A quartet of accounting professors at the University of Washington Foster School of Business has received a PricewaterhouseCoopers “IFRS Ready” grant to implement the teaching of international financial standards. PricewaterhouseCoopers, the international accounting firm, awarded IFRS Ready grants to only 23 schools nationwide.
The grant is intended to help select faculty develop teaching materials that introduce students to International Financial Reporting Standards (IFRS), and to highlight the differences between international accounting standards and those practiced in the US according to the Generally Accepted Accounting Principles (GAAP).
The team spent last summer researching and developing a comprehensive set of classroom materials that focus on the topic areas where international and domestic standards differ the most. Examples include inventories, intangible assets (such as research and development), provisions and contingencies, and property, plant and equipment. By design, this core set of topics is relevant to introductory accounting courses as well as more advanced, graduate level courses.
Another task of the grant recipients was to research and compile an easy-to-use system for accessing IFRS-related materials which proliferate on the Internet.
“We hope to help integrate IFRS across the Foster School curriculum (and avoid unwanted redundancies) by offering suggestions of what gets incorporated into which courses and by providing a clearinghouse where instructors communicate what they are incorporating into their courses,” says Jane Kennedy, the group’s lead investigator.