The Impact Of Gaap And Ifrs On Accounting Programs

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Topic: The effects of GAAP and IFRS Convergence on accounting programs The first article reviewed was A progress report: IFRS-U.S. GAAP Convergence and it Curriculum Impact. The key aspect of this abstract is the impact in higher education. The difficulties in training for teaching IFRS and the benefits gained. The introduction describes how more countries have adapted the IFRS guidelines and it estimates that the United States may do so in the next decade. Because IFRS is becoming widely accepted, the SEC director is looking into transitioning into IFRS. With the SEC looking into the transition, “public accounting firms are expecting new hires to be aware of the convergence process and the differences in IFRS and GAAP.” (Bandypadhyay, J.& McGee, P.F., 2012) Because of these issues accounting educators, have to become proficient in teaching a new set of rules, while moving from analytical methods to broad based. The specific purpose of this study is the concerns for accounting educators regarding the curriculum impact. The Literature Review had four categories; “a brief history of IFRS, a summary of reports from countries that have adopted IFRS, a summary of two surveys performed with accounting educators in the U.S. regarding curriculum impact, and a discussion on curriculum and human capital impact.” (Bandypadhyay, J.& McGee, P.F., 2012) There were forty-two different sources cited in this review. The Literature Review discussed the history of IFRS beginning
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