The Effect Of International Financial Reporting Standards Convergence On U. S. Accounting Curriculum

Abstract

Major changes are coming to U.S. financial accounting and accounting education as U. S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) converge within the next few years. In 2008, the U.S. Securities and Exchange Commission (SEC) published a proposed road map for the potential convergence of U. S. companies to IFRS beginning with large filers for fiscal years ending on or after December 15, 2014. On February 24, 2010, the SEC issued a new timeline which would require IFRS for U.S. reporting in 2015 or 2016 at the earliest (Derstine and Bremser, 2010). Obviously, this change to IFRS requires an adjustment in U. S. accounting education. The primary purpose of this paper is to examine the current state of accounting curricula and IFRS. An examination was made of both required and elective international accounting courses offered to students in the top 20 undergraduate, graduate and doctoral programs. These programs were identified by the Public Accounting Report in its October 31, 2009 issue. It was conjectured that the top programs would take the lead in IFRS education. The universities online websites and catalogues were examined for program requirements and course titles. The results show a paucity of accounting coursework related to international accounting and IFRS.