PricewaterhouseCoopers LLP (PwC) today announced the awarding of $700,000 in grants to colleges to accelerate preparedness of U.S. accounting students for the anticipated adoption of International Financial Reporting Standards (IFRS). The first-of-its-kind program initially assists 26 universities and colleges across the United States in creating an IFRS curriculum in their accounting programs. The grants are part of a $1 million financial commitment announced by PwC to support IFRS education.
The globalization of business and finance has led to the successful adoption of IFRS by upwards of 12,000 companies in more than 100 countries. The U.S. Securities and Exchange Commission recently adopted a proposed roadmap for the potential transition by U.S. companies from Generally Accepted Accounting Principles (GAAP) to IFRS. This decision formalizes a path to adoption and hastens the need to transform the education of the domestic accounting industry.
PricewaterhouseCoopers believes that the adoption of IFRS will make the U.S. capital markets more competitive because U.S. issuers will be better able to compete for capital in sectors where non-U.S. companies now report under IFRS. Embracing a single set of global accounting standards will contribute to a higher degree of investor understanding and confidence.
source : msnbc
