Demographics – 320 people! 320
people in attendance with an average of 20.7 years as CPAs! Business Industry Corporate! NonProﬁt! Government! Public Practice Audit! Public Practice Tax! Consulting CFO Advisory! Public Practice Financial Planning! Other!
Are you Future Ready?! Future
Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment.!
1. Private Companies Dominate! 2.
Private Companies create wealth & jobs! 3. Private Companies invest and drive growth! 4. Private Companies are agile & nimble and drive innovation !
What does this mean for
Young Professionals? 11 Things Young Professionals Want You to Know 1. More collaboration. 2. More transparency. 3. Encourage initiative. 4. Focus on strengths. 5. Expect the unexpected. 6. Take time to save time. 7. Look beyond the billable hour. 8. Engage your team in your vision. 9. Be realistic. 10. Train your staff and expect accountability. 11. Take a financial risk on leadership.
What does this mean for
Students? Top 5 Things They Want:! 1. Work-Life Balance! 2. Career Growth & Stability! 3. Competitive Pay! 4. Flexibility! 5. Learning & Development! Top!
Supreme Court - SCOTUS ACA
and Tax Credits! Perez vs Mortgage Bankers! FTC vs NC State Board of Dental Examiners! Wynne Case - MD out-of-state tax credits! SCOTUS Allows federal challenge of CO “Amazon Tax”!
New Code of Ethics •
Intuitively arranged • User-friendly online code: aicpa.org/newcode • Enforceable rules and principles not changed • Minimum substantive changes to interpretations • Non-authoritative guidance referenced • Effective December 15, 2014 • Additional year for Conceptual Frameworks
Legislative Advocacy “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, on the power of Associations in Democracy in America
3 Levels 2 Objectives 1.
Offense: Pass Proactive Bills 2. Defense: Stop Bad Bills 1. Federal 2. State 3. State Board of Accountancy
Our 2015 MD agenda 1. Appeal
Bond Reform 2. Expanded definition of attest 3. Build new relationships with legislators 1. Stop Sales Taxes on Services 2. Stop Comparative Fault by Trial Lawyers 3. Monitor 2,500 active bills in MD legislature Numbers Count! Defense Offense
How we did it 1.
Build and maintain Key Relationships with legislators and regulators (PAC, meetings and events) 2. Grassroots capabilities through membership - we can target specific legislators by committee and district 3. Financial support of key legislators via our PAC 4. High profile events that increase visibility of CPA Profession (CPA Day for legislators and Swearing-in for DLLR/State Board)
Tom’s Favorite Tools “Use the
tools, don’t let the tools use you.” – Francine McKenna @retheauditors • Twitter • Linked-In • Blog • Slideshare.net • Evernote • Tweetdeck.com • Hootsuite.com • Zite.com • Kindle
Our Digital Transformation Strategy 1.
Digitization & workflow –shifting resources and systems to growth areas 2. Virtualization – Moving IT infrastructure to cloud 3. Transformation to cloud – Increase use of existing systems of engagement 4. Transformation to cloud – New cloud based systems – accounting 5. Transformation to cloud – Move AMS and MACPA website
We identiﬁed three major goals
for making this shift:! 1. Help employees identify and address the challenges and opportunities that have the greatest imp 2. Help employees strengthen high-impact connections by enabling them to collaborate easily with o 3. Amplify the impact of those efforts by building an infrastructure that allows small improvements to
“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
92% of CPAs are! NOT
Future Ready!! Future Ready is the capacity to be aware, predictive, and adaptive of emerging challenges, tech innovations, and trends and changes in business, population, and social environment.! Source: CPA.COM 2014 CPA of the Future Study!