Why is Education a Must For Everyone?

February 21, 2016

Each of us must have a good education. It is a requirement for us to do better in life. We all know about the quote that says “Education is the key to success.” This is true, in a sense that we are capable of being successful and will reach high in life if we are educated. Starting our childhood years, we are being educated. From primary education, to our high school years, then comes college, and even higher degrees. After we have our careers, we still continue to educate ourselves by researching and other activities.

Education is what broadens our horizons for us to have a better and wider understanding of the world around us. It will help us know how things are working, and how they should be operated. Being in a civilized society, we need to have more knowledge on what the modern world has to offer. If not, then we cannot live our daily lives the way other people do.

Also, we are in need of education because the economy encourages us to have the chance of contributing to it. We can develop talents that we can use in helping out country. The intelligence we can acquire from the people who educate us will give us the ability to be better citizens. We can all see how advanced our society is today. It was all the contribution from earlier people who were once just youths that educated them so that they gain knowledge of the world around them. Everything we see not that we are using is based upon what they have learned, and the ideas they came up with based on the things they learned.

Just imagine how the world would be 50 years from now if education will continue. The future generations would have easier lifestyles, greater success, and happier living. People might have longer life expectancies by developing modern medications or any science contributions. The governments might be more secured and strong. Technology can be in its peak. All of these things are coming from a single foundation and that is education.

Also, people that are well-educated are more confident. They are well respected by others. We can always gain the praises that we want when we get a proper education. It is our key to have a better life. Better, not only because we are secured financially, but also because we have the pride and self esteem that is built upon knowledge

Accounting Education

February 21, 2016

The world is in constant motion and transforming its information, customs, cultures, and ideas daily; this is the process of globalization and it is gaining a lot of popularity in the business world and quickly becoming, if not already, a social norm. The world is becoming smaller, technology is improving and markets are becoming larger in this rapidly growing global economy. Students today are part of this change in a sense that college students in the field of accounting are reevaluated and taught differently to better aid them with international awareness and customs to ensure future successes within this business field.

Accounting is known as the “language of business,” it is imperative that globalized companies understand and can harmonize with one another to make sure a common understanding so that accounting procedure is understood by the entire business community (Paul, 2007). “While the changes in the business environment impact accounting and accounting education, there is a recent call to advance the research in accounting education in order to provide the best answers to the challenges from the environment” (Albrecht and Sack, 2000; Albu, 2012). Therefore, teaching accounting to students today include a longer and more diverse structure to accommodate and keep up with emerging economies (Albu, 2012). To encompass the idea of globalization for accounting students, they must understand two key concepts; the accounting process they learned in school, Generally Accepted Accounting Principles (GAAP) and accounting principles used internationally, International Financial Reporting Standards (IFRS) (De Gottal, 2014). If students only focus on GAAP, it could hinder their opportunities for a job in the future when dealing with international financial companies. GAAP, which is mainly taught as US colleges are not used worldwide. It would be necessary for students to grasp both concepts to help gain essential comprehension which will give them the opportunity to go further than those without this knowledge.

If not yet, then very soon, accounting majors will be made to take more international courses so they can entirely understand and be knowledgeable of the different political, economic, and market systems of every country. To fully grasp these principles can only help students studying accounting when they are finally applying for jobs in this competitive field. It would not be surprising that in the future, countries eventually comply with each other to craft one set of accounting standards and laws. Along with more intensive classes possibly being added to the already 150 credits, five-year program before students can even sit for their CPA exam; students will never stop learning after they graduate. Accountants must constantly be up to date with the changing of such globalized markets and principles, since both GAAP and IFRS are updated so frequently.

Today, accounting firms are looking for more diversity when hiring a potential employee. For instance, many students take a major in accounting and a minor in Finance. Firms today are looking for more variety in a potential candidate. Minors, or even a double majoring in international business shows firms of ones sense of diversity and creativity when applying for jobs in this field. Possibly picking up a second language while working towards your goal of 150 credits can only aid students. This shows that companies are shifting towards and complying with a more globalized market. This change gives both international and US born students an opportunity. US students looking for work will be able to travel overseas to work in developing business corporations such as Asia or Europe (Nolan, 2010), and vice versa for international students looking for work here in the US. An issue with international students is that they do not have to go through that same schooling as US students, which can create a gap in education, but on a positive note, “each accountant will be able to bring something different to the table, and accounting professionals will be able to learn from one another” (Saitto, 2013).

Worldwide Education for Accountants

February 21, 2016

Globalization in general is the idea we are moving away from self-contained countries into a more integrated world. The business aspect of globalization is that instead of operating in just one country, business will obtain their resources and product from multiple countries. Accountants have come to realize the implication of this matter in various ways. When studying at a university, professors can only teach and know so much. Now that more and more accounting firms are expanding and becoming international, it is important to teach the ramifications of how this will affect learning. There is not just one form of accounting. For example, there are GAAP, FASB, and IFRS rules, which are all different. Creating a unified system would not only benefit accounting students, but be easier on the professors. I believe it is important to unify an accounting system and to emphasize why various accounting rules are becoming less important in today’s economy.

Accounting is a broad topic that requires analyzation and regulation of taxing authorities, financial markets, and lending institutions along with other types of entities. While evaluating these different types of entities, it is important to consider how it affects them internationally. For example, a company that has buildings in various countries must consider global operations and interactions. Sadly, one type of management system might not be productive in all locations, one reward structure may not be as motivating in one location versus another, and/or allocation of overhead could be immensely different depending where the location is. Accountants are seen as being a part of management. Accounting students take a wide-variety of the same courses as some of the best MBAs, the only difference being the stronger focus in accounting courses, strategy, and analysis. If accounting students are going to assist management in making critical decisions within the global marketplace, they too must become global.

The thought of international accounting standards is nothing remarkably new. The standardization would make financial statements more comparable to one another and decrease costs associated with financing businesses, which would end up promoting economic growth. The inefficiency of GAAP (Generally Accepted Accounting Principles) has resulted in the creation of IFRS (International Financial Reporting Standards). More and more organizations have been adopting IFRS because GAAP is less relevant to the global economy. Even with all the modifications in place, it has not developed quick enough to completely accommodate today’s fast-paced business world. This is problematic for American education because primarily GAAP is taught in the accounting curriculum. Unfortunately, this gives other countries an advantage because it better prepares their workforce to be knowledgeable in international relations. Because IFRS is becoming more globally accepted than GAAP, American accountant’s knowledge is going to slowly become meaningless. Foreign education systems focus on IFRS, meaning those students will eventually dominate the industry. To remain relevant and competitive in the field, Americans need to have the knowledge and skills about IFRS. American accountants need to be aware of different cultures, economies, and need to learn how concepts are practiced in other regions.

As IFRS is growing, there are multiple ways this will change the business curriculum taught in universities across the nation. Currently, there is not any foreign language requirement at my university for the business program. There will need to be some type of language requirement if we are being taught an international principle of accounting. All American textbooks will have to be rewritten to reflect IFRS and not GAAP. Professors will be required to attend an abundance of training to learn the new standards to property education students. Many of the professors at universities have been in the profession and/or teaching for an extensive amount of time. The change may potentially could hinder their work ability to accurately teach and learn the material. In short-term, the adaption of the process might be challenging, but in the long-run the switch will be worth it because it will create a constancy for all cultures to efficiently communicate.

In Search of Quality Education

February 21, 2016

Similar to defence personnel, teachers too should be highly disciplined. For many teachers the teaching job is just a routine employment avenue. They should understand that it is the process of the development of human resources. Hence, they need to be more determined. The training process for the teachers should also teach managerial skills and thus improve the quality of teachers training. The faculty members should also realise that they are contributing for social and economic development of the nations of the world.

During vacations, the employers of the educational institutions should conduct teachers professional development programmes. The developmental programmes should also include work shops, seminars, research oriented discussions, productive teachers improvement programmes, etc.

There were some reports that politicians do involve in the appointments at the higher levels. In such cases, the quality of education cannot be ensured.

Principals and heads of the educational institutions should be ideal, leaders, skillful, punctual, bold, role models, able to assess and guide the teachers well, know various methods to extract quality work from the teachers. To ensure this, they need to be independent.

The heads of institutions should also learn professional methods to solve the complaints received from parents and students. They should be skillful, efficient, and effective. They need to work for the over all development of students and teachers.

The government officials who are involved in the inspection process need to be strict, non-corrupt, and professional.

Governments, managements, heads of institutions, teachers, parents, students, non-teaching staff, etc should work hard to reach the goals of education.

Some educated parents are unhappy about their children’s progress. Most of the uneducated parents do not know what’s going on in the educational institutions. Many parents are busy with their own work. Hence, some children try to cheat their own parents!.

Some private educational institutions seem to be concerned about the perks of the teachers rather than employing highly qualified, experienced teachers. In other words, they are willing to ensure more profits for them.