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Bentley is First University in Massachusetts to Receive IFRS Ready Grant Award from PricewaterhouseCoopers
Bentley is the first university in Massachusetts to receive the IFRS Ready grant from PricewaterhouseCoopers (PWC) Charitable Foundation Inc., a program that has provided competitive funding totaling $1 million to colleges and universities nationwide to help incorporate IFRS (International Financial Reporting Standards) into curricula. Bentley University accounting professors Mahendra Gujarathi and William J. Read were funded $30,000 for the project, "A Building-Block Approach to Integrating IFRS into Financial Reporting Curriculum."
"In order to succeed -- rather than simply survive -- in the dynamic global business environment, all business students must get familiar with IFRSs and how they will affect businesses, their contracts, and financial statements," says Professor of Accountancy Gujarathi. "Accounting programs that will effectively incorporate IFRSs in their curriculum will provide a competitive edge to their students for succeeding in the accounting profession and in the professional examinations."
The Bentley professors will use the funding to develop a progressive series of real-world, creative case studies targeted at developing students' awareness of the dynamic nature of IFRSs, their proficiency in restating U.S. GAAP financial statements on the IFRS basis, and their appreciation for the challenges in analyzing and interpreting IFRS-based financial statements. The objective is to develop a model that will serve as a resource for accounting programs throughout the country.
"The light in the tunnel bearing down on U.S. companies is the IFRS locomotive express," notes Read, who is a professor of accountancy. "For all intent and purposes, it is no longer a question of whether U.S. companies will transition to IFRS from US GAAP, but really a question of when such transition will be required."
According to Read, it is expected that the Securities and Exchange Commission (SEC) could determine as early as next year to incorporate IFRS into the U.S. financial reporting system, meaning that U.S. companies could be required to issue financial reports according to IFRS by 2015. "Hence, it is imperative that we begin aggressively incorporating IFRS into our courses so that our students hit the ground running upon graduation."
Gujarathi says that International Financial Reporting Standards have been adopted by more than 115 countries, with the belief that a single set of high-quality globally accepted accounting standards would help preparers and users of financial reports in the global marketplace. The Financial Accounting Standards Board is diligently working toward the convergence of U.S. GAAP with IFRS.
As an award recipient, Bentley University is among prestigious institutions across the nation to receive the IFRS Ready grant, including University of Notre Dame, University of Virginia, Stanford University, New York University and Michigan State University.
About the Researchers
Mahendra Gujarathi, Ph.D., CPA, is Professor in the Accountancy at Bentley University. During his teaching career which spans over a quarter century, he has designed and delivered several new courses in domestic and international financial reporting, and analysis of financial statements. He has been published in numerous academic and professional journals, and was a recipient of the Bentley University Adamian Award for Teaching Excellence.
William J. Read, Ph. D., CPA, is Professor of Accountancy at Bentley University. An outstanding accounting educator for more than 25 years, he was a recipient of the Bentley University Scholar of the Year Award and has been published in many professional and academic accounting journals. He has been awarded research grants from the PWC INQuiries Research Program, the American Institute of Certified Public Accountants, and KPMG's Research Opportunities in Auditing Program.
Bentley was also named No. 1 for Highest Freshman Retention Rate, No. 3 for Most Innovative Schools and No. 4 for Best Undergraduate Teaching among the regional universities in the “2019 Best Colleges” report.