Tag Archives: United States

The Effects of Globalization on Both Accounting Profession and Education

eInnovations in technology has catapulted the financial district into a global market. Globalization has had a large influence on the way businesses conduct business. Firms are not only responsible for being privy to information involving consumers in their own backyard but also understanding consumer culture as well as economic, political, and legal structures that exist in other countries. Due to the influence globalization has had on businesses, it has changed the expectations that are required of incoming business students and their education. More specifically, accounting students are being impacted by the changes globalization has influenced the market with. These students are challenged more particularly throughout their undergraduate years to understand not only the rules and regulations of GAAP (General Accepted Accounting Principles) but also the standards set forth by the IFRS (International Financial Reporting Standards). Within the accounting sphere, the primary focus has been on external reporting which involve the preparation of financial statements and auditing. However, due to the ever changing world of the global market, future accountants are required to possess perspectives that influence both external and internal reporting. The market will continue to change due to the fast paced journey of information making globalization an important factor in accounting education.

Businesses in the United States have largely adopted GAAP which is a guide to how business are to construct financial information to produce statements. GAAP has been useful in the last couple of years because it facilitates the way businesses in the U.S. communicate with each other. However, in the global environment, GAAP proves to be burdensome for most companies. Overseas, they have adopted IFRS which is another guide to producing financial information which aids foreign companies with communicate amongst each other. Most countries use IFRS as a basis for the way business transactions are conducted. Since most of the world is using IFRS as the standard it leaves the U.S. with the tedious task of having to incorporate two different principles to conduct business. In the article, “How Globalization is Affecting U.S. Accountants” by Bruce Pounder, Pounder states that “U.S. accountants will find themselves at a severe disadvantage to the many foreign accounting professionals who have already mastered international accounting standards and who are therefore much better-positioned to take advantage of rapidly growing career opportunities in China, India, and other emerging economies” (Pounder, 2007, p. 3). He then goes on to predict that as GAAP becomes more overshadowed by IFRS, U.S. accountants will find their skills and knowledge becoming obsolete. Therefore, IFRS has become more integrated into the accounting curriculum for education. Students are required to understand not only GAAP but IFRS and the changes that occur when working with both. By involving IFRS into the learning process, students will be prepared to later take the CPA Exam which has recently been updated to include information about IFRS in the Financial Accounting and Reporting (FAR) section. Students are becoming better equipped with skills and information that will make them more marketable and efficient in the globalized business environment.

In the U.S. economy, a thriving financial sector is usually supported by a strong public accounting and auditing firms. Therefore, the focus over recent years has been to ensure that accountants excel at compiling information involving a company’s assets, liabilities, equity, investments, etc. However, due to globalization, external accounting practices aren’t as valued if internal practices are not also implicated. Internal practices are important because it shapes the way businesses reach their customers in the foreign market. Authors Paul Danos and Richard L. Measelle stated in their article, “Globalization of the Business Environment: Implications for Accounting Profession and Business Education”, that “In a competitive global market place, the internal accountant must be sensitive to what drives the costs of products and he/she must work with production and marketing people to rationalize all cost accounting procedures” (Danos, 1990, p. 79). The responsibilities of the internal accountant is becoming more critical to the success of businesses. For a business wanting to expand into foreign territory, cost accounting is used to accurately develop product price information, location of manufacturing facilities, picking suppliers, etc. Due to these factors, internal accountants have to be familiar with regulations across borders, tax treatments, and currency conversion costs. When it comes to public accounting, auditors must be heavily versed in global accounting standards because “the world’s economies are becoming increasingly interdependent… ” (Needles, 2010, p. 602) according to Belverd E. Needles Jr. author of the article “Accounting Education: The Impact of Globalization”. The author goes on to encourage global standards for auditors because it strengthens their practices by only having to be familiar with those regulations. In order to be well versed in the global market, accounting students are advised to take courses specifically designed to analyze different cultures, languages, and political factors that influence societies.

Globalization has influenced many changes that have taken place in both the accounting profession and education. Students are now exposed to problems that occur in the global market and how to go about solving them. Not only are these students expected to understand all the mathematics and jargon involved with the business world, but they are also expected to have a good sense of foreign consumer culture as well as the regulations bound to each country. Implemented with these skills, students will be able to excel in the new business world.

Importance of Professional Translation Services in Public Sector

ssDo we need translation services in the public sector? When you look at the public sector in different countries, what can prompt them to agitate for translation services?

As we talk about translation services, we mean translating documents from one language to another, might be from English to German or German to English, but not limited to these two languages.

Public places are always bombarded by people who speak different languages seeking for help, so how do they understand each other? Basically, translation and interpretation are the best choices in this place.

What is public sector?

This is part of the economy controlled by the government in any country and plays a role in delivering social services to the communities. We can talk of places like government hospitals, public schools, police, army, local government and etc.

Currently, the United States public sector increased the procurement of translation services to help people who are non-English speakers, these people need government services like health care, education, legal aid, and public protection. To ease communication, translation is proved to work better.

The governments in different countries can procure translation and interpretation services from professional translation agencies with professional translators and interpreters working in their own native languages.

How translation services helpful to the public sector?

Not only the public sector that requires translation services, different business entities, private organizations and individual business dealings all over the world today need translations so as to run their activities smoothly.

Government hospitals as part of the public sector require translation services, why? With medical related issues, it’s all about dealing with the lives and the health of people. This requires clear communication between the doctor and the patient. A medical interpreter will help the patient to explain the problem fully to the doctor as well as making sure that the doctor understands the patient’s problem. As I said earlier that in public places like medical centers, health care units, people of different tribes, different language speakers visit these them looking for medical care, translation services will, therefore, be helpful.

On the side of security providers like police and army, translation services will make police play their role smoothly in maintaining the law and order, translation agencies have translators and interpreters in all different fields, police will be provided with police translators and interpreters if required and will expertly do their work by conveying the message to the public in different languages. For those who cannot read police and army published documents in the source language provided, their respective translators and interpreters are available to provide translations interpreting services.

In Marc Jones article in 7th/01/2016, says in 2012 and 2013, the Lincolnshire police spent £373,958 for translation services for more than 30 languages. This comes to my observation that translation is a vital activity everywhere in the world, it, therefore, helps the police to have a clear communication with people.

Legal aid access needs translation services. There are people who may not afford and need legal representation in courts of law, basing on the fact that someone is a non-English speaker a language which is commonly used in various offices, legal aid translation and interpretation is necessary.

Under public education sector, we find that translation services play a vital role in fostering communication between students who are non-English speakers and teachers. Public education will need translators and interpreters to help learners to access education services in a language they understand. It will be discriminating if education services are offered in one language which some people can’t understand and it will show that the government ignores foreign native speakers to attend classes in her country.