Acta Univ. Agric. Silvic. Mendelianae Brun. 2013, 61, 427-435
Published online 2013-04-24

International harmonization of accounting demands a new approach to accounting education

Milana Otrusinová1, Eva Hýblová2

1Department of Finance and Accounting, Tomas Bata University in Zlín, Faculty of Management and Economics, Mostní 5139, 760 01 Zlín, Czech Republic
2Department of Finance, Masaryk university, Faculty of Economics and Administration, Lipová 41a, 602 00 Brno, Czech Republic

Accounting and financial reporting are valuable sources of information about the financial position and performance of a company. The development of the international capital market have brought needs for international, globally valid and acknowledged accounting norms. Currently, the IFRS are used in agreement with the European Commission directive for the elaboration of financial statements of companies which are issued by securities; the other entities continue using national generally accepted accounting principles (GAAP). As the number of companies which apply the GAAP is predominant, the basis of the education of future accounting professionals is formed. However, this situation has to be changed because of the potential expansion of harmonization into a further group of companies (small and medium sized entities) and also because of the increasing international cooperation among companies. Accountants should gain knowledge about all concepts of accounting – specialization narrowed down to national GAAP is limiting, as has been confirmed by recruitment agencies. The aim of the paper is to analyse the needs of accounting education in the current situation in compliance with the development trends of this field.


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