Mind the GAAP

“Mind the Gap” warns every subway station of the London Underground—a guide for every passenger to be careful of the small yet treacherous gap between the train and the walkway.  The accounting firms and governmental organizations are sounding a similar warning to preparers and users of financial statements: Mind the GAAP—not between a train and the walkway, but between US GAAP and IFRS GAAP. 

BYU offers a fantastic accounting study abroad that teaches students about how they can best ‘Mind the GAP’ not only the gap between US and IFRS GAAP, but also the gap between cultures, the gap between countries, and even the gaps between people.

I remember stepping off the train in the gare d’est in Paris and being suddenly immersed in a new world.  Within half an hour I was touring the city with several students who would become great friends. And that’s the best thing about the accounting study abroad—you are immersed in a learning experience. 

Here’s what the accounting study abroad entails. You visit several picturesque cities whose beauty for centuries poets and painters have tried to capture, but only in vain.  While touring these cities, you visit specific firms and organizations to learn about key global issues.  Last year, we visited the European Commission to learn about the Green Paper on Audit Quality. This Green Paper was a key issue that was new and emerging and very global in its effects.  Later on in the summer, while talking with an Ernst & Young Partner, this topic came up and he was very impressed that I had learned so much about such a ‘hot topic’ in the accounting world.

Another one of my favorite visits was to the IASB. We were able to meet with IASB fellows and learn about the new convergence on IFRS 9. We were able to sit in on a education meeting and see firsthand how they work through the accounting issues that come up.  And let me tell you, it’s not necessarily what you expect.  They joke they argue, they discuss all while you are sitting right there. 

Brussels, Belgium

Now the accounting abroad certainly isn’t all work and no play.  In fact, I was amazed by how much time, and how much I learned, touring the cities.  The students are given a lot of freedom to explore and investigate places that are interesting to them.  There is a great balance between planned group tours to the local sites and personal touring time. 

Stonehenge Replica

One of the benefits of doing this travel through BYU is that you can apply for scholarships and subsidies—making this study abroad one of the most affordable opportunities available to you.

So don’t be scared of an ‘accrual world’ go ahead and dive into the accounting study abroad.  Apply today at the Kennedy Center website: Kennedy.byu.edu.

Post by James Embree