Submitted by: Submitted by bneely7
Views: 158
Words: 597
Pages: 3
Category: Business and Industry
Date Submitted: 03/18/2014 06:44 AM
INTEGRATING INTERNATIONAL FINANCIAL
REPORTING STANDARDS INTO THE ACCOUNTING
CURRICULUM: STRATEGIES, BENEFITS AND
CHALLENGES
Originally written by: Marianne L. James
Summary by: Brian Neely
September 21, 2011
The article that I chose to summarize deals with the integration of International Financial Reporting Standards (IFRS) into the standard accounting degree curriculum offered in today’s universities. I chose this article because this issue has been the “elephant in the room” for some time now and students graduating from their degree programs still do not have the slightest clue as to how it will affect them when they finally get a “real job.” Some U.S. companies have already come to realize that they had better get in line with these standards as they are very important when operating on a global level. This has become a very common level for any size company to operate at today with the advent of electronic business that can be transacted from anywhere to anywhere in the world while still sitting at a desk in your own country at any time of day or night.
The issue at hand is such that U.S. GAAP is going the way of the Dodo bird. In its place IFRS will change the way companies do business. This change will affect more than just accounting procedures; it will affect the core financial aspects of the company implementing IFRS for the first time. This obviously will affect the business strategy of any given company that employs the IFRS in order to operate on the global level. In fact, there are more than 120 countries currently utilizing IFRS. Of those 120, many are even requiring the use of IFRS. This may eventually become a requirement with all countries.
“Accounting is often referred to as the language of business and business majors must be able to disseminate the information provided in the financial statements and reports to be able to interpret results.” (James, 2011) The problem that I found with...