Portal de Periódicos da CAPES

The IASB and FASB convergence process and the need for ‘concept-based’ accounting teaching

2010; Elsevier BV; Volume: 26; Issue: 1 Linguagem: Inglês

10.1016/j.adiac.2010.03.003

2590-1699

Salvador Carmona, Marco Trombetta,

Accounting Education and Careers

The increasing globalization of the U.S. economy drives interest in international accounting standards. In this respect, the convergence process between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) targets the completion of several major projects by 2011. The importance of the projects under consideration as well as the lack of conclusive theoretical solutions around them suggests that the target of a "common set" of accounting standards will be replaced in the short-medium term by a de facto situation of a "slightly different set" of accounting standards. In this paper, we draw on best available practices to make a specific proposal for the introduction of IFRS into the curriculum of institutions of higher learning in the U.S. Our proposal is driven by the idea that accounting education should move from teaching ever temporary rules to emphasize the economic and strategic underpinnings of accounting transactions.