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Teaching IFRS in the UK: contrasting experiences from both sides of the university divide

journal contribution
posted on 2023-06-09, 04:03 authored by Gregory N Stoner, Alan Sangster
This paper discusses the impact of the increased importance of International GAAP (International Financial Reporting Standards [IFRS]) in the U.K. higher education teaching and learning environment. This change was caused by the increased harmonization of accounting standards during the first decade of the 21st century and, in particular, the adoption within the European Union (EU) of IFRS for fully listed companies in 2005 and other listed companies soon after. After outlining the nature and diversity of accounting education and its relationship to the U.K. accounting profession, we discuss the approaches taken in a range of U.K. accounting degree programs and how U.K. faculty and students adapted to the change from U.K. GAAP to IFRS. The U.K. university sector is divided into “old” universities—those formed before 1992, often referred to as the “research universities,” and the “new” universities—those founded in or after 1992, whose main focus is vocational, the “teaching universities.” We conclude that despite various troublesome adjustments in terminology, definitions, and layout, for different reasons the different groups of faculty have generally not had to undergo excessive adjustments in their teaching in order to embed IFRS into their courses. We conclude the paper by acknowledging the limitations of our research and with some indications of lessons for others who face the transition to IFRS in the future.

History

Publication status

  • Published

Journal

Issues in Accounting Education

ISSN

0739-3172

Publisher

American Accounting Association

Issue

2

Volume

28

Page range

291-307

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2016-11-15

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