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PIU Summer 2012 - Marriott Global Finance

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What does a global finance team think about the future of the CPA Profession and the organizations that serves them?

Tom Hood, CPA, CITP, CGMA shares his insights about the trends and issues facing the CPA Profession on a global, national, and local level. He draws on experience designing and facilitating future forums for the CPA Horizons 2025 Project. Talks about legislation and advocacy for professional standards along with the latest trends and issues facing all of us. He closes with tips on maximizing your career trajectory via The Bounce!

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PIU Summer 2012 - Marriott Global Finance

  1. Professional Issues Update For BIG (biz-ind-ed-govt-nfp) Professionals By: Tom Hood, CPA, CITP, CGMA Prepared for Marriott International Finance & Accounting Team August 23, 2012
  2. What’s gone awayor been invented in your lifetime? 2
  3. Beloit College’s 2016 Mindset List•  They have always lived in cyberspace, addicted to a new generation of "electronic narcotics.”•  Michael Jacksons family, not the Kennedys, constitutes "American royalty.”•  If they miss The Daily Show, they can always get their news on YouTube.•  They have never seen an airplane "ticket.”•  They cant picture people actually carrying luggage through airports rather than rolling it.•  A significant percentage of them will enter college already some hearing loss. 3
  4. Beloit College’s 2016 Mindset List•  Having grown up with MP3s and iPods, they never listen to music on the car radio and really have no use for radio at all.•  They have had to incessantly remind their parents not to refer to their CDs and DVDs as "tapes.”•  History has always had its own channel.•  They watch television everywhere but on a television.•  They grew up, somehow, without the benefits of Romper Room.•  Bill Clinton is a senior statesman of whose presidency they have little knowledge. 4
  5. What is the #1 reason organizations fail? 5
  6. 6
  7. Research from CGMA, Deloitte,PWC, & IBM 7
  8. Rebooting Business!
  9. “…an  indisputable  leadership  challenge  that  ul3mately  requires  new  models,  bold  ideas  and  personal  courage  to  ensure  that  this  century  improves  the  human  condi3on  rather  than  capping  its  poten3al.”      –  World  Economic  Forum   9  
  10. In our hyper-networked, mobile, social, global world, the rules and plans of yesterday are increasingly under pressure; the enterprises and individuals that will thrive will be those willing to adapt in a disciplined, unsentimental way.Generation Flux is a term that describes all of this -the chaotic business era that we have moved into - aswell as the people who are poised to thrive in thisenvironment. - Robert Safian - editor FastCompany
  11. The Process – i2a: Strategic Thinking - Future Forums
  12. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
  13. The Letterfor today is CChangeComplexityComplianceConvergenceCascadeCompetition 16
  14. Complexity the biggest challengefacing enterprises fromhere on will be theaccelerating complexityand the velocity of a 79%world that is operatingas a massivelyinterconnectedsystem. 51% 17
  15. The CPA Profession and CPE 6,000 pages 17,000 pages 500 Million words
  16. Compliance
  17. Professional Standards Federal Laws State Laws & & Regulations Regulations
  18. Top Risks facing CFOs Organizations are more likely to achieveSource: Deloitte CFO Signals 2Q 2012 goals when properly communicated risk appetite guides management in setting goals & making decisions 21
  19. Private Company Standards
  20. State  Legisla3on  CPA Day in Annapolis – January 16, 2013
  21. State  Legisla3on   24  
  22. CPA  Day  –  Jan  16,  2013   25  
  23. Cascade “a series of steps or stages that, once initiated, continues to the final step because each step is triggered by the preceding one, resulting in amplification of the signal, information, or effect at each stage.”
  24. State Legislation and Regulatory •  Accountancy bills (20 states) - 51 •  Auditor Rotation (3 states) - 8 •  Mobility (2 states) - 6 •  Regulation of Tax Preparers (3 states) - 5 •  Tax on Accounting Services (6 states) - 11 •  Peer Review (4 states) - 7 •  State Board Consolidation (6 states) 8
  25. 28Tsunami of 1099K and info returns
  26. Mary land - 10 99R - 20 08CPAs in TaxThe increase in IRSactivity is swamping ourtax practitioners andcosting them hundredsof hours in chasingdown IRS notices. 29
  27. 30Convergence
  28. Public Private Int’l Company Company Company Financial Reporting Auditing Ethics State Boards of Accountancy
  29. 32Sarbanes-Oxley Act of 2003
  30. CPAs required to register as debt settlement advisors 33Dodd-Frank - the bill that keeps on giving
  31. 34Cascade!
  32. Federal Accounting Standards
  33. "For Gen Y, training and development is the most highly valued employee benefit. The number choosing training and development as their first choice of benefit is THREE times higher than those who chose cash bonuses."
  34. Our new research bears outthat the human dimension –relationships with customers,employees, partners andcommunities – will be key togetting things moving againand sustaining success overthe long run.CGMA & our Business &Industry members
  35. 40  
  36. The Letterfor today isstill C Continuous LearningCollaborationCompetencies =Career Success! 41
  37. 42 Picture: John Drake - Flickr ...where the most important skill is the ability toacquire new skills.
  38. It really is about this...
  39. Top ten skills neededSource: IBM 2012 Global CEO Study 45
  40. CFOs moving up the value chain! The Wall Street Journal, Feb 27, 2012 The current view pushed by business schools & carried into the executive suite sees CFOs as little more than numbers crunchers who settle the books & look after regulatory compliance The people who have the strongest grasp of a company’s finances need to be part of strategic thinking from the ground up! 46
  41. The new value drivers 47
  42. New Skills – Existing Talents Source: CGMA Report – New Skills – Existing Talents 48
  43. CGMA – Fast-track to Leadership 49
  44. 50
  45. www.bizlearning.net
  46. Staff Principal/ Decision making Director by specification, Leading and/or task specific work developing new practice areas, strategic alliances & talent Critical Turning Senior Point Senior 1st level supervision The on established Bounce Manager guidelines & Assess & understand standards longer-term variables & accomplishing future goals Manager 1st level of strategic thought & focus on boundary spanning activitiesCopyright 2012 – Business Learning Institute 53  
  47. 54  
  48. According to these young professionals, thefuture is one in which CPAs:● are proactive, flexible, adaptive andcollaborative by nature;● have regained the trust of their clients andthe public at large;● have successfully bridged the profession’s“leadership gap” by focusing on successionplanning, personal growth, and generationalcooperation;● have created the profession’s premierglobal industry standards and best practices;● have redefined the profession throughwork / life integration, collaboration, and ateam-first approach; and● have earned a reputation as technologicalinnovators. 55 Wisdom from the MACPA LeadershipAcademy Next class: December 4,5,6, 2012
  49. 1. Ask the naive question2. Be the house (measure, odds,risk)3. A willingness to try anything4. look around (especiallyoutside)5. Confidence matters - believein yourself Paul DePodesta - VP of Player Development for the New York Mets formerly Asst GM of Oakland A’s 56 Adopt a moneyball mindset
  50. 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 57The collaboration curve replaces theexperience curve
  51. A final word on collaboration… 58
  52. 59
  53. A leader sjob is toprovidehope andinspiration..." 60
  54. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hNp://www.macpa.org  Blog  hNp://www.cpasuccess.com  hNp://www,bizlearningblog.com     61  
  55. www.cpasuccess.com www.bizlearningblog.com Follow me on: ü  Twitter: http://www.Twitter.com/tomhoodü  LinkedIn: http://www.linkedin.com/in/tomhoodü  Facebook: http://www.facebook.com/thoodcpaü Slideshare: http://www.slideshare.net/thoodcpa ü Youtube: http://www.youtube.com/thoodcpa ü Second Life avatar name: Rocky Maddaloni Check our Customized Training Catalog out: http://www.bizlearning.net 62