Globalization's Impact on Accounting Education Author: Kristan Reed Globalization is the integration of a business into economies and markets of other countries. It provides opportunities for businesses to expand their regions of exporting, build relationships with foreign partners to increase infrastructure, and attract large corporations as clientele. All of these potentially beneficial factors are motives for companies to go global, but they also pose complex problems for accountants due to the differences of international standards and preparations of financial statements. Accounting students today are forced to practice by the rules of the Generally Accepted Accounting Principles (GAAP), because the United States has not acknowledged the increase of globalization in businesses and adapted education policies for these changes. The Generally Accepted Accounting Principles are used by companies throughout the United States for consistency in reporting fina...
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