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Accounting › GLOBALIZATION AND SMALL BUSINESS ACCOUNTING

 December 22nd, 2015  | Accounting

GLOBALIZATION AND SMALL BUSINESS ACCOUNTING

GLOBALIZATION AND SMALL BUSINESS ACCOUNTING

In Nigeria globalization is seen to be growing and it is becoming inevitable within the business world, however many people do not realize how globalization not only affects those already involved , but these studying to be part for it. For any years Nigeria has been using the Genera Accepted Accounting Principles (GAAP) as their standards or rules they have to follow, thus their students are taught small business accounting using General Accepted Accounting Principles (GAAP). There are also places where International Financial Reporting Standards (IFRS), which automatically makes their students learn small business accounting using International Financial Reporting Standards (IFRS), maybe to become small business accountant, this shows how in Nigeria how globalization has a huge impact on the education of small business accounting students.

It is very shocking how many people till do not support globalization even though it creates many job opportunities for international and Nigeria students. This is simply because many entrepreneurs think and are afraid that jobs in the country will be offered to more international students thus making our employment rate go up. This is a matter that should not be ignored, since globalization is affecting the small business accounting world, including the small business accounting education world.

It is now clear that small business accounting education is changing every day, from required courses to update textbooks. Most students in the world are learning being taught International Financial Reporting Standards (IFRS). This makes students of Nigeria to be able to get employed in some other state other than Nigeria. Though, in the United States they use theGenera Accepted Accounting Principles (GAAP) other than the, International Financial Reporting Standards (IFRS), this may make it somehow complex for students in Nigeria studying small business accounting.

Professors in Nigeria will always need to update and educate their students on the rules and regulation of International Financial Reporting Standards (IFRS). If students may want to work in the United States as small business accountant they will or may need to learn Accepted Accounting Principles (GAAP) in order to work efficiently and appear relevant in their job market. This will be a huge inconvenience to many people, since they already went to school and earned their degree and now they have to go back. Even the current small business accountants who may wish to go work in the United States may also need to enroll in courses about Accepted Accounting Principles (GAAP) so they can implement the changes needed to continue to successful. Globalization has helped Nigeria in a big way since now it has realized that there are different types of standard and principles which are being practiced in the world, they also come to learn the different advantages and disadvantages that people face with these two types of principles and standards. Even though it sees to incontinence small business accounting students and some small business accountants around the world, they still come to learn that it will make things easier in the long run and they will gain more knowledge.

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