When it comes to accounting education, both Australia and the Philippines share common ground in their emphasis on fundamental accounting principles and frameworks. In this blog, we will explore the similarities between the two countries’ accounting education systems, highlighting the core knowledge and skills that accounting students acquire during their university studies.
Accounting Fundamentals – Australia and the Philippines:
Both Australia and the Philippines prioritise a strong foundation in accounting fundamentals. Students in both countries learn key concepts such as financial accounting, management accounting, auditing and taxation. They acquire an understanding of accounting frameworks, including the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). This shared focus ensures that accounting graduates from both countries possess the necessary knowledge and skills to navigate the complex world of finance and accounting.
International Standards Integration:
While accounting education in the Philippines primarily focuses on local accounting regulations, there is an increasing recognition of the importance of international standards (thank you offshoring!). Many universities in the Philippines now incorporate international accounting frameworks, including the IFRS, to align with global practices.
Industry Relevance and Professional Skills:
Both Australia and the Philippines recognise the importance of equipping accounting students with practical skills that align with industry needs. University programs in both countries often include internships, industry placements, and case studies to provide students with real-world exposure and experiential learning opportunities. This emphasis on practical application helps students develop critical thinking, problem-solving, and communication skills, making them job-ready upon graduation.
Despite geographical differences, Australia and the Philippines share similarities in accounting education, particularly in the learning of accounting fundamentals and frameworks. Students in both countries gain a solid understanding of core accounting concepts, frameworks, and principles. Additionally, efforts are being made to integrate international standards into the curriculum to enhance students’ global competitiveness. Of course, by integrating an offshore team into your firm and your training opportunities, the level of understanding and exposure quickly increases!
