Alumni play prominent role in the IFRS college curriculum
The conversion to International Financial Reporting Standards (IFRS) is one of the biggest issues facing the accounting profession today. If (or more likely, when) IFRS is adopted in the US, the shockwaves will hit not only thousands of businesses, but also those institutions of higher learning committed to training the next generation of IFRS-savvy accountants.
“The changes that are now clearly on the horizon will create a seismic shift around the knowledge and content that US students will need to learn in the coming years,” says Douglas Shackelford, Professor of Accounting at the University of North Carolina’s Kenan-Flagler Business School.
To address this need, in April 2008, the EY Foundation launched the EY Academic Resource Center (ARC) — a pioneering collaboration between the firm and academia. With a faculty consisting of four alumni partners and accounting professors from leading schools, the ARC aims to develop a free, publicly available curriculum to help both students and faculty prepare for global accounting changes, starting with IFRS.
“I strongly believe that education is crucial to the American dream.John Kiss, retired partner, Chicago, Illinois
On 30 January 2009, the ARC released its Phase I curriculum, including nine modules covering introductory and intermediate IFRS accounting topics. Within two weeks, more than 250 faculty, representing more than 200 colleges and universities, visited a website where they could preview and download the materials.
The recently retired EY partners on the ARC faculty include John Kiss, Nick Kissel, Peter Nurczynski and Bob Riley. Together, the four have more than 140 years’ worth of experience at EY, with extensive backgrounds in IFRS, GAAP and financial reporting. With their on-the-job and real-world experience, John, Nick, Peter and Bob complement the ARC academicians, who include Tim Eaton (Miami University), Jana Raedy (University of North Carolina) and Irene Wiecek (University of Toronto).
“After all my years serving clients, it’s especially gratifying to be able to bring to educators and students my real-life experiences and the practical issues connected with the adoption and use of IFRS for financial reporting.”Peter Nurczynski, retired partner,
“The initial feedback to the ARC curriculum has been extremely positive,” says Ellen Glazerman, EY’s Americas Director of University Relations. “Faculty have expressed great appreciation for EY’s continuing support of higher education — and, of course, we could not have done it without the significant contribution of our alumni partners.”
The ARC’s Phase II IFRS curriculum, which is to include additional intermediate and advanced accounting topics as well as materials for countries outside the US, is scheduled for release in early summer 2009. In addition, in June, John, Nick, Peter and Bob will colead a week-long IFRS training session for faculty from leading accounting schools.
For more information on the ARC IFRS curriculum or faculty training session, please contact Catherine Banks, EY ARC Program Director, at +1 206 654 7793.