Impact of Globalization of Accounting Education

Impact of Globalization on EducationAccounting Accounting is the process of recording financial information and transmit relevant information to managers and shareholders. There are two rules to convey this information: FASB (Financial Accounting Standards Board) and IFRS (International Financial Reporting Standards Internal). FASB is mainly used in the United States, while IFRS is used throughout the world. Globalization is the process of integrating a variety of cultural and economic through every communication and trade. The poor with globalization is the fact that every culture is different. Every culture has its unique way of doing things and the same culture have to adapt successfully to include. From an accounting standpoint, the main difference here is the way accounting is taught by the FASB and IFRS. With the growing globalization, it is inevitable that the impact of globalization on accounting education should addressed.

The most obvious changes of globalization studies with a change in accounting policy. This means that the accounting concepts should be taught differently because of cultural differences. Some basic accounting concepts will have to change: FASB, IFRS, GAAP (Generally Accepted Accounting Principles). It also includes accounting for import / export, exchange rate, and ethics. FASB and IFRS convergence is slowly happening. This scene is important because it creates harmony between cultures interact, requiring students to have awareness and knowledge of other cultures and their economies. The merger is scheduled to be completed and begin in 2015. Kathleen Casey, President of the Security and Exchange Commission from 2006-2011, was quoted as saying "This [plan was formed to combine the FASB and IFRS] serve to help ease the transition to IFRS and to minimize the impact any obstacles along the way. "The plan is to combine the perfect would be beneficial for the global economy, but it will not come without the positive and negative impact on the global impact positively education.A international educational travel options for increasing employment. 

American students will have more opportunities to travel to other countries for work, while students from other countries come to America to work. Negative effects may include an increase in foreign workers to come to America, and a small increase in Americans going abroad. An example of this would be negative compared to the U.S. Chinese population. Statistically speaking, the ratio of more people coming to the United States to go to another job can cause an imbalance in the labor market. This may further increase unemployment in the United States. Although there are both positive and negative, from the perspective of the study would be a major change in method of accounting students and workers now taught.As become familiar with U.S. GAAP accounting standards, changes in IFRS will lead The way this very topic being taught. Additional language classes are required for students. Moreover, textbooks will be rewritten and purchased by students. 

For teachers, they should know how to explain IFRS seminars to teach it. It also can be a problem for accountants who have been in their profession for a long time. They must adapt to the changes that will temporarily inhibit their ability to work. One way to avoid this is to extend the date IFRS combine a certain period of time. This will allow current students, teachers, and accountants to prepare shift.Globalization Accounting Education is something that ultimately will benefit the global market and culture of each of them. The main purpose of this change is to have a method of accounting used throughout the world. While this concept is perfect, the process of applying to change will not be easy. Some problems with changes including a re-examination of GAAP, FASB, and IFRS rules. This advantage will create an integrated method of accounting that can be used worldwide. 

Impact on international education will ultimately positive for the creation of opportunities for American students to travel to other countries for education and work experience. This weakness is the possibility of more people to enter the U.S. to work rather than holidays. Impact on international education including rewriting the textbooks and the creation of new ones plus additional language requirements. It also will force professors and accountants who work to attend college so they can be updated with current accounting procedures. The adaptation process can be difficult in the short term, but in the long run it creates a medium where all cultures can communicate.