macpa professional issues update - 2013 student edition

Tom Hood, CPA, CITP, CGMA

Montgomery County Community College

October 8, 2013

MACPA Professional Issues Update 2013 Student Edition

“People  don’t  buy  what  you  do,  they  buy  why  you  do  what  you  do.”  

-­‐  Simon  Sinek  

Why MACPA?

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Associations in America were seen as unique from the foreign perspective

As soon as several of the inhabitants of the United States have conceived a sentiment or an idea that they want to produce in the world, they seek each other out; and when they have found each other, they unite. From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens.

– Alexis de Tocqueville

Alexis de Tocqueville 1835

Where  were  you  on  January  16th?  

2014 CPA day – January 15, 2014

New  CPA  Swearing-­‐in  Ceremony  

November  4,  2013  BWI  Hilton  

Maryland played an important role in the formation of the CPA Profession in the US

•  Edward Cockey •  First President of AICPA

• Henry Harney •  concept of CPA

• Max Teichman •  founding member of MACPA

Maryland was the third state to enact CPA legislation and first state in 1928 to restrict audits to CPAs

The Profession’s Associations

The Standard Setters & Regulators

•  The American Institute of CPAs (AICPA) –  450,000 + members

•  CPA/SEA – State Executives Association

•  50+ State CPA Societies •  The Maryland Association

of CPAs (MACPA) –  9,000 CPAs + 3,000

students

The CPA Profession Associations

•  FASB •  GASB •  AICPA •  National Association of

State Boards of Accountancy (NASBA) –  54 Licensing jurisdictions

A  profession  has  three  major  aOributes  

•  A  disPnct  and  evolving  body  of  knowledge  •  A  commitment  to  the  public  interest  –  licensed  by  the  government  

•  A  code  of  conduct  and  ethics  

State  of  Maryland  CPA  License  

How  to  become  a  CerPfied  Public  Accountant?  

           The  four  E’s  (State  of  Maryland  Example)    1.   EducaPon  –  (150  hours)  Bachelor’s  degree  +  30  

credit  hours  2.   ExaminaPon  –  Pass  the  Uniform  CPA  Exam  3.   Ethics  –  Maryland  requires  a  separate  ethics  

course  and  examinaPon  4.   Experience  –  1  year  of  experience  working  with  a  

CPA  

And  CPE  –  -­‐  80  hours  of  ConPnuing  Professional  EducaPon  reported  every  two  (2)  years,  including  four  (4)  hours  of  ethics  training  

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Business Landscape

Main Street Owner begins to delegate “Focus on growth”

Bu26 Million U.S. Small Businesses

Mid-Market Delegation: departments “System thinking”

.6M businesses

24 million

employees

3.2 million businesses 26 million employees

22 million businesses 27 million employees

Personal Businesses Consumer & Business blur

0-5 Employees

The pivot of any business is not whether it can reach consumers, it's the reality of whether consumers, especially connected customers, wish to connect with them now and over time.

The definition of creating a desirable brand now takes on an entirely new meaning.

To earn the attention and business of the connected consumer, the brand, product, or service must connect with its consumer personally—emotionally and intellectually.

From Push to Pull

• Change • Complexity • Compliance • Convergence • Competition

MANAGING THE SEA CHANGE

The Future

30 Future Forums 1,000 CPAs

Identified these top trends

What CPAs think about the future

http://www.bizlearning.net/live/i2afutureforums

MANAGING THE SEA CHANGE���Be the Captain of your own ship!

• Continuous Learning

• Competency

• Collaboration = Career Success

It really is about this...

OUR GYROSCOPE!

In  1997,  the  CPA  profession  crowd-­‐sourced  its  future  with  over  3,500  CPAs  in  the  CPA  Vision  Project  

That  was  re-­‐validated  in  2011  by  8,000+  CPAs  

CPAs... Making sense of a changing and complex world.

Our core purpose, our reason for being is

Here is what they said…

The  DNA  of  the  CPA  Values  &  Competencies  

•  Leadership  •  CommunicaPon  •  Strategic  Thinking  •  CollaboraPon  &  Synthesis  •  Technologically  Savvy  

Our  Vision  Statement  for  the  future  is:  (  mandates  to  ourselves  for  a  successful  future)  

•  CommunicaPng  the  total  picture  with  clarity  and  objecPvity,  

•  TranslaPng  complex  informaPon  into  criPcal  knowledge,  

•  AnPcipaPng  and  creaPng  opportuniPes,  and  

•  Designing  pathways  that  transform  vision  into  reality.  

CPAs are the trusted professionals who enable people and organizations to shape their future.

Combining insight with integrity, CPAs deliver value by:

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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.

The CPA Brand

The

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CPAs Inspire Confidence

Don't know

Agree

Disagree

“I would be more confident in a job done by a CPA than if it were done by an accountant who is not a CPA”

“CPAs have a unique perspective that is valuable when making business and financial decisions, even when those decisions are not directly related to accounting”

BDMs

Agree67%

Don't know17%

Disagree16%

Investors

Don't know

AgreeDisagree

BDMs

Agree74%

Don't know11%

Disagree15%

Investors

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A CPA Story

Click here to read the full story

Lessons Learned: What I want you to know

Click here to read all the blog posts

Rebekah  Brown,  CPA  Customized  Learning  Consultant    Maryland  AssociaGon  of  CPAs  Business  Learning  InsGtute  (443)  632-­‐2320  E-­‐mail  Rebekah@macpa.org  Web  hQp://www.macpa.org          hQp://www.blionline.org    Blog  hQp://www.cpasuccess.com  TwiQer  @RJBrownCPA  LinkedIn  Rebekah  Brown,  CPA    

Tomorrow’s CPA The Maryland Association of CPAs’ Student Group

�  Benefits – � Discounts on certain MACPA

programs � Connect with other students and

CPAs in the Mentor Center � MACPA Scholarship �  Brand new Internship/Job

Database � Discounts on many CPA Exam

review programs

@tomorrowscpa

www.facebook.com/TomorrowsCPA

www.macpa.org/Content/students.aspx (Join here: www.tomorrowscpa.org)

tcpa@macpa.org // julianne@macpa.org

How to join & get involved

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A leader’s job is to define context and provide hope and inspiration..."

Tom  Hood,  CPA.CITP  CEO  

Maryland  AssociaGon  of  CPAs  Business  Learning  InsGtute  

(443)  632-­‐2301  E-­‐mail  tom@macpa.org  

Web  hQp://www.macpa.org  Blog  hQp://www.cpasuccess.com