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Global adoption of international financial reporting standards: Implications for accounting education

Jackling, Beverley (2013) Global adoption of international financial reporting standards: Implications for accounting education. Issues in Accounting Education, 28 (2). 209 - 220. ISSN 0739-3172

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Abstract

More than 120 countries now require or permit the use of International Financial Reporting Standards (IFRS) or are converging with IFRS as issued by the International Accounting Standards Board (IASB 2011). The objective of the IASB is ‘‘to develop a single set of high-quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles’’ (IASB 2012a). This entails principles-based standards, where the various recognition, measurement, presentation, and disclosure principles of the standard are informed by concepts contained in the IASB’s Conceptual Framework. Given that more than 120 countries have or are in the process of transitioning to IFRS, global financial reporting is rapidly becoming a reality. It is therefore timely to reflect on the development, application, and implications of IFRS and their implications for accounting educators. It is crucial for the success of the global adoption of IFRS to build not only an infrastructure of knowledgeable IFRS educators, but also teaching resources that are informed by the principles-based IFRS. This special section of Issues in Accounting Education (IAE) aims to provide an overview of some of the factors for accounting educators to consider in IFRS adoption. Additionally, the articles in this section outline the experiences of accounting faculty from eight countries in teaching IFRS. The critical message conveyed is that, as the global financial reporting standards are increasingly adopted, educators need to adapt their teaching practices to meet the challenges of IFRS.

Item Type: Article
Uncontrolled Keywords: teaching; special section; American Accounting Asssociation; AAA; KPMG; United States
Subjects: FOR Classification > 1303 Specialist Studies in Education
FOR Classification > 1501 Accounting, Auditing and Accountability
Faculty/School/Research Centre/Department > College of Business
Depositing User: Symplectic Elements
Date Deposited: 23 Mar 2015 23:56
Last Modified: 25 Sep 2016 03:52
URI: http://vuir.vu.edu.au/id/eprint/26398
DOI: https://doi.org/10.2308/iace-50391
ePrint Statistics: View download statistics for this item
Citations in Scopus: 6 - View on Scopus

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