The youth are confronted with many social challenges nowadays. These issues range from violence, sexuality, education, and health to name some. Although there are institutions that provide for their proper guidance, they are also faced with competitions for influences coming from the media and peers. In fact, in some cases, the two main institutions responsible for the rearing and education of the child, the school and family, point fingers to each other passing on the blame.
Globalization is an important concept and has been considered a business phenomenon. Globalization refers to the continued integration of markets as a result of businesses moving more frequently worldwide. Accounting is a byproduct of the business sector so it sees these changes and transformations. These changes and transformations have affected not only accounting standards and principles, but they also have affected accounting education. Due to globalization and more businesses going worldwide, the need to understand more than just what is accepted under the Generally Accepted Accounting Principles (GAAP) has become increasingly more important. It is important to have an understanding of the International Financial Reporting Standards (IFRS). The adoption of IFRS around the world has had a great impact on accounting education. The adoption of the IFRS however can be seen as part of larger movement which involves the globalization of businesses around the world, including that of small businesses So much so that the IFRS has issued IFRS for Small and Medium Sized Entities (Needles Jr., 602). This has made it easier not only for small businesses, but also accounting professionals to have a specific set of guidelines. Since the profession of accounting will become more globalized over time accounting professionals and students will have a difficult time succeeding in the accounting field without continued education and familiarization to new and global accounting standards.