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ERIC Number: EJ1109611
Record Type: Journal
Publication Date: 2011
Pages: 4
Abstractor: ERIC
ISSN: ISSN-0963-9284
A Commentary on "Contextualizing the Intermediate Financial Accounting Courses in the Global Financial Crisis"
Tan, G. K. Randolph
Accounting Education, v20 n5 p521-524 2011
Bloom and Webinger (2011), written by two professors from John Carroll University in the USA who are involved in teaching accounting, discusses an attempt at embedding relevant lessons from the recent global financial crisis (GFC) into an undergraduate accounting curriculum. It suggests that accounting courses infused with such a treatment would possess two main elements that would draw the active engagement of students. The first element is how accounting underpins the intersection of the relevant business courses, such as banking, economics and finance, in the key issues behind the GFC. According to the authors, these issues--problems which are at the root of the GFC--are linked to financial accounting and reporting. The second element is empowering students of accounting. This comes when, after having imbibed the lessons of the crisis, students contribute toward the momentum for reforming the system to prevent a recurrence. In his commentary, G. K. Randolph Tan states that his concern is that Bloom and Webinger understate the magnitude of the instructional challenge. He begins by focusing on two aspects of the article which he feels require more justification. These are its confining exposure to Intermediate Accounting courses, and its ignoring the controversy over the potential role of fair-value accounting (or marking-to-market). He goes on to point out that another area of weakness in Bloom and Webinger (2011) is the lack of coverage of legal issues, noting that the article expresses the potential for examining regulatory and legal issues, it makes no further mention of how this is covered in the instruction. Tan concludes with suggestions for improvements to Bloom and Webinger's article, including: (1) stating clearly the strength of evidence about accounting's role; and (2) explaining how the new material would supersede existing materials in what are usually very tight undergraduate accounting curricula. He argues this would enable Bloom and Webinger to argue more convincingly for the sort of paradigm shift necessary to address those weaknesses. [This article responds to Robert Bloom and Mariah Webinger's "Contextualizing the Intermediate Financial Accounting Courses in the Global Financial Crisis" v20 n5 p469-494 2011 (EJ1109610).]
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Publication Type: Journal Articles; Opinion Papers; Reports - Evaluative
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A