Syllaby

Introducing IFRS in Introductory Financial Accounting Courses

By Katherine Kinkela, New York Institute of Technology Peter Harris, New York Institute of Technology John Malidretos, Yeshiva University ABSTRACT With the possibility that International Financial Reporting Standards (IFRS)may replace or may change substantially the US Generally Accepted Accounting Principles (GAAP) standards currently in place within the next decade, there is a question for accounting educators about how much of the current accounting curriculum should be devoted to IFRS. This is especially critical in the first levels of accounting, where the fundamentals of accounting are learned. While the major accounting firms are positioning themselves to advise clients when a transition in accounting standards occurs, an understanding of current US GAAP and current and potential IFRS standards will be necessary for today’s students. This paper will examine strategies for incorporating IFRS into the introductory levels of the accounting curriculum. The paper will advocate that IFRS education should be incorporated into each introductory level course in accounting. A variety of approaches will be analyzed. The paper will demonstrate that a basic knowledge of IFRS is essential to the business vocabulary for both accounting and non-accounting majors, and therefore a valuable component of the introductory accounting curriculum.

JEL: Keywords: IFRS, IASB, Accounting Education Introduction

Prior to 2000, with a full curriculum already in place for accounting students, the addition of course segments devoted to international accounting standards was often minimal in the introductory and intermediate levels of accounting. Recent changes have brought harmonization of international accounting standards and widespread adoption of IFRS International Financial Reporting Standards. The question of whether and how to integrate IFRS into the established accounting curriculum has been controversial for a...