Globalization is the process of developing global integration. More precisely, globalization refers to the process by which economics, societal value, and culture are combined through communication and commerce. It is crucial to be aware of all the influences and environments around the globe. Globalization is a positive and negative concept. Positives include the fact that the global community will be closer together. Some people worry that the world could become more communist, with sweatshops or other forms of degradation. Globalization is a fact that cannot be avoided and is expected to continue, but not all are supportive of these changes. It is affecting so much industry and education. Globalization is having a major impact on accounting education at https://accountantsglasgow.net/.
It is important to understand the concepts of IFAC & IAESB in order to understand how globalization affects the education of accounting. IFAC stands as the International Federation of Accountants. They are a group consisting of 157 accountants from more 120 countries. They provide support for the public and share their ideas to strengthen the global accounting profession.
They are the main speaking bodies in international standards coordination among all countries. International Accounting Education Standards Board, IAESB. This group is more focused upon the implementation a globalized education standard. They value the advancement of current issues in the accounting profession (Accounting Education).
The globalization effects have had an impact on the accounting education systems. Globalization has created a huge gap between the principles and their education in different countries. To make international policy, concepts are being reevaluated. In order to make it easier for institutions to revise accounting education, there are many additional requirements. In order to obtain a Certified Public Accounting license, the minimum number of credits required has been increased from 120 to 150 credits. Many accountants are now required to complete graduate school to satisfy this credit requirement. The list of classes in accounting that must be completed to obtain a B.S. degree is growing. Accounting. Accounting. It is not unusual for textbooks to be constantly revised and sold new. This puts a strain on professors of accounting. These concepts were not stressed in their academic studies or in their professional careers years ago.