Anne Lise Sehi, “The Future of International Accounting in the United States from Regulation, Academia, and Practice”
Mentor: Veena Brown, Business
The future of International Accounting as a University course, and in practice, in the United States has gotten more attention in recent years since the signing of the Norwalk Agreement in September 2002. The landscape surrounding the crossing point of International Financial Reporting Standards (IFRS) with the U.S. Generally Accepted Accounting Principles (U.S. GAAP) has drastically changed since the U.S. is no longer considering converging with IFRS. As such, the extent of the knowledge of International Accounting needed by accounting graduates is unclear. This research examines the importance and use of International Accounting (including IFRS) to practitioners in the United States to better inform academia and the Accounting curriculum. Universities want to ensure that accounting graduates have the knowledge needed to better prepare them for a career in accounting. This study bridges the gap between practice and academia. The research draws upon prior literature, interviews, hand-collected, and survey data. It also entailed contacting the Department Chair of Accounting in 160 different universities to obtain perspectives on the topic.