Alumni News
College of Business & Public Administration: Preparing Industry Leaders for a Global Economy
Wednesday, February 03, 2010
A global economy requires a global perspective. Both Dean Nancy Bagranoff and Dr. William Judge, E.V. Williams Chair of Strategic Leadership in the College of Business and Public Administration understand this and have recognized a need for change in their respective academic areas.
Dean Nancy Bagranoff was named President of the American Accounting Association (AAA) in August 2009. As president of the premier organization for accounting academics internationally – 25% of its membership are located outside of the United States – Dean Bagranoff became an international spokesperson on accounting research and education in an era of emerging global economics.
In order to accommodate a global market, individuals around the world need data that is comparable from country to country. International Financial Reporting Standards (IFRS) allow investors to assess value and risk regardless of location. Already, the US Securities and Exchange Commission has indicated that a U.S. move from General Accepted Accounting Standards (GAAP) to IFRS is coming. Though the timing and process are still somewhat uncertain, accountants will need to prepare.
For the past eighty years the majority of U.S. accounting educational programs have concentrated on GAAP. As Bagranoff explains, our higher education institutions "almost will have to completely retool" in order to teach students IFRS that have fewer detailed rules and require more judgment and critical thinking skills.
Her presidential theme of "Global Thought Leadership" has been well-received. Last fall, she spoke to the Asian Pacific International Accounting Association and she will continue to travel throughout the year addressing section and regional meetings of the AAA. Industry leaders are seconding her message: Christopher Cox, former SEC Chairman, called on the accounting academy for global thought leadership at one meeting while Bob Herz, Chairman of the Financial Accounting Standards Board reinforced the message at another.
In 2011, the CPA exam will cover IFRS, along with many other global accounting issues. Students everywhere will have ODU's own Dean Bagranoff to thank in her role as AAA President making sure educators have prepared their students – not only to pass the exam, but to excel in a global economy.
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