Today the group endured through an intense schedule. We started the morning off by visiting the Institute of Chartered Accountants in England and Wales (ICAEW). There we heard a very insightful lecture from one of their staff. The presentation was very unique in that the speaker was knowledgeable in both the US GAAP standards as well as the IFRS standards. So far in all of our trips with the Accounting Honors Program, we’ve experienced speakers who specialize in one or the other and are completely biased against the set of standards they do not specialize in. This speaker pointed out the strengths and weaknesses of both and what each side could gain from actually working with one another. From there we engaged in a great discussion with another staff from the ICAEW who was working on a project to gather various opinions on the future of the accounting profession. Thanks to our ties with the Maryland Association of CPAs (MACPA), we were more than equipped to dominate the discussion and impress the ICAEW with our thoughts on technology, globalization, and the generational gaps we face in accounting. Our thoughts were recorded, and hopefully soon we will have the final product in video form from the project. As we departed from the ICAEW, we headed back to the IASB which we visited yesterday. Today was the start of the festivities and we experienced how political it truly is to work in accounting policy. The topics today were impairment and credit loss, and the divergent views between financial reporting users and its preparers dominated the discussion. Within a matter of minutes, it was clear to us that the topic of impairment was far from being resolved and will remain one of the hot topics during this week’s conference. As we adjourned from the IASB meeting, the University of Baltimore, along with Ohio State, had the opportunity to network with members of Deloitte’s London office. Specifically, members of the U.S corporate tax services. We are very thankful for Ohio States’ connections to the London office and enjoyed sharing a meal with both Ohio State and the Deloitte London office; it was a Deloitte-ful experience. Pictures to come! Tomorrow’s post will be very exciting. Currently we are still preparing and gearing up for tomorrow’s presentations at Oxford University!
On our first work day in London, we benefitted from a modified schedule on the Board’s agenda, and were treated to a surprising engagement with a representative of the Board. The Ohio State University contingent joined us at a Q&A session that lasted about an hour. The Board representative opened with a personal introduction, and the path that led to her current position was so intertwined with the development of the IASB that her story also told the Board’s story. She was an extremely lively and inspiring speaker, and her passion and enthusiasm for the IASB’s projects were infectious. The UB students posed numerous provocative questions, and the Board member provided informative answers. Research and preparation for our upcoming presentation at Oxford University enormously prepared us to receive the information imparted by the IASB Board member and question topics specifically related to our research. This global experience exposes and enhances our knowledge of the contemporary issues within the accounting profession and the challenges faced in establishing one set of international standards.
We’re still counting down the time we have before we leave. Just to give our readers and those following us, we wanted to give you guys an idea of what to expect when you follow us this next week. Here are a few things on our agenda:
Departing 7/19 at 9:30pm out of BWI
7/20-21 – Tourist type engagements and walking tours of London
7/22 – IASB Day. Staff briefing and lunch with the IASB followed by the IASB board meeting on GAAP to IFRS convergence
7/23 – Institute of Chartered Accountants in England and Wales (ICAEW) visit followed by more IASB board proceedings. Winding down the day with a visit to Deloitte’s London offices.
7/24 – Day at Oxford (Much more to come about this day!) Pedagogical engagement in regards to GAAP to IFRS convergence with Professor Rick Barker of Oxford followed by a tour of Oxford campus
7/25 – KPMG London Office visit. Discussions on IFRS followed by a panel of KPMG senior managers discussing international opportunities.
7/26 – Tour of the London Stock Exchange and concluding session of the IASB conference.
7/27 – Homeward bound!
More to come. Hoping to have some videos of our team’s initial thoughts as we are about to head out. Keep us in your thoughts as we pack, prepare, and head out this week. Thanks!
We’re packing and getting ready for our trip! Preparing hard for our Oxford presentations and so excited to head out on Friday night! So excited!
We created a Twitter handle for everyone to follow as well! UB_London