In today's society, it is not uncommon for a company to move a portion
or the entirety of its operations overseas. This action is known as
globalization and has been increasing for many reasons. Cheaper labor,
wider customer base and lower taxes are a few of those reasons. With the
increase in globalization comes a change in the way students are
educated about business. Accounting is the root of business and with the
growth in globalization, accounting education has begun to change.
The
two main set of standards being used are International Financial
Reporting Standards (IFRS) and Generally Accepted Accounting Principles
(GAAP). Over one hundred countries throughout the world are using IFRS
while the United States has been using GAAP for over seventy-five years.
Companies that have begun to offshore and send business operations
overseas have begun to find difficulty in analyzing and comparing
financial reports while complying with both sets of rules. The
Securities and Exchange Commission has stated that since the United
States is the only country using GAAP, they will abandon it and switch
to IFRS. The switch to IFRS is going to have a huge impact on educators,
students and accountants currently using GAAP.
First off, the
switch from GAAP to IFRS would prove to be very costly. All accounting
textbooks would need to be rewritten to include IFRS and educators and
professionals in the field would all need to be trained in IFRS. Despite
the transition requiring a large amount of money, it would prove
beneficial to students and possibly current accountants by providing
additional opportunities to work for a wider variety of companies.
Current accountants would have to take continuing education classes to
fully learn the IFRS standards. The cost of those classes most likely
would be paid for by companies, although not all would pay for the cost
of these classes. Overall the cost of switching over to IFRS is vastly
outweighed by the opportunities that will be available to students,
current professors, educators and accountants.
A second major
factor in the switch from GAAP to IFRS is timing. The quicker and more
smooth the transition is, will also greatly impact the students, and
business people involved. Companies that currently have operations
overseas will most likely have a more smooth transition because they are
most likely already using IFRS or have a better understanding of those
Standards. Some accountants might not find that it is worthwhile to have
to go back and learn new ways of doing their job especially if they
have been using GAAP for many years. Current accountants might decide to
take on another position or change companies all together. The students
currently in school or soon to be in school for accounting could have a
major advantage when entering the work force if they have been taught
IFRS. These students would have a much better chance at obtaining entry
level positions and working up the ladder to higher positions because of
their updated knowledge.
Overall, the switch from GAAP to IFRS
in the United States would bring about a huge cost. Textbooks would have
to be redone, teachers, educators and current accountants would have to
be educated and take time out of their business day to learn the new
standards. Students currently in college for accounting will have to
stay and take extra courses to be educated in the IFRS standards instead
of the GAAP standards in which they are currently being taught.
Companies
would be spending a lot of money to send their accounts to courses,
seminars or workshops to update them in the International way of
recording financial reports. Despite the enormous cost of switching
standards, the benefit of switching as soon as possibly can create
better job opportunities for the current and future accounting students.
As the United States abandons GAAP and implements IFRS, companies that
have portions of their operations in multiple countries will be able to
fully compare financial statements without having to go through the
difficult process of using two different sets of rules and standards
when composing those statements.
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Accountants, accounting clerks, bookkeepers and auditors may study for
up to five years to prepare for careers in this growing field. While
precise course names may vary, coursework in auditing, federal income
tax accounting and ethics are usually standard among undergraduate
accounting curricula. Programs may additionally require students to
complete a related internship for credit in order to apply accounting
concepts like budget analysis and database management in a practical
setting.
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All undergraduate accounting programs include an
introductory course in accounting basics most pertinent for those
interested in operating sole proprietorships. Payroll accounting,
accountant processes and Accounting for Cash are only a few of the
topics covered in this foundational course.
Undergraduate accounting curricula generally include
coursework designed to familiarized students with the latest methods in
electronic bookkeeping, database management and how to apply accounting
principles using computerized software.
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Through case studies, students will evaluate the evolution
of ethics in accounting and discuss professional responsibility.
Students will also explore ethical standards set by state boards of
accountancy.
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A cost management or cost accounting course is designed to
train students how to manage internal operations within an industrial
setting. Project planning, decision-making, budget analysis and
profitability concepts are also emphasized in this course.
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Coursework in auditing is standard among undergraduate
accounting curricula. Students will learn how to gather and evaluate
evidence for an audit, and may even complete a student-prepared audit.
Auditing courses also include some degree of focus on ethics and legal
liability.
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Income tax accounting course offers guidance in tax
preparation. Students will develop a familiarization with various tax
forms, as well as tax preparation software. A close examination of
federal, state and local tax laws is also part of this course.
A government accounting course will focus on theories,
practices and other special requirements unique to accounting for
government and not-for-profit entities, like public schools. Coursework
in this area covers specialized reporting concepts and budgeting
procedures. Undergraduate accounting programs typically require that
students complete prerequisites prior to enrolling in this advanced
course
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