The accounting and auditing professions are going through many changes and challenges related to the global adoption of International Financial Reporting Standards (IFRS) and increased complexities of modern business. Over the last decade, IFRS have been adopted by over 100 countries and gained a global standing. Significant regulatory changes are expected in accounting and auditing in Norway.
Proponents of IFRS argue that the standards serve the public interest through improved transparency, market efficiency, and international comparability. However, there is an ongoing debate as to whether that is being accomplished. As the adoption of international standards expands in Norway and globally, the impact of these changes on the quality of financial reporting and broader convergence efforts needs further examination as proposed in this project. Currently accounting and auditing topics tend to be researched and taught independently. A unique feature of our project is the integrated approach which recognizes that changes in accounting standards not only have implications for financial reporting but also for audit processes. We plan to research three related topics to examine the impact of IFRS adoption on global convergence, quality of financial reporting, and auditing processes.
The internationalization of accounting and auditing examined in this project will assist in planning for changes in the profession, student competencies, and curriculum. As part of the project, we also aim to create closer links between academia and accounting and auditing practitioners.
Primary and secondary objectives of the IFRA project
Primary
• To research the implications of changes in global and Norwegian accounting and auditing through an integrated approach which recognizes interconnectedness between financial reporting and audit processes.
• To further strengthen our new Master in Accounting and Auditing and make it a top program which prepares students for professional life through research-based curriculum.
• To develop faculty, Ph.D. students, international exchanges, and academic and professional networks amid significant regulatory changes and internationalization.
Secondary
• To engage accounting and auditing academics in integrated research by harnessing the expertise of the UiA’s faculty and faculty from international institutions, firms, and professional associations.
• To exchange knowledge between academics, practitioners, and students through publications, conferences, and workshops.
• To develop a database of financial and auditing data that will attract continuing international collaboration.