Members Advisory Forum
|
|
The accounting profession is always on the move. So how can you keep up with all of the changes?
The MACPA Members Advisory Forum is the premiere event for members and colleagues to learn about the latest issues in the profession from local and national leaders. Held in the spring and fall, these events:
- Provide an update on the future of the accounting industry
- Show how MACPA members are having an impact on a state and national level
- Report the news from Lansing about the activities of the Michigan State Board of Accountancy and the lobbying efforts on behalf of the profession.
Highlights of the 2008 Spring Members Advisory Forum
Tuesday, May 13, 2008
AICPA President Barry Melancon’s keynote address at the 2008 Spring Members Advisory Council provided an overview of national issues including convergence with international accounting standards, CPA license mobility, student recruitment, accounting PhD shortage, and the Feed the Pig campaign. Takeaways from Barry’s presentation include these key points:
- Recent studies show accounting enrollments, graduates and hiring are up.
- Studies also confirm a faculty shortage issue, particularly with accounting PhDs. The AICPA Foundation is securing funding to increase the number of PhDs.
- The most significant challenge facing the profession is the movement toward a single set of principles-based global accounting standards.
- The momentum continues to build across the country for a unified CPA license mobility process.
Following his talk, Barry initiated roundtable discussions on a new proposed forensic accounting credential. Barry sought MACPA member input on the credential, slated for consideration by the AICPA Council at its upcoming meeting.
Mike Willis, the country’s foremost expert on Extensible Business Reporting Language (XBRL) explained the role XBRL would play in the global convergence of accounting standards.
Mike said that market-wide adoption of XBRL in financial reporting could bring substantial benefits to all stakeholders by providing more timely, accurate and transparent data in company reports. He said an announcement by the SEC to phase in use of XBRL was imminent. (Editor’s note: The day after the MACPA Members Advisory Council meeting, the SEC announced a proposed new rule that would require all U.S. [public] companies to provide financial information using interactive data beginning next year for the largest companies, and within three years for all public companies.)
Both Mike Willis and Barry Melancon discussed the trickle-down impact of XBRL on financial reporting for companies and organizations of all sizes. Willis demonstrated how this system of communicating business and financial information could be an incredible tool for every CPA, as it can be useful for business reporting, statutory reporting, tax reporting, and more. Mike “wowed” the audience by creating a few real-time reports in a matter of seconds.
Another highlight of the day was a presentation from MACPA President Peggy Dzierzawski. She showcased the achievements of members in the areas of advocacy, community outreach, financial literacy, CPA license mobility, image enhancement, CPE development and student recruitment.
More than 200 attendees also heard from two Lansing insiders. Enjoying the opportunity to meet with a large group of CPAs for the first time as the new Licensing Administrator, Carol Flores, provided an update from the State Board of Accountancy. Our Lobbyist, Tom Hoisington, capped off the day with his astute analysis of the legislative turmoil surrounding the Michigan Business Tax.
About Members Advisory Forum
Through statewide representation, the Members Advisory Forum facilitates the exchange of information, vision and ideas. In addition, the Forum fosters a greater understanding of our changing profession by providing an environment to share knowledge, trends, shifting paradigms and concepts. Forum members act as catalysts for change as they return to their regions and relay the work of the Forum. In turn, information gathered at the grass roots level is shared with the Forum.
Composition
Board members, interest track committee and task force chairs and vice chairs, former Chapter officers, and Past Presidents constituted the initial Regional Advisory Council, which is now called the Members Advisory Forum.
The Forum is open to all members of MACPA, and recommended five credits of continuing professional education is preferred.
