A universal accounting language is the goal of many business leaders across many nations. Based in London and founded in 2001, the International Accounting Standards Board (IASB) hopes to unify a global financial reckoning system. Sir David Tweedie serves as chair of the IASB. His goal is the development of understandable and enforceable standards for financial reporting across the globe. Tweedie states that by the year 2012, international accounting, as well as accounting in the U.S., will fundamentally be the same.
A Need for International Accountants
International accounting is one of the hottest specialties emerging today. A wealth of job opportunities is available in the field of international accounting due to the sheer volume of foreign transactions. International transactions are often complex. Corporations which operate globally are making an effort to standardize their accounting methods. This effort creates a market for experts who can handle these complex transactions.
Opportunity around the World
The typical duties of an international accountant include: financial accounting, managerial accounting, and tax auditing. Higher-level accountants' duties may also include seeking out strategic advantages by way of comparing and analyzing systems of accounting used by businesses in other countries.
Opportunities in the field of international accounting are diverse. This diversity is reflected in the job postings typically at hand. A medical device maker may need an accountant to ensure that international tax issues are analyzed and complied with. A manufacturing company may need an accountant who is fluent in Mandarin to maintain international subsidiaries' accounting control systems. A bioscience company may need an accountant to assist with the tax planning of international projects or to assist with U.S. reporting of business activities abroad.
A Head Start
Most accountants who aspire to work internationally will need to gain some hands-on experience for a few years in addition to their bachelor's degree in finance or accounting. Anyone considering a career in international accounting should think globally before graduation. Those who study a foreign language or two will be rewarded for their efforts. A good understanding of the varying ethical systems and cultural differences throughout the economies of the world is also essential for anyone exploring this career path.
International Travel
With a career in international accounting there are many choices available in regard to travel opportunities and requirements. In some cases there may be little or no travel required. An internal auditor, for example, will analyze financial data which flows to them from across the globe. In this case there would be no need for the accountant to travel. On the other hand, an external auditor for a Big Four accounting firm may spend a great deal of time criss-crossing the oceans in order to get a firsthand account of the multinational operations of clients.
