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Globalization has eliminated national borders, technology has increased communication between countries while making time extraneous, and free trade and outsourcing have opened up many business opportunities for new and existing businesses. Because of the internet and technology, a person can own a firm in France, be located in India and do their business mainly with the US and China. These new business opportunities mean that the CPA needed to perform the firm's financial work needs the knowledge of the standards of each of the countries. Accounting is predominantly known as the profession that analyzes the past, but because of globalization it is important to look into the future. As a result, it is important to educate the accounting field on the standards of other cincinnati reds hats countries. The future will also hold the mandatory adoption of International Financial Reporting Standards (IFRS) in the U.S. which will change reporting from rules-based US GAAP to principles-based IFRS standards.

The number of globalized businesses in the world is vast and increasing, which emphasizes the importance of achieving a common accounting language.? Richard Stolz points out that although nearly fifty percent of the top accounting firms in the US have multinational clients and have been working with IFRS for years, it is increasingly important that second-tier firms and their clients also become familiar with these standards.? A level of preparedness is needed for this coming transition to international standards. Failure to prepare will increasingly lead to accounting opportunities being given to foreign, English-speaking accountants and firms who are trained and experienced with international standards. It is important to consider the question of how accounting education should change. Accounting education at cincinnati reds hats the high school, college, CPA and professional levels will all have to be modified in accordance to IFRS. Should both accounting standards be taught in the future? To teach both accounting standards will require more education hours for students and practicing professionals will have to be educated which will be costly.

L. Gary Boomer states, "Your education and the CPA certificate were not for a lifetime. It requires continual learning, especially in today's flat world". Firms should be required to give their professionals opportunities to continuously learn in order to stay cincinnati reds hats employable. There are seminars offered in cities around the country, such as IASeminars, that provide IFRS training. These seminars are only two to three day long courses, which are doable because they will not require much time off of work. The costs of these seminars for professionals should also be incurred by the firm.