The world is constantly moving and updating information, habits, cultures and ideas every day; This is a process of globalization and is becoming more and more popular in the business world, and soon, if not, it becomes a social norm. The world is getting smaller, technology is developing and markets are growing in this fast-growing global economy. Students are still part of this change in the sense that college accounting students are re-evaluated and otherwise taught to better assist them with international awareness and habits to ensure future success in this area.
Accounting is known as the "business language", it is essential for globalized companies to understand and coordinate each other to ensure a common understanding in order to understand the accounting process for the entire business community (Paul, 2007). "Although changes in the business environment affect accounting and accounting, they have recently been called upon to promote research in accounting education to respond to the challenges of the environment as much as possible" (Albrecht and Sack, 2000; Albu, 2012). Therefore, accountancy accounting for today's students includes a longer and more varied structure for accommodating emerging economies and keeping pace (Albu, 2012). The concept of globalization of accountants should be understood by two key concepts; the General Accounting Principles (GAAP) and the International Accounting Principles, International Financial Reporting Standards (IFRS) (De Gottal, 2014). If students focus on GAAP only, they may hinder their work opportunities in their future relationship with international financial corporations. GAAP, which is primarily taught to American colleges worldwide. It would be necessary for students to seize both concepts to help their basic understanding, enabling them to go further than without this knowledge.
If not yet, they will soon hire accounting professionals to hold more international courses to fully understand and recognize the different political, economic, and market systems in each country. Understanding these principles can only help students when they are conducting accounting studies when they eventually apply for this competitive market. It would be no surprise that in the future, countries will ever agree to develop a set of accounting standards and laws. Beside intensive classes, it is likely to add to the already 150 credits, five years before the program students are also sitting on the CPA Exam; students will never stop learning after graduation. Auditors should keep up-to-date by changing such globalized markets and principles as both GAAP and IFRS systems are updated so frequently.
Today, accounting firms are looking for a wide variety of opportunities for recruiting a potential employee. For example, many students are involved in accounting and minors of finance. Today's companies are looking for a greater variety than potential candidates. Minors or even double degrees in international business show companies the diversity and creativity when applying for jobs in this area. It's possible to take a second language while your 150 credit is heading toward your goal, only to help your students. This shows that companies are moving towards a more globalized market and performing. This change also provides opportunities for international and American-born students. American students seeking employment will be able to travel overseas to work in business like Asia or Europe (Nolan, 2010) and vice versa for international students working here in the United States. Among international students, the question of not having to go to the same school as US students can create a gap in education but, according to a positive note, "every accountant will be able to bring something else to the table and accounting professionals can learn from each other" ( Saitto, 2013).
These unavoidable changes in the accounting area are positive and negative for future accountants. It is important for students to understand these changes and to work with them to achieve positive results when they are looking for workplaces. The education system becomes increasingly global in the sense that students have the opportunity to better understand globalization in accounting. Students now have the opportunity to study abroad to learn more about IFRS than an American college offers. This can be a big plus for those looking for work in the future. To gain experience and knowledge about globalization in this economy and society is a great way to start a successful accountant in your career.
Albu, Nadia, Catalin Nicolae Albu and Maria Madalina Girbina. "Educating Accountants in an Emerging Economy – An Analysis of the Importance of Stereotypes in the Teaching of Ifrs". International Journal of Academic Research 4,3 (2012): 51-57. Academic Search Full . Web.
Diaconu, Paul. "The impact of globalization on international accounting harmonization". SSRN Electronic Journal SSRN Journal (nd) :. Web.
Nolan, Jessica, "Effects of Globalization on Accounting Education". 18 nov. 2010 EzineArticles.com. Web.
Saitto, Gabrielle. "The impact of globalization on accounting education among college students". Colonel Articles Np, 13 November 2013 Web.
De Gottal, Emma Frances. "The impact of globalization on accounting education". EzineArticles.com Np, November 18, 2014 Web.