Case Study of Pertinent Skills of the International Financial Reporting Standards as Identified by Accounting Professionals

The convergence from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) is an attempt to harmonize accounting standards globally. Because of the rapid convergence to IFRS, the accounting profession is changing as educational facilities are altering some aspects of their objectives. The problem that was addressed in this research is how predominate IFRS skills, sought after by accounting firms, may not be consistently taught in the accounting curriculum when funding is not provided (Elena et al., 2009; Jones et al., 2009). While existing accounting employees are receiving training on IFRS, potential employees are expected to have gained some knowledge of the topic during their educational career, before being hired (Elena et al., 2009; Mintz, 2010; Thomas, 2009; Munter & Reckers, 2009). Current literature that describes general curriculum theory focuses on the importance of creating curriculum and what is expected of learners, and this theory pertains to the accounting curriculum. This dissertation focused on the specific IFRS skills, determined by professional accountants, and how those skills are being taught in existing accounting courses. Therefore, further research specified and linked the IFRS skills needed to how those skills are being taught in existing classes. The purpose of this qualitative single case study was to review specific IFRS skills, identified by accounting firm employees, to determine how they are being instructed as part of the accounting curriculum at universities, leading to an understanding of the preparation of accounting students for professionalism. Single case studies significantly contribute to knowledge and theory building.;Overall, the researcher attempted to contact 20 participants. Of the 20, only three agreed to participate in the study. The three participants each completed an online survey that enabled them to communicate their experience with IFRS as it pertains to their profession. The sample consisted of employees at universities in the United States, focusing on their experience with IFRS. An expert sampling method was used in order to contact the three participants. Participants shared their experience on teaching important IFRS skills in the existing accounting courses by completing the online survey. The results of the survey were evaluated to determine how IFRS skills are taught in the accounting curriculum. Universities who have received IFRS funding were compared to universities who have not received funding to determine the differences between the curriculum teachings. Four recursive major themes emerged from the study: (a) the ability to differentiate between IFRS and US GAAP, (b) limited time in existing accounting classes, (c) asking questions on tests, and (d) already incorporated into classes. The key findings implied universities that include IFRS in existing accounting courses only incorporate the standard by studying a few differences between IFRS and U.S. GAAP, not fully covering the skills sought by accounting employers. The recommendation for future practice included a reward to participants if they complete the survey. Recommendations for future studies considered an expansion of the major themes into separate studies focusing on the possibility of adding skills to current accounting courses, exploring other ways to ensure comprehension of IFRS, and exploring other methods to increase the number of universities who offer a separate IFRS class.