Download full text
Download full text
ERIC Number: EJ1054333
Record Type: Journal
Publication Date: 2013
Abstractor: As Provided
Reference Count: 38
What's the Rush? IFRS, the SEC, and the Pressure on Accounting Instructors to Teach Still More Financial Reporting Rules
Cherry, Alan A.; Schwartz, Bill N.
American Journal of Business Education, v6 n2 p161-176 2013
This paper addresses the problems facing accounting instructors in the U.S. as they struggle with pressure to incorporate IFRS into an already crowded financial accounting curriculum. To help instructors better understand the advantages and disadvantages of financial reporting under IFRS, we provide a critical analysis of arguments that have been made for and against IFRS adoption. This analysis should aid instructors in their design of lectures and assignments related to IFRS. We also show that adoption still faces serious obstacles, including the use of U.S. GAAP in contracts and regulations, the prohibition against the use of LIFO, and the Sarbanes-Oxley requirements for funding of a financial reporting standard-setter. We then provide support for an approach for incorporating IFRS in the financial accounting curriculum that places greater emphasis on teaching concepts than on teaching more rules. We conclude by presenting a model for a concepts course that would be taken by students as they begin the accounting major in their junior year.
Descriptors: Accounting, Business Administration Education, Standards, College Curriculum, College Instruction, Adoption (Ideas)
Clute Institute. 6901 South Pierce Street Suite 239, Littleton, CO 80128. Tel: 303-904-4750; Fax: 303-978-0413; e-mail: Staff@CluteInstitute.com; Web site: http://www.cluteinstitute.com
Publication Type: Journal Articles; Reports - Evaluative
Education Level: Higher Education; Postsecondary Education
Authoring Institution: N/A