The internet has seen such exponential growth over the past 15 years, and the field of education has benefited a great degree due to this. It has also made possible the faster revamping of educational tools and means, due to its non-reliance on traditional books. In particular, online accounting degree programs are changing education in accounting at breakneck speed.
It often happens that an established textbook is relied on for teaching traditional courses. Online education breaks this trend, as online universities strive to innovate and constantly update curricula to fit the changing times. The necessity brought about by competition and by a paperless environment are precisely what drives changes to the methods of teaching and learning. Whether intended or not, the use of traditional means of education breeds a reliance on old formulae to a certain degree.
With accounting, it is online courses that have the greater ability to adapt to today’s accounting standards. You could see for yourself the change in curricula of online accounting courses, as compared to traditional courses. This is no coincidence. In particular, with the Enron scandal early this millennium, online universities were still attaining prominence and recognition by the general public. The experimental nature of teaching through Web sites in itself has allowed for tremendous changes at a fast rate.
After Enron happened, came all the fuss about what standards to use. The International Accounting Standards, or IAS, were revised at around the same time, and this was generally considered to be a positive development for the avoidance of future scandals. Previously, the Generally Accepted Accounting Principles were seen as sufficient to prevent or minimize such kinds of fraud.
Another revolutionary measure was the Sarbanes Oxley Act, which many consider a knee jerk reaction to what happened in Enron. Nonetheless, the provisions of the law continue to affect the manner by which accounting is done and reviewed. In some ways, freedoms in the method of accounting have been taken away. However, others argue that such changes have resulted in greater accuracy of accounting records of firms. What concerns us here is the way in which accounting is taught, specifically, how online education has succeeded in adopting to such changes, better than traditional schools.
This is not to criticize the educational system, but to make us all aware of the limits that our educational infrastructure has to overcome. Online accounting degree programs will continue paving the way in facing the future of accounting.
