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
What’s gone away or been invented in
your lifetime?
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Beloit College’s 2016 Mindset List • They have always lived in cyberspace, addicted to a
new generation of "electronic narcotics.” • Michael Jackson's 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 can't picture people actually carrying luggage
through airports rather than rolling it. • A significant percentage of them will enter college
already some hearing loss.
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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
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What is the #1 reason organizations fail?
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Research from CGMA, Deloitte, PWC, & IBM
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Rebooting Business!
“…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
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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 - as well as the people who are poised to thrive in this environment. - Robert Safian - editor FastCompany
The Process – i2a: Strategic Thinking - Future Forums
30 Future Forums 1,000 CPAs
Identified these top trends
What CPAs think about the future
http://www.bizlearning.net/live/i2afutureforums
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Change Complexity Compliance Convergence Cascade Competition 16
The Letter for today is “C”
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Complexity “the biggest challenge facing enterprises from here on will be the accelerating complexity and the velocity of a world that is operating as a massively interconnected system.” 79%
51%
6,000 pages 500 Million words
17,000 pages
The CPA Profession and CPE
Compliance
Federal Laws & Regulations
State Laws & Regulations
Professional Standards
Top Risks facing CFOs
Source: Deloitte CFO Signals 2Q 2012 Organizations are more likely to achieve goals when properly communicated risk appetite guides management in setting goals & making decisions
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Private Company Standards
State Legisla3on
CPA Day in Annapolis – January 16, 2013
State Legisla3on
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CPA Day – Jan 16, 2013
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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.”
• 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
State Legislation and Regulatory
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Tsunami of 1099K and info returns
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CPAs in Tax The increase in IRS activity is swamping our tax practitioners and costing them hundreds of hours in chasing down IRS notices.
Maryland - 1099R - 2008
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Convergence
Public Company
Private Company
Int’l Company
Financial Reporting
Auditing
Ethics
State Boards of Accountancy
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Sarbanes-Oxley Act of 2003
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Dodd-Frank - the bill that keeps on giving
CPAs required to register as debt settlement advisors
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Cascade!
Federal Accounting Standards
"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."
Our new research bears out that the human dimension – relationships with customers, employees, partners and communities – will be key to getting things moving again and sustaining success over the long run.
CGMA & our Business & Industry members
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Continuous Learning
Collaboration Competencies
= Career Success! 41
The Letter for today is still “C”
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“...where the most important skill is the ability to acquire new skills.”
Picture: John Drake - Flickr
It really is about this...
Top ten skills needed
Source: IBM 2012 Global CEO Study 45
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!
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The new value drivers
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New Skills – Existing Talents
Source: CGMA Report – New Skills – Existing Talents 48
CGMA – Fast-track to Leadership
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www.bizlearning.net
Staff Principal/Director
Senior Senior Manager
Manager
Decision making by specification,
task specific work
1st level supervision on established guidelines & standards
1st level of strategic thought & focus on boundary spanning
activities
Assess & understand longer-term variables
& accomplishing future goals
Leading and/or developing new practice areas, strategic alliances
& talent Critical Turning Point The
Bounce
Copyright 2012 – Business Learning Institute 53
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Wisdom from the MACPA Leadership Academy
According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators.
Next class: December 4,5,6, 2012
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Paul DePodesta - VP of Player Development for the New York Mets formerly Asst GM of Oakland A’s
Adopt a moneyball mindset
1. Ask the naive question 2. Be the house (measure, odds, risk) 3. A willingness to try anything 4. look around (especially outside) 5. Confidence matters - believe in yourself
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The collaboration curve replaces 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
A final word on collaboration…
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A leader’s job is to provide hope and inspiration..."
Tom Hood, CPA.CITP CEO
Maryland Associa8on of CPAs Business Learning Ins8tute
(443) 632-‐2301 E-‐mail [email protected]
Web hNp://www.macpa.org Blog hNp://www.cpasuccess.com hNp://www,bizlearningblog.com
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www.cpasuccess.com www.bizlearningblog.com
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http://www.bizlearning.net
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