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!
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Ed Kemery on Creating a Lasting Impres…