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Article: EDUCATION
- Article from:
- Pennsylvania CPA Journal
- Article date:
- October 1, 2009
- Author:
CopyrightCopyright Pennsylvania Institute of Certified Public Accountants Fall 2009. Provided by ProQuest LLC. (Hide copyright information)
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Financial Statement Changes Will Impact the Classroom on Day One
An example of the common cliché that "the more things change, the more they stay the same" is how accounting professors teach financial statements to the next generation of accountants. Professors teach financial statements exactly the way they learned them because this has been the one constant in the accounting world that never changes. Well, even age-old maxims will ultimately fall.
If the discussion paper on financial statement preparation - resulting from the joint project between FASB and IASB - is ultimately issued as currently structured, it will involve a change in the accounting profession at a level of significance ...