DO LITHUANIAN HIGHER EDUCATION ACCOUNTING PROGRAMS REFLECT ACCOUNTING HARMONIZATION IN THE EU?
Abstract
Financial accounting is undergoing major changes in the EU and worldwide. Great efforts are placed on adoption of high quality accounting standards for listed companies, public sector organizations as well as small and medium business entities. Being a member of the EU Lithuania is in compliance with the EU incentives in de jure accounting harmonization; however de facto situation in Lithuania is not adequately assessed. One of accounting harmonization related questions is whether Lithuanian higher education provides labor market with market-needs oriented accounting professionals.
The objective of this article is to assess if Lithuanian higher education programs in accounting field is in compliance with EU accounting harmonization outcomes. We analyze if graduates of Accounting programs from Lithuanian Higher Education Institutions are trained to work with different sets of accounting standards—International Financial Reporting Standards (IFRS) and Public Sector Accounting Standards that were adopted in Lithuania as a part of accounting harmonization incentives. To conduct an assessment of research methods by case analysis, comparative analysis has been deployed. We assessed programs goals, learning outcomes and course curriculum of Professional Bachelor, Bachelor and Master level programs in Lithuanian universities and colleges.
Results of the research revealed that de jure accounting harmonization is reflected in Lithuanian higher education Accounting programs. Accounting for listed companies (required to use International Financial Reporting Standards) is given little importance in Lithuanian Accounting programs. According to the analysis of the learning outcomes, graduates of the Accounting programs in Lithuania have a broad profile, but would not be able to work independently with International Financial Reporting Standards. On the other hand, even if regulation of public sector accounting was enforced later, it is included in number of analyzed programs. A number of Professional Bachelor’s programs even offer specialization in this area. Results of the research allow us to conclude that colleges have their niche in preparing accounting specialist for local labor market and their positioning is relatively strong, concerning public sector accounting. Meanwhile first and second level universities’ programs could be strengthened toward international accounting to provide labor market with professionals in this area.
References
Alon, A. (2012). The IFRS question. To adopt or not? Advances in Accounting Education, 13, 405-423.
Allen, J., Mastilak, M., Randolph, D., & Weickgenannt, A. (2012). Advances in Accounting Education, 13, 315 – 347
Apostoloua, B., Dormineya, J., Hassell, J., & Watson, S. (2013, June). Accounting education literature review (2010–2012). Journal of Accounting Education, 31(2), 107–161. doi: 10.1016/j.jaccedu.2013.03.001
Apostoloua, B., Hassellb, J., Rebelec, J., & Watson, S. (2010, September). Accounting education literature review (2006–2009). Journal of Accounting Education, 28(3-4), 145–197. doi: 10.1016/j.jaccedu.2011.08.001
Bonnera, S., Hesfordb, J., Van der Stedea, W., & Young, S. (2006, October). The most influential journals in academic accounting, Accounting, Organizations and Society, 31(7), 663–685. doi: 10.1016/j.aos.2005.06.003
Coetzee, S., & Schmulian, A. (2012). A Critical Analysis of the Pedagogical approach employed in an Introductory course to IFRS. Issues in accounting Education, 27(1), 83-100.
Jermakowitz, E., & Hayes, R. (2011). Framework-based teaching of IFRS: the Case of Deutsche Bank. Accounting Education: An International Journal, 20(4), 387-397.
Krah, R., & Aweh, F. (2013). Public Sector Accounting Education: A Neglected Element of Public Financial Management Reform in Ghana. International Journal of Financial Management, 13(1), 36-51.
Legenzova, R. (2007). Accounting Regulation Changes in Lithuania: An Assessment. doi: 10.2139/ssrn.1021192
Lopes, A. B., (2011). Teaching IFRS in Brasil: News from the front. Accounting Education: An International Journal, 20(4), 339-347.
Preobragenskaya, G., & McGee, R. (2003). Accounting Education in a Transition Economy: A Case Study of Russian Universities. Retrieved from, http://ssrn.com/abstract=459361
Sciulli, N., & Sims, R. (2008). Public sector accounting education in Australian universities: Obstacles and opportunities. Asian Review of Accounting, 16(3), 246-262. doi: 10.1108/13217340810906690
Copyright information
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (Creative Commons Attribution License 3.0 - CC BY 3.0) that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
info@iseic.cz, www.iseic.cz, ojs.journals.cz
