The Ernst & Young Foundation will direct an additional $1 million towards further development of International Financial Reporting Standards curriculum. These funds will help to expand the work of the Ernst & Young Academic Resource Center, which was launched in the summer of 2008.
The EYARC brings Ernst & Young professionals and university faculty together to develop time-critical learning materials focused on IFRS. In June 2009, the Center released 24 modules of comprehensive IFRS curriculum that included a user guide, lecture notes, slides, examples, homework problems, illustrative disclosures, case studies and international spotlights developed specifically for university education levels based on real-world experiences of Ernst & Young professionals.
In addition, the EYARC offered a live, national training session to academics and also participated in a variety of faculty educational conferences.
The goals for the upcoming year include updating the technical content of the existing modules, expanding the coverage to include more judgment-based resources and providing a principles-based pedagogical approach to the material. Audit and tax modules will be added to the curriculum as well as including the impact of IFRS on these functions.
The Obama administrations summer 2009 white paper on financial reform includes an unequivocal call for transparency and international convergence of accounting and financial reporting standards, said Ellen Glazerman, executive director of the Ernst & Young Foundation. After a successful first year and tremendous interest from the faculty community, we are proud to announce additional funding toward IFRS education.