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MACPA Professional Issues Update & TownHall - Fall 2018

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Where is MACPA in the 4th Industrial Revolution?

Klaus Schwab of the World Economic Forum described it this way, "We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society."

The Fourth Industrial Revolution is unlike any before due to the size, speed, and scope of the changes driven by exponential and combinatorial trends.

This interactive and engaging presentation covers the latest trends and issues facing all CPAs. Using our now famous hard trends framework from our work with global futurist and best-selling author Daniel Burrus, we will cover the three categories of regulations and standards, demographics, and technology. New issues like the TCJA, Wayfair decision and impact on SALT, new revenue recognition standards along with managing today’s multi-generational and often remote workforce. Finally you will learn how to survive the technology tsunami with updates on AI, Blockchain, Automated accounting and more. We will cover our latest resources and learning to upgrade your self-ware in your journey to become CPA 4.0 and be even more #FutureReady!

Discuss the current state of the profession and what you can do to adapt to the significant changes that are ahead.

Review issues and proposed legislation relevant to CPAs and the profession.

Understand the structure of the CPA profession and what is driving these changes.

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MACPA Professional Issues Update & TownHall - Fall 2018

  1. Where is MACPA in the 4th Industrial Revolution December 19, 2018
  2. MACPA Thanks our Preferred Providers!
  3. Title of presentation 6 CPA.COM 2018 Innovative Practitioner of the Year and Chair of Maryland Association of CPAs - Samantha Bowling, CPA,CGMA
  4. Title of presentation 8The future is here, it is just not very evenly distributed. - William Gibson
  5. Select your session and join the conversation: Vote for a question Respond to Polls MACPAPIU.CNF.IO http://bit.ly/PIU112718
  6. Industrial Revolution Transforming Industries & Innovation
  7. There will be more change in the next five years than the last fifty years – Ken Bishop, CEO
  8. “The opportunities for the profession are immense, but so are the changes we’re facing, If we are willing to go beyond, to push on beyond the perceptions of what we do, we can create a profession that’s aligned with where the world is headed.” – Barry Melancon, CEO of AICPA What about the CPA Profession? “We won’t recognize the vast majority of CPA firms in five years.”
  9. • Change will accelerate due to emerging technologies. • I believe we are underestimating the profession’s understanding of the trends or efforts to understand and employ technology and train people • Technology will disrupt the accounting profession to the bottom and very quickly. • CPA profession seems so far behind in the automation area. I do agree that the accounting function as we know it today can be replaced entirely. One major barrier may be something like fraud. • We need to catch up as a profession so we are not left behind.
  10. #FutureReady The capacity to be anticipatory (aware, predictive and adaptive) of emerging technology and trends in business, demographics, and the social environment impacting your organization and industry. Source: CPA.COM Insight into the CPA of the Future Study 2015 92% of CPAs Not #FutureReady
  11. Adapt Predict Aware }Future Ready
  12. Aware
  13. Vaporized Whatever can be vaporized will be vaporized. - Robert Tereck author of Vaporized: Solid Strategies for Success in a Dematerialized World
  14. Exponential Change CPE Passed 1976 MACPA PC Lab 1984 CPA Island XBRL Nano-Learning IBM Cognitive Learning MACPA founded 1900 Visicalc Anticipatory OrganizationTM #FutureReady Curriculum
  15. Tom Peters and CPAs
  16. Source: Deloitte | Accenture Artificial intelligence Blockchain Data analytics Cybersecurity ROBOTICS is predicted to automate or eliminate up to... of basic accounting work by 2020.
  17. The shot heard round the world…(at least in accounting)
  18. From KPMG & IBM Watson to a small CPA firm in 18 months!
  19. 1. Being proactive vs reactive 2. Finding the right people 3. Talent retention 4. Keeping up with technology 5. Succession and retirements 6. Competition and client retention 7. Partner alignment and buy-in CPA.COM Survey from 2015 found 92% of CPAs are not #FutureReady – Anticipatory = Aware, Predictive & Adaptive Top Challenges Facing Major Firms
  20. Sleeter Group Survey, 2014 Clients switch firms because they do not get proactive advice, only reactive (historical) services. The #1 reason why clients switch firms
  21. 83% of SMBs (CFOs & Controllers) are feeling moderate to severe disruption - up from 71% last year Clients switch firms because they do not get proactive advice, only reactive (historical) services.
  22. Profession’s Biggest Challenges Staffing, succession planning, tax reform, cybersecurity, merger mania, commoditization of core services, the demand for more CPAs, and the search for relevance — as important as all these issues are to accountants, they pale in comparison to two overarching concerns in the minds of the profession’s leaders: the impact of new technologies, and accounting’s ability to adapt to the rapid pace of change.
  23. #FutureReady “The bottom line is that CPA firms need to increase their future readiness in order to successfully navigate the fast future of change. In fact, every enterprise in every industry needs to get better at predicting what’s coming. By understanding the metrics (Hard Trends) that influence our future, we can design (with purpose) a better, preferred future. That is the big idea behind future-readiness – to have the capacity to take action with intent and design in order to adapt quickly and thrive.” Source: CPA.com Insight into the CPA of the Future Study 2015
  24. Predict
  25. Predict - HardTrends Three HardTrends: 1. Government Regulation 2. Technology 3. Demographics
  26. Regulations & Standards ● RevRec ● TCJA ● GDPR ● Wayfair (SALT)
  27. Technology
  28. McCormick Bots in Accounting (RPA)
  29. 6 Days 2 Secs
  30. Source: 2018 Top technology Trends – Burrus Research BLI-MACPA Research over one thousand finance and accounting professionals globally 1. Artificial intelligence, machine learning, and cognitive computing in audit and tax 2. Big Data and high-speed data analytics 3. Adaptive and predictive cybersecurity 4. Virtualization and automation of processes and services (RPA)] 5. Mobile apps for business process innovation 6. Blockchains and cryptocurrency 7. Advanced cloud computing 8. Smarter smartphones and tablets drive mobile process automation 9. Virtualization of desktops, storage, applications, and networking 10. Social business applications
  31. Demographics
  32. 75%of Global Workforce will be Millennials by 2025 Demographics
  33. Demographics ● Want innovative, flexible and diverse workplaces ● Development of skills to prepare them for Industry 4.0 ● Business with purpose and values to have a positive impact
  34. Some Examples http://bit.ly/BLIaoaf Hard Trend Opportunity Predictable Problem Increasing use of AI & Machine Learning in Audit 100% Sampling, Increased analytics and decreased staff costs Competition could beat us in price and differentiation Increase in Baby boomers retiring Increased need for retirement, wealth and succession planning for clients Loss of clients if other firms do it and we don’t Increase in tax implications of TCJA and Supreme Court Sales Tax case SALT services for clients and planning opportunities with our insights Clients will seek others if we don’t do this Increase in cloud accounting systems and apps Significant efficiency from automatic accounting apps, data analytics for clients CAS & outsource CFO are fastest growing firm services and our competition will get ahead of us Increase in cloud practice management systems & apps in CPA firms Cloud allows efficiencies and remote access by our teams Firm team members view firm as using obsolete technology and may look at other firms
  35. Get ready for the fast future Adapt Rebekah Brown, CPA The Business Learning Institute
  36. Helping your career #FutureReady
  37. “In the next five years, game-changing technologies will transform every business process, including how we sell, market, communicate, collaborate, educate, train and innovate.” - Daniel Burrus
  38. Proactive Advice = Insights “In short, firms are primarily using technology to reduce costs and increase productivity, instead of leveraging technology to get better at doing what clients want most — providing proactive insight, analysis and guidance.” - Rick Telberg - CPA Trendlines
  39. #FutureReady Leader Attributes 1. Providing Direction (Where you know the future is going) 2. Enabling Innovation thru Collaboration 3. Facilitating Learning 4. Disciplined Execution 5. Inspiring Culture #MACPAPIU #FutureReady
  40. 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
  41. The skills finance and accounting professionals will need in the future and the emergence of the T-shaped professional. #FutureReady T-Shaped Professional Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  42. Seven #FutureReady Competencies in the Age of the Machines 1. Anticipating and serving evolving needs 2. Strategic & Critical thinking & Synthesizing intelligence to insight 3. Integration and collaboration 4. Communications 5. Leadership 6. Tech-savviness and data analytics 7. Functional and domain expertise Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  43. Future Ready Competencies in the Age of the Machines Leadership Anticipating and Serving Evolving Needs Strategic & Critical Thinking and Problem Solving / Synthesizing Intelligence to Insight Communication Technology Savvy & Data Analytics Integration & Collaboration Functional & Domain Expertise Lead & Inspire people Empathy Build relationships Social & emotional intelligence Service orientation Emotional intelligence People management Negotiation Cross Cultural Competency Social Intelligence Globally focused & Cross cultural Team Development Ideation Creativity Innovation Brainstorm (Ideation) creativity / innoavtion Novel & adaptive thinking Complex problem solving Critical thinking Creativity Transdisciplinarity Novel and Adaptive Thinking Future-Facing Large frame pattern recognition (outside their frame) Strategic Guidance vs Tactical Acuity Sensemaking Cognitive flexibility Judgment and Decision Making Design mindset Cognitive Load Management Complex communication New media literacy Computational Thinking Tech Savvy Collaborate Coordinating with others Virtual Collaboration Collaborative mindset Finance and Accounting Professional Competencies Moral and Ethical Reasoning Look, Lead, Love,Learn Critical Thinking Skills: For Financial Professionals Smarter Decision-Making and Problem Solving for Leaders Seven Secrets of Successful Business Communication – Part 1 Analytics and Big Data for Accountants Leading and Collaborating in a VUCA World The Eight Hour MBA: Key Concepts of Leadership Strategy Critical Thinking For Finance Strategic Problem Solving: How to Solve Tough Challenges the Mastermind Way Seven Secrets of Successful Business Communication – Part 2 Blockchain, Big Data and Business Intelligence for Accounting and Finance Value of Collaboration – The Art of Relationship Management MBAexpress: Emotional Intelligence Critical Thinking, Case Studies and Fraud Tapping Into The Problem Solving Power of Your Team Effective Communication and Negotiation (Controller Series) Understanding the Transformational Power of Data and Analytics Look, Lead, Love,Learn The Upside of Stress Creativity & Innovation MBAexpress: Smarter Decision- Making MBAexpress: Communication in the Workplace Keeping Up With Technology 2017 Microsoft OneNote Digital Note- Taking Note-Taking and Collaboration MBAexpress: Nuances of Negotiating The Anticipatory Organization: Accounting and Finance Edition The Eight Hour MBA: Key Concepts of Powerful Communication Effective Communication and Negotiation MacGyvering: The Art of Being Resourceful in a Crisis Communications with Executive Presence for Business Success How the Best Financial Executives Create High Future Ready Competency Matrix © Copyright Business Learning Institute 2017
  44. • I am concerned between your (I believe correct) view of the need for border- crossing skills and the emphasis the structures of the industry (eg FASB, regs, etc.) put on narrow technical expertise and the lack of broader vision at the industry standard-setting and leadership levels. • The list of top 7 skill sets we need in the future. And not limited to new college grads. • L>C2 Proactive and Anticipatory Skills
  45. • Anticipation • Strategic Thinking • External Awareness • Vision • Continuous Learning • Innovation • Creativity • Problem Solving • Prioritization • Business Acumen • Decisiveness • Influencing/Persuading • Emotional Intelligence • Consensus Building • Collaboration • Inspiration • Risk Management • Communication http://www.blionline.org/ao
  46. blionline.org/ao KNOW WHAT’S NEXT Transform Planning Ø Identify Hard Trends Ø Identify Soft Trends Ø Predicting Change Ø Transformation Influencers DEVELOP OPPORTUNITIES Transform Innovation Ø 8 Hard Trend Pathways Ø Accelerating Innovation Ø Anticipating Customer Needs Ø Game-changing Opportunities SHAPE THE FUTURE Transform Culture Ø The Power of Futureview Ø Leveraging Disruption Ø Using Certainty to Sell Ø The Collaboration Imperative ACCELERATE SUCCESS Transform Results Ø Elevating Trust Ø Time Travel Audit Ø Skipping Problems and Barriers Ø Reward Desired Behaviors THE ANTICIPATORY ORGANIZATION™ MODEL An Innovation and Transformation Accelerator
  47. IBM – MACPA-BLI Partnership Keeping you Future Ready https://bdu.blifutureready.org
  48. Listen to our podcast
  49. Your MACPA Connect - Protect - Achieve
  50. https://www.google.com/url?sa=i&rct=j&q=&esrc=s& source=images&cd=&cad=rja&uact=8&ved=2ahUKE wi5gsfQpsrdAhWDT98KHcEYD9kQjRx6BAgBEAU& url=https%3A%2F%2Fwww.brainyquote.com%2Fqu otes%2Fisaac_newton_135885&psig=AOvVaw38KE HpqXyU92KgIYgjTnyu&ust=1537557613466284
  51. MACPA National Leadership in 1903 Max Teichmann established MACPA in the forefront of the newly created Federation of the Societies of Public Accountants in the United States of America. Source: MACPA History Book
  52. PCAOB Then & Now
  53. Accounting InfrastructureCPA Profession Infrastructure 1. National CPA Associations (AICPA & NASBA) 2. National Laws & Regulations (IRS, DOL, SEC, PCAOB) 3. International & National Accounting Standards (IFRS, FASB, GASB, IR) 4. State Legislation (Tax, Public Accounting, Business) 5. State Regulation (DLLR, State Board of Public Accountancy)
  54. Swearing - In Ceremony
  55. 2019 Legislative Update • Governor Hogan Re-elected • Record Turnover 31% or 58 New Legislators - 17 Senators and 41 Delegates • 3 CPAs + 1 Arthur Ellis (D - Charles County) - 1 Gail Bates (R - Howard County) • Brian Feldman, CPA appointed to Vice Chair of Senate Finance Committee • Delegate Bill Wivell (R - Washington County 2a) • Significant changes in Key Committees • Senate EHEA new Chair & Vice-Chair - Accountancy legislation is heard • Senate Judiciary - New Vice-Chair and significant turnover • House Economic Matters - New Vice-Chair - 30% Turnover • House Judiciary - New Chair & Vice-Chair - 33% Turnover • Ways & Means - New Vice Chair - 35% Turnover
  56. Arthur Ellis, CPA - District 28, Senate - Democrat CPA and disabled Air Force veteran defeated incumbent, Mac Middleton a six-term senator from Charles County and Chair of Senate Finance Committee. Another major surprise was defeat of Senator Joan Carter Conway (Balto City 43rd District) by Mary Washington. Senator Conway was Chair of Environment, Health & Education Committee where most of our CPA legislation goes through. She is replaced by Senator Paul Pinsky (22nd District in Prince George's County).
  57. Defense • Comparative Fault - High Risk • Sales Tax on Professional Services - High Risk • State Deregulatory Risk - State Board & CPA License - New • Increase in employment issues and laws • More complex tax issues (TCJA Impact) • Impact of Supreme Court Wayfair ruling on Sales Tax • Stop excessive Data Protection & Privacy Legislation - New Offense • CPA Firm License Mobility 2019 Legislative Update
  58. 0% 10% 20% 30% 40% 50% 60% 70% 80% S top C om parative Fault(Tort)… S ales Taxes on S ervices S tate Tax R eform C P A Firm M obility Licensing M andatory Paid Leave P rotectS tate Board ofP ublic… N oncom pete & N D A s C om pensation H istory B an the B ox Em ploym ent O ther Rank our Most Important Legislative Priorities (Top 5) 1. Stop Comparative Fault (Tort) Liability 2. Stop Sales Taxes on Services 3. Support State Tax Reform TCJA& Wayfair 4. Pass CPA Firm Mobility Licensing 5. Stop onerous Mandatory Paid Leave 6. Protect State Board of Public Accountancy from de-regulation + 1 Data Privacy Legislation (e.g. GDPR & California Top Legislative Priorities from Managing Partners
  59. 2018 CPA day in Annapolis CPA Day 2019 – January 24, 2019
  60. Risk Alert! CPE Audit & Enforcement $5k fines Felony Offenses including DUI/DWI Offense • CPA Exam Applicant Process Improvement • Accepting AP on College Transcripts - Passed w/ Board Policy • Remove College Ethics Course requirement - Decided No Action • Firm Mobility - Passed State Board • 10 minute CPE - DONE! • Competency based CPE - emerging issue Defense • DOL & Peer Review – continue to work with Board and AICPA • A-133 and single audits • Watch regulatory process for issues Art Flach, CPA Chairman Maryland State Board of Public Accountancy MACPA Past Chair #MACPA Regulatory Update
  61. Tom Hood, David DeJong, Karen Syrylo, Del Frank Turner, Jeff Lawson, Jim Wilhelm Members of MACPA State Tax Task Force Testify before Ways & Means Committee
  62. “The accountants profession presented a large field for the ladies” - Max Teichmann, President at the 1910 MACPA Banquet 1910 Women to Watch CPA Pioneers Elsa Doetsch and Florence Hooper (l-r)
  63. 2018 Women to Watch
  64. Beach Retreat 2018 Emerging Leaders Save the Date - June 26-28, 2018#BeachCPE #MACPAPIU
  65. 2018 Student Leadership Academy
  66. MACPA Leadership Academy 2018
  67. New / Young Professional Town Hall Would you recommend MACPA to your friends and colleagues? 9.3 Informative meeting Good resources Great young professional events Insightful decisions on technology Tons of educational resources A lot of good info Makes me think Learning outside of work Amazing training and networking Great resource Letting in non cpas Great resources It helps keep me professionally up to date Interesting Like the young professional events more! Tom is awesome Brings important info related to current trends Great communications; preparing us for future ready Great insight in courses, I wish they cost less Very Insightful
  68. • What do you think? Structure & Governance
  69. The Accounting Ecosystem The accounting ecosystem is growing in specialized areas and outside the core
  70. Accounting in the US 1 in 3 graduates become CPAs
  71. Overall Summary What do you think about our idea to expand our membership options?
  72. DILUTION Biggest Concern
  73. MACPA Board Response Connect - Protect - Achieve
  74. Therefore, instead of moving to amend the charter of the Maryland Association of Certified Professional Accountants we keep charter as is, Leverage our ‘professional colleague’ membership category to recruit professionals working with our CPA members; And amend Charter to give the Board of Directors discretion to add new categories of membership as needed. However the Association name (CPA) and purpose will remain unchanged as follows: “The purpose of the Corporation is to provide services to members of the Corporation including, but not limited to, protecting and furthering the interests of those members, and helping members of the Corporation to conform to high standards of professional service.” AND be Future Ready
  75. Disrupt yourself before someone else does. - Marc Randolph, Netflix
  76. Closing Thoughts
  77. The easiest thing is to react. The second easiest is to respond. But the hardest is to initiate. Seth Godin – Author, Agent of Change
  78. If we fail, it’s not because our machines are too intelligent, or not intelligent enough. If we fail, it’s because we grew complacent and limited our ambitions. Our humanity is not defined by any skill, like swinging a hammer or even playing chess. There’s only one thing a human can do. That’s dream. So let us dream BIG! Garry Kasparov – TED Talk
  79. If there is a conversation about the future of the profession, you're bound to hear Hood's name mentioned as one of the people leading the way. – Accounting Today Tom Hood, CPA, CITP, CGMA • CPA Practice Adviser Accounting Hall of Fame • Named the Second Most Influential in Accounting by Accounting Today Magazine 2011-present • Top 100 Influencer by LinkedIn (700,000+ followers) • Member of the Forbes Finance Council • Top 25 Influencers in Learning & HR by HR Examiner • Top 25 Public Accounting Thought Leaders by CPA Practice Adviser CEO Maryland Association of CPAs (MACPA) macpa.org Business Learning Institute (BLI) blionline.org linkedin.com/in/tomhood
  80. #FutureReady Reading List• The Anticipatory Organization – Daniel Burrus • The Second Machine Age – Erik Brynolfsson & Andrew McAfee • The Future of the Professions – Richard Susskind and Daniel Susskind • The Truth Machine – Michael Casey & Paul Vigna • Thank You for Being Late – Thomas Friedman • The Excellence Dividend – Tom Peters • CPA of the Future Study – CPA.COM http://bit.ly/CPAFuture • Top 7 skills for finance and accounting professionals in the age of machines http://bit.ly/CPASkills • Top 10 technology hard trends facing accounting and finance professionals http://bit.ly/Top10HardTrends
  81. MACPA Thanks our Preferred Providers!
  82. SIG University SAVE THE DATE! UPCOMING EVENTS October 10th: ACA: What Stays, What Goes, and What Else? Speaker: Stacy Barrow, Esq, Partner, Marathas Barrow Weatherhead Lent LLP October 25th: Connected: How to Become an Effective Communicator @Work Speaker: Rachel Druckenmiller, Director of Wellbeing, SIG EVENT LOCATION: SIG 2850 QUARRY LAKE DRIVE, 1ST FLOOR BALTIMORE, MD 21209 REGISTER HERE: www.silbs.com/sig-university Webinars - Seminars - Roundtables - Legal Alerts - Podcasts
  83. MACPA Discounts As a Preferred Provider of the MACPA, SIG is pleased to offer all MACPA members discounted group and individual benefits. DENTAL VISION LIFE, AD&D, STD AND LTD LEGAL/IDENTITY PROTECTION FSA/HRA/SECTION 125 & 105 PLANS
  84. ADP’s Program for MACPA Members Benefits for You & Your Firm: ▪ Free* standard payroll processing for your firm with RUN Powered by ADP® platform ▪ Accountant ConnectSM – ADP’s complimentary platform for your ADP payroll clients for payroll processing, reports, notice tracking, tax resources, CPE and much more ▪ A dedicated ADP accountant service line ▪ Targeted industry profiles from IBISWorld and tax resources from Wolters Kluwer/CCH Benefits for Your Clients: ▪ Discounts on RUN Powered by ADP® Platform to process payroll for your clients ▪ 24/7 live customer service support for your RUN Powered by ADP® clients ▪ Solutions for all types and sizes: payroll, HR, time and attendance, retirement services, talent solutions and more *All free payroll and discounts apply to Clients of ADP’s Small Business Services Division with up to 49 employees and will exclude pass through costs including, but not limited to courier fees and other delivery fees, hardware, or penalty and interest fees due to inaccurate or late filings as well as errors in processing that, in each such case, were not caused by ADP. Must be set-up for Direct Debit of Fees as the payment method. ADP, the ADP logo and RUN Powered by ADP are registered trademarks of ADP, LLC. ADP A more human resource adp.com/accountant 800-844-375-1ADP (1237)
  85. For more information: Call Candace Coach at 267.966.2834 or visit cpai.com Providing risk solutions for CPAs in practice and in life.
  86. Here’s why accountants love Botkeeper
  87. Strengthen your expertise Client Accounting Advisory Services Certificate (CAAS) • Blended learning experience • 7 self-study courses • 2-day live workshop • Earn up to 29 CPE credits • Digital badge upon completion – Gain recognition and easily share your professional development Learn more at: CPA.com/Client-Advisory-Certificate
  88. Industry Awards 150 plus customers in six continents
  89. XCM is the premier Productivity Enablement andWorkflow Platform developed by and for tax, accounting, and finance professionals to deliver unprecedented performance gains to leaders, teams, and professionals.The cloud platform enables you to get more out of your human capital and point technology solutions you deploy in your business. Corporate tax, accounting, and finance organizations manage thousands of processes, due dates, and deliverables across multiple departments and disciplines. XCM is the one platform where you can get a real-time 360° view of all your work, track all your deliverables, reduce bottlenecks, assign resources based on role, skill set, and availability to increase your overall productivity. XCM offers data analytics and insights to measure your real-time productivity and KPI’s to improve your overall business performance. Public Accounting Firms are challenged to get the most out of their human capital while meeting the ever- changing demands of clients. XCM is the only workflow
  90. Accounting software powered by people