  
MACPA Professional Issues Update - Fall 2013 Edition
MACPA Professional Issues Update - Fall 2013 Edition
Genera,ons	
  
MACPA Professional Issues Update - Fall 2013 Edition
Innova,on	
  for	
  CPAs	
  
•  Big	
  Four	
  Trends	
  
–  Social	
  
–  Mobile	
  
–  Cloud	
  
–  Big	
  Data	
  (XBRL)	
  
•  Innova,ve	
  Services	
  
–  Value-­‐added	
  CFO	
  
–  CFO	
  Advisory	
  Services	
  
–  FRF-­‐SME	
  
–  Assurance	
  on	
  XBRL	
  Tagging	
  
–  XBRL	
  for	
  research	
  
	
  
About	
  Digital	
  CPA	
  
Helping	
  Prac--oners	
  Reach	
  
Their	
  Digital	
  Des-na-on	
  
November	
  20-­‐22,	
  2013	
  
Gaylord	
  Na,onal	
  Resort	
  	
  
&	
  Conven,on	
  Center	
  
Washington,	
  D.C.	
  	
  
Learn more or register at:
DigitalCPA.com
#IIRC	
  
hQp://www.theiirc.org	
  
T	
  
<IR> Framework
Consultation Draft –
released April 16
IIRC	
  Value	
  Crea,on	
  Process	
  
T	
  
MACPA Professional Issues Update - Fall 2013 Edition
www.blionline.org
The Research	

	
  
A	
  2012	
  survey	
  by	
  the	
  Corporate	
  Execu,ve	
  Board	
  showed	
  that	
  60%	
  of	
  organiza,ons	
  were	
  experiencing	
  a	
  leadership	
  
shortage,	
  an	
  increase	
  of	
  40	
  percentage	
  points	
  from	
  the	
  previous	
  year.	
  
67%	
  
#1	
  issue	
  is	
  developing	
  
leaders	
  &	
  succession	
  
planning	
  
www.blionline.org
Shift Happens
www.blionline.org
The	
  high	
  performers	
  in	
  our	
  survey	
  invest	
  
more	
  in	
  talent,	
  focus	
  on	
  closing	
  skills	
  
gaps,	
  have	
  more	
  customized	
  training	
  
and	
  development	
  programs,	
  iden,fy	
  
future	
  leaders	
  earlier	
  in	
  their	
  careers,	
  
and	
  have	
  robust	
  succession	
  plans	
  in	
  
place.	
  They	
  also	
  focus	
  more	
  on	
  “sot”	
  
leadership	
  skills	
  such	
  as	
  the	
  ability	
  to	
  
embody	
  the	
  organiza,on’s	
  culture	
  and	
  
values	
  and	
  to	
  lead	
  effec,vely	
  in	
  a	
  
complex	
  global	
  business	
  environment.	
  	
  
Paradigm Shift	

Source: E&Y Paradigm Shift: Building a new talent management model to boost growth
MACPA Professional Issues Update - Fall 2013 Edition
www.blionline.org
• 	
  Innova,on	
  –	
  making	
  changes	
  in	
  
an,cipa,on	
  of	
  future	
  trends	
  and	
  
customer	
  needs	
  
• 	
  Individual	
  -­‐	
  The	
  ability	
  to	
  analyze,	
  
and	
  understand	
  new	
  situa,ons	
  
and	
  new	
  business	
  plaxorms	
  in	
  a	
  
,mely	
  (proac,ve)	
  manner.	
  	
  
• 	
  Organiza,onal	
  –	
  Programs	
  and	
  
processes	
  designed	
  to	
  enhance	
  its	
  
collec,ve	
  ability	
  to	
  acquire	
  new	
  
knowledge	
  and	
  skills,	
  and	
  to	
  stay	
  
ahead	
  of	
  the	
  market.	
  	
  
Source: Bersin & Associates	

Innovation = Agile Learning	

The right talent at
the right time with
the right skills
www.blionline.org
•  Career	
  Path	
  (Ladder)	
  
•  Competency-­‐based	
  Learning	
  
•  Curriculum	
  
•  Compliance	
  Tracking	
  for	
  CPAs	
  
•  Content	
  –	
  world-­‐class	
  Technical	
  &	
  
Leadership	
  Courses	
  in	
  mul,ple	
  formats	
  
•  Context	
  –	
  Line	
  of	
  sight	
  to	
  organiza,on	
  
vision,	
  mission,	
  strategy	
  &	
  culture	
  
Our approach -The Six C’s
10/9/13	
   T	
  
CPAs	
  are	
  trusted	
  advisors	
  who,	
  combining	
  
insight	
  with	
  integrity	
  deliver	
  value	
  by:	
  
T	
  
CommunicaFng	
  the	
  total	
  picture	
  with	
  clarity	
  and	
  objec,vity	
  
TranslaFng	
  complex	
  informa,on	
  into	
  cri,cal	
  knowledge	
  
AnFcipaFng	
  and	
  crea,ng	
  opportuni,es	
  	
  
Turning	
  insights	
  into	
  acFon	
  to	
  transform	
  vision	
  into	
  reality	
  	
  
www.blionline.org
www.blionline.org
The	
  Bounce	
  
hQp://cpa.tc/2qh	
  
	
  
T	
  
Curriculum design by BLI and AICPA
usingTop 5 Competencies for future
from CPA Horizons research and
job levels from the BLI “Bounce”
Model. Leadership and
Communications were combined
and the 5th category expanded to
include practice specialties for firms
and functional areas for corporate. 	

	

Examples would include: Corporate
Accounting, FP&A, divisional
reporting, shared services, etc. 	

CPA Firms would have audit, tax,
industry specialties.	

	

These technical areas would have
specific curriculums designed to
meet their specific technical
competency needs.
Innova,on	
  &	
  Accoun,ng	
  
1. Create	
  an	
  innova,on	
  
mindset	
  
2. Nurture	
  crea,vity	
  
3. Prepare	
  the	
  path	
  to	
  
profit	
  
4. Match	
  metrics	
  to	
  the	
  
stage	
  of	
  development	
  
5. Take	
  a	
  balanced	
  view	
  of	
  
risk	
  across	
  the	
  porxolio	
  
hQp://cpa.tc/3ey	
  
	
  
The	
  collaboration curve	
  is	
  replacing	
  
the	
  experience	
  curve	
  
“The organizations that will
become the household names of
this century will be renowned for
sustained, large-scale, efficient
innovation.
The key to that capability is
neither company loyalty nor free-
agent autonomy but, rather, a
strong collaborative community.”
HBR, July-August 2011
#CC>EC	
  
#MACPAGROUPS	
  
Three	
  Rules	
  for	
  Success	
  
1.  BeQer	
  before	
  cheaper	
  
(it's	
  best	
  to	
  compete	
  on	
  
differen,ators	
  other	
  
than	
  price);	
  
2.  Revenue	
  before	
  cost	
  
(priori,ze	
  increasing	
  
revenue	
  over	
  reducing	
  
costs);	
  
3.  There	
  are	
  no	
  other	
  rules.	
  
“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	
  
Average	
  is	
  over!	
  
1. Think	
  like	
  an	
  immigrant	
  
(Paranoid	
  Op,mist)	
  
2. Think	
  like	
  an	
  ar,san	
  
3. Think	
  like	
  an	
  innovator	
  
(always	
  be	
  in	
  beta)	
  
4. Think	
  like	
  an	
  entrepreneur	
  
	
   	
   	
  -­‐	
  Tom	
  Friedman	
  
hQp://cpa.tc/3cr	
  
hQp://cpa.tc/3cr	
  
	
  
Tom	
  Hood,	
  CPA.CITP	
  
CEO	
  
Maryland	
  AssociaFon	
  of	
  CPAs	
  
Business	
  Learning	
  InsFtute	
  
(443)	
  632-­‐2301	
  
E-­‐mail	
  tom@macpa.org	
  
Web	
  h`p://www.macpa.org	
  
Blog	
  h`p://www.cpasuccess.com	
  
Blog	
  h`p://www.bizlearningblog.com	
  
	
  
	
  
Follow	
  me	
  on:	
  
ü 	
  TwiQer:	
  hQp://www.TwiQer.com/tomhood	
  
ü 	
  LinkedIn:	
  hQp://www.linkedin.com/in/tomhood	
  
ü 	
  Facebook:	
  hQp://www.facebook.com/thoodcpa	
  
ü Plaxo:	
  hQp://tomhood.myplaxo.com	
  
ü Slideshare:	
  hQp://www.slideshare.net/thoodcpa	
  
ü Youtube:	
  hQp://www.youtube.com/thoodcpa	
  
ü Second	
  Life	
  avatar	
  name:	
  Rocky	
  Maddaloni	
  

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MACPA Professional Issues Update - Fall 2013 Edition

  • 1. Tom Hood, CPA, CITP, CGMA CEO MACPA & the Business Learning Institute MACPA Town Hall & Professional Issues Update for MEMBERS Fall, 2013
  • 2. http://macpa.cnf.io Ask and answer questions throughout the day here… Conferences.io was used to engage our members and encourage open Q&A and feedback with this exciting new technology we will begin incorporating into strategic planning and CPE courses for engagement and collaboration.
  • 3. www.blionline.org HOW TO PROFIT FROM INNOVATION: Building the Agile Learning Organization
  • 4. The New Normal - VUCA
  • 5. Historical Context – The Perfect Storm •  Web 2.0 •  Globalization •  Generations Source: DonTapscott - Wikinomics
  • 6. T
  • 7. www.SlideShare.net/thoodcpa   #PIU13  #MACPA   @tomhood   @MACPA   Download  today’s  slides  at  …  
  • 8. Insights  to  Ac,on     “One  without  the  other  is  either  useless  or  destruc,ve”  
  • 9. The  new  “Big  Four”   • Standards  &   Leg/Reg   • Technology   • The  Changing   Workplace   • Innova,on  
  • 10. What’s  in  a  list?  
  • 11. Standards   •  Interna,onal  –   IASB  &  IFRS   •  FASB  &  PCC   •  AICPA  &  FRF  –   SME   •  ASB  –  Clarity   (12/15)   •  GASB  Pension   •  PEEC  hQp://cpa.tc/1us  
  • 12. #Accoun,ngStandards   Public  &   Private   Companies   Private   Companies-­‐   Small   Business   Public  &   Private   Companies     Private   Companies     Private   Companies-­‐   Small   Business   Financial   ReporFng   IFRS   (IASB)     IFRS-­‐SME   (IASB)     GAAP   (FASB)     GAAP-­‐PCC   (FASB)     FRF-­‐SME   (AICPA)     AudiFng   IAASB   IAASB   PCAOB   ASB  (AICPA)   ASB  (AICPA)     ASB  (AICPA)     Ethics   IFAC   IFAC   PEEC   (AICPA)   PEEC   (AICPA)     PEEC   (AICPA)    
  • 13. Happy  40th  Birthday  FASB!   10/9/13   T  
  • 20. COSO  and  you   1. Ar,cula,ng  the  role   of  a  company  when   outsourcing   2. Pu^ng  fraud  right   out  in  the  forefront   3. Highligh,ng  the   cri,cal  nature    of  IT  
  • 21. Federal  Agenda   •  Mobile  Workforce   •  Tax  Due  Dates   •  What’s  at  Stake   •  Tax  Simplifica,on   •  Amended  1099s  (de  minimis)   •  DATA  Act   •  Keep  accrual  basis  for  personal  service   companies  (S  Corps  &  Partnerships)    
  • 22. Here  we  go  again…  
  • 26. www.macpa.org Record of what has actually happened Prepared on an accrual basis Provide informatio n about longer- term implicatio ns Financial statement
  • 28. www.macpa.org Revenue: how much money the company is bringing in Expenses: how much money the company is spending Earnings Expenses < Revenue = Financially Healthy Company How a CPA looks at a publicly traded company’s financials
  • 29. 2012 Financial Statements Revenue = $33.8 billion Expenses exceeded revenue by $1.0 billion Note:The Financial Statement Deficit is down from the 2009 highpoint of $2.9 billion 6
  • 30. 0" 5000" 10000" 15000" 20000" 25000" 30000" 35000" 40000" 2002" 2003" 2004" 2005" 2006" 2007" 2008" 2009" 2010" 2011" 2012" Millions! State"of"Maryland" Financial Statements! Revenue"&"Expenses" Revenue" Expenses" The"State"of"Maryland"is"showing"a"negaEve"trend" in"covering"expenses."Only"2"years"out"of"11"show" net"revenues"over"expenses"on"a"financial"basis." 7
  • 31. www.macpa.org Assets: Property, contracts, and investments owned by a company, regarded as having value and available to meet debts, commitments, or legacies. Liabilities: Debts and obligations arising from past transactions and events Net Assets:The residual net worth of assets minus liabilities. If net assets are negative you are considered insolvent as your obligations are more than you own. Assets > Liabilities = Financially Healthy Company How a CPA looks at a publicly traded company’s financials
  • 32. www.macpa.org 0" 5" 10" 15" 20" 25" 30" 35" 40" 45" 2007" 2008" 2009" 2010" 2011" 2012" State of Maryland! Balance Sheet! Billions $! Assets" Liabili4es" Net"Assets" Net Assets decreased by $8.6 Billion in past 6 years 9
  • 33. Revenue  =  $2.4   trillion   Expenses  =  exceeded   revenue  by  $1.3   trillion   2012 financial statements
  • 34. Assets=   $2.7  trillion   LiabiliFes=   $18.8  trillion   Accumulated   deficit=   $16.1  trillion   2012 financial statements
  • 35. Reality of future obligations These future obligations equal: Additional social insurance deficit $52 trillion Cumulative deficit 16 trillion Total deficit $68 trillion
  • 36. In  trillions   2009 2010 2011 2012 $11.5 $13.5 $14.8 $16.1 Accumulated deficit
  • 37. Where  were  you  on  January  16th?   2014  CPA  day  –  January  15,  2014  
  • 40. “It  is  more  important  to  stop  bad  bills  than  pass  good  ones.”   -­‐  Calvin  Coolidge  –  President   •  Sales  tax  on  accoun,ng  and  tax  services  (defeated   several  ,mes)  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  registra,on  by  CPAs     2011  -­‐  SB  741   •  Maryland  Tax  Preparers  2007  -­‐  HB  998   •  Compara,ve  fault  (several  ,mes)  1998  SB  618  ,   2000  -­‐  SB  779,  2001  SB  483  ,    2007  -­‐  HB  110   •  Elimina,on  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  Exemp,on  from  MSP  Private  Inves,gator   Registra,on   If  not  us,  Who?  
  • 41. Building  and  Maintaining  the  CPA   Infrastructure   •  Separate  funding  for  the  State  Board   2006  -­‐  HB  103   •  Experience  requirement  to  make  Maryland  CPAs   compa,ble  with  UAA  (Uniform  Accountancy  Act)   2001  -­‐MD  COMAR  09.24.03.1       •  Ethics  requirement  for  CPE  2006  -­‐MD  COMAR   09.24.02.02   •  Mandatory  peer  review  and  prac,ce  quality   2005  –  HB  1223   •  Exemp,on  for  CPAs  from  Maryland  (and  federal)   tax  preparer  regula,on  2008  -­‐  SB  817   •  Prac,ce  mobility  2008  -­‐  HB  1296   •  Expanding  acceptable  CPE  methods    2009  -­‐  HB  69   •  120/150  CPA  exam  legisla,on    2011  -­‐  SB  287   •  Restricted  audits,  reviews,  and  compila,ons  to   CPAs  and  added  safe  harbor  for  compila,ons     2011  -­‐  HB  328   •  State  Board  of  Public  Accountancy  reauthoriza,on   2013  -­‐  SB  238  
  • 42. State  Board  of  Public  Accountancy   •  License  –  Inac,ve  Status  Explained   •  PI  License  Required  in  MD?   •  Firm  Names  –  Do’s  and  Don’ts   •  Mobility  –  Do  You  Have  Staff  Licensed  In  Another   State?   •  MD  Firm  Permit  Number  –  Website  Requirement   •  State  Board  –  Renewed  Un,l  2025   •  Peer  Review  –  Update  and  Sta,s,cs   •  State  Board  CPE  Audit  Periods  
  • 43. It’s  really  a  numbers  game   2,500   188   90   3  
  • 44. New  CPA  Swearing-­‐in  Ceremony   November  4,  2013  BWI  Hilton  
  • 46. AICPA  Top  Technology  Issues   1.  Managing  and  retaining  data   2.  Securing  the  IT  environment   3.  Managing  IT  risk  and  compliance   4.  Ensuring  privacy   5.  Managing  system  implementa,ons   6.  Preven,ng  and  responding  to  computer  fraud   7.  Enabling  decision  support  and  analy,cs   8.  Governing  and  managing  IT  investment/spending   9.  Leveraging  emerging  technologies   10. Managing  vendors  and  service  providers  
  • 50. "The  speed  of  change   makes  you  uncomfortable   on  a  regular  basis,"  he  says.   "That's  so  difficult  for   people  who  are  paying   mortgages,  buying  cars,   trying  to  give  their  kids  the   things  they  had,  to  get   them  through  school.  You   want  to  feel  confident  in   the  last  15  years  of  your   career  that  ater  25  or  30   years  of  effort,  it's  just   going  to  work,"  he  says.   "But  it  isn't  so.  And  I  don't   think  you  ever  get  over  the   fear  of  not  knowing.”                        –  Doug  Gould  Ad  Exec  
  • 55. Innova,on  for  CPAs   •  Big  Four  Trends   –  Social   –  Mobile   –  Cloud   –  Big  Data  (XBRL)   •  Innova,ve  Services   –  Value-­‐added  CFO   –  CFO  Advisory  Services   –  FRF-­‐SME   –  Assurance  on  XBRL  Tagging   –  XBRL  for  research    
  • 56. About  Digital  CPA   Helping  Prac--oners  Reach   Their  Digital  Des-na-on   November  20-­‐22,  2013   Gaylord  Na,onal  Resort     &  Conven,on  Center   Washington,  D.C.     Learn more or register at: DigitalCPA.com
  • 57. #IIRC   hQp://www.theiirc.org   T   <IR> Framework Consultation Draft – released April 16
  • 58. IIRC  Value  Crea,on  Process   T  
  • 60. www.blionline.org The Research   A  2012  survey  by  the  Corporate  Execu,ve  Board  showed  that  60%  of  organiza,ons  were  experiencing  a  leadership   shortage,  an  increase  of  40  percentage  points  from  the  previous  year.   67%   #1  issue  is  developing   leaders  &  succession   planning  
  • 62. www.blionline.org The  high  performers  in  our  survey  invest   more  in  talent,  focus  on  closing  skills   gaps,  have  more  customized  training   and  development  programs,  iden,fy   future  leaders  earlier  in  their  careers,   and  have  robust  succession  plans  in   place.  They  also  focus  more  on  “sot”   leadership  skills  such  as  the  ability  to   embody  the  organiza,on’s  culture  and   values  and  to  lead  effec,vely  in  a   complex  global  business  environment.     Paradigm Shift Source: E&Y Paradigm Shift: Building a new talent management model to boost growth
  • 64. www.blionline.org •   Innova,on  –  making  changes  in   an,cipa,on  of  future  trends  and   customer  needs   •   Individual  -­‐  The  ability  to  analyze,   and  understand  new  situa,ons   and  new  business  plaxorms  in  a   ,mely  (proac,ve)  manner.     •   Organiza,onal  –  Programs  and   processes  designed  to  enhance  its   collec,ve  ability  to  acquire  new   knowledge  and  skills,  and  to  stay   ahead  of  the  market.     Source: Bersin & Associates Innovation = Agile Learning The right talent at the right time with the right skills
  • 65. www.blionline.org •  Career  Path  (Ladder)   •  Competency-­‐based  Learning   •  Curriculum   •  Compliance  Tracking  for  CPAs   •  Content  –  world-­‐class  Technical  &   Leadership  Courses  in  mul,ple  formats   •  Context  –  Line  of  sight  to  organiza,on   vision,  mission,  strategy  &  culture   Our approach -The Six C’s
  • 67. CPAs  are  trusted  advisors  who,  combining   insight  with  integrity  deliver  value  by:   T   CommunicaFng  the  total  picture  with  clarity  and  objec,vity   TranslaFng  complex  informa,on  into  cri,cal  knowledge   AnFcipaFng  and  crea,ng  opportuni,es     Turning  insights  into  acFon  to  transform  vision  into  reality    
  • 70. T   Curriculum design by BLI and AICPA usingTop 5 Competencies for future from CPA Horizons research and job levels from the BLI “Bounce” Model. Leadership and Communications were combined and the 5th category expanded to include practice specialties for firms and functional areas for corporate. Examples would include: Corporate Accounting, FP&A, divisional reporting, shared services, etc. CPA Firms would have audit, tax, industry specialties. These technical areas would have specific curriculums designed to meet their specific technical competency needs.
  • 71. Innova,on  &  Accoun,ng   1. Create  an  innova,on   mindset   2. Nurture  crea,vity   3. Prepare  the  path  to   profit   4. Match  metrics  to  the   stage  of  development   5. Take  a  balanced  view  of   risk  across  the  porxolio   hQp://cpa.tc/3ey    
  • 72. The  collaboration curve  is  replacing   the  experience  curve   “The organizations that will become the household names of this century will be renowned for sustained, large-scale, efficient innovation. The key to that capability is neither company loyalty nor free- agent autonomy but, rather, a strong collaborative community.” HBR, July-August 2011 #CC>EC  
  • 74. Three  Rules  for  Success   1.  BeQer  before  cheaper   (it's  best  to  compete  on   differen,ators  other   than  price);   2.  Revenue  before  cost   (priori,ze  increasing   revenue  over  reducing   costs);   3.  There  are  no  other  rules.  
  • 75. “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  
  • 76. Average  is  over!   1. Think  like  an  immigrant   (Paranoid  Op,mist)   2. Think  like  an  ar,san   3. Think  like  an  innovator   (always  be  in  beta)   4. Think  like  an  entrepreneur        -­‐  Tom  Friedman   hQp://cpa.tc/3cr   hQp://cpa.tc/3cr    
  • 77. Tom  Hood,  CPA.CITP   CEO   Maryland  AssociaFon  of  CPAs   Business  Learning  InsFtute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  h`p://www.macpa.org   Blog  h`p://www.cpasuccess.com   Blog  h`p://www.bizlearningblog.com       Follow  me  on:   ü   TwiQer:  hQp://www.TwiQer.com/tomhood   ü   LinkedIn:  hQp://www.linkedin.com/in/tomhood   ü   Facebook:  hQp://www.facebook.com/thoodcpa   ü Plaxo:  hQp://tomhood.myplaxo.com   ü Slideshare:  hQp://www.slideshare.net/thoodcpa   ü Youtube:  hQp://www.youtube.com/thoodcpa   ü Second  Life  avatar  name:  Rocky  Maddaloni