In July 2009 PriceWaterhouseCoopers (PWC) sent an email communication to collegiate accounting educators regarding job candidate preparedness relative to International Financial Reporting Standards (IFRS). In this email PWC expressed an expectation that as of Fall 2009 sophomore students should be developing a “”pre-awareness”” of IFRS and that interviewing juniors and above should have a “”full awareness”” of IFRS. “”Pre-awareness””, per PWC, consists of the abilities to define what IFRS stands for; articulate the general uses of US GAAP and IFRS; and recognize the important future role for IFRS. In contrast, PWC sees “”full awareness””, which it expects of juniors and beyond, as the 3 pre-awareness tasks outlined above plus a knowledge of the sources of US GAAP and IFRS; ability to describe examples of IFRS financial statements; ability to identify an example of a difference between US GAAP and IFRS, and, finally, the ability to explain the current status of IFRS and the likely timetable for its adoption.

This article is from the Accounting Instructors’ Report, an electronic journal that provides teaching tips and insights to those who teach accounting and other business courses.

Jo Lynne Koehn, PhD, School of Accountancy, University of Central Missouri
Sandra Waller Shelton, PhD, School of Accountancy and MIS, DePaul University

Read Using Annotated IFRS Financial Statements as a Teaching Aide.