Globalization refers the process of global integration. Globalization is more precisely the process of combining the economies, societal values and cultures through communication, trade, and other means. This is why it is so important to understand the global environment and its motives. There are many benefits and drawbacks to globalization. There are positives, such as the idea that the world will become more united. But, many fear that globalization will lead to a more communist society filled with sweatshops and degrading. Although globalization is seen as inevitable, it is not possible to stop. However, not everyone agrees with the changes taking place. It has a profound impact on so many industries, and all of the studies. One example is the education in accounting, which is one of many industries that are facing the many consequences of globalization, read more.
The ideas of IFAC, IAESB and IFAC are essential in understanding how globalization has impacted the education of accountants. IFAC is the International Federation of Accountants. They are made up of 157 people from more than 120 different countries. Their goal is to represent the 2.5 millions accounting professionals. They are there to serve the public’s interests and to share ideas that will make the international accounting industry stronger than ever.
They are the international speaking bodies for standards and international unity among all countries. International Accounting Education Standards Board (IAESB). This group is more concerned with the implementation of a globalized education system. They are interested in current issues that affect the entire accounting profession and the development of education (Accounting Education).
Globalization has caused a significant shift in the accounting education system. Globalization is causing a wide gap in the knowledge and education of principles between countries (GAAP vs. IFRS). Concepts are being reevaluated so that they can be understood and applied as policy for international use. Many more requirements are being enforced at institutions to allow for revisions in the education of accountants. Many accountants will need to go to graduate school in order to meet the credit requirement. To graduate with a B.S. in Accounting, there are additional courses to add to the list. Accounting. Professionals will be able to learn more about global integration through the use of foreign language and international requirements. These textbooks are being constantly updated and resold as new. This is putting stress on accounting professors. Globalization and international economics were not prominent in their educations and professional careers in years past.