PricewaterhouseCoopers Announces Effort to Prepare Future Accounting Professionals for IFRS Adoption

$1 Million IFRS Ready Grant Program Helps Universities Educate Students Before Convergence

PR Newswire

posted: 20 DAYS 13 HOURS AGO

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NEW YORK, Nov. 5 /PRNewswire/ -- PricewaterhouseCoopers LLP (PwC) today announced its second round of IFRS Ready grants to contribute to the preparedness of colleges and universities for the likely eventual adoption of IFRS in the United States as well as the growing influence of IFRS in global capital markets. This announcement comes shortly after SEC officials indicated that the SEC would begin to re-focus on matters relevant to considering the use of IFRS for U.S. public companies. Earlier this year, PwC awarded grants to 26 universities and colleges through the program.

The IFRS Ready grant program, totaling $1 million over two years, is designed to help professors develop curriculum and transform course syllabi and assignments to include IFRS. PwC believes that preparing students for new global accounting standards can be an important factor in their long term professional success, regardless of whether or when the U.S. actually adopts.

IFRS has increasingly become the accounting framework of choice around the world. IFRS is impacting U.S. companies today as their non-U.S. subsidiaries are increasingly beginning to report under IFRS and their foreign customers and suppliers are increasingly considering IFRS implications as they enter into transactions with U.S. companies. IFRS is also relevant to international merger and acquisition transactions as often one or more of the companies entering into such transactions report under IFRS. IFRS is currently used by upwards of 12,000 companies in more than 100 countries.

"In an increasingly global economy where adoption of IFRS continues it is important that the newest generations of accounting professionals understand IFRS and its business implications," says Jean Wyer, partner and leader of college and university relations for PricewaterhouseCoopers. "Our collaboration with colleges and universities across the country will not only help to develop new curriculum, but position future accountants to be ready to meet the IFRS challenge head-on."

In addition to the grants, PwC is also providing educational material directly to students and faculty through a suite of Web-based videos and tools available at www.pwc.tv . The firm's IFRS Ready "learning annex" enables students to watch videos explaining IFRS, why it matters and its effects on accounting today. They can also explore interactive IFRS financial statements that enable them to see and understand the differences between IFRS and U.S. GAAP treatments.

As one of the nation's largest employers of college graduates, PwC collaborates with schools across the country to provide meaningful, relevant learning programs and opportunities to ensure that students are well prepared to enter the profession. In addition to supporting IFRS education on campus, PwC also provides students with opportunities to experience and solve real-world business challenges through programs such as the xTREME Games competition.

PwC has a history of investing in education and talent development. For the past two years, PwC has been ranked #1 in Training magazine's "Training Top 125" annual ranking of organizations that excel at employee training and development (the firm also ranked #2 in 2007). PwC has also consistently been named to FORTUNE magazine's "100 Best Companies to Work For" list, and has been highly ranked on BusinessWeek's lists of " Best Internships " and " Best Places to Launch a Career ."

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.

SOURCE PricewaterhouseCoopers LLP

2009-11-05 11:56:00