Make The Connection, Global

Accounting in Australia

June 13, 2017 – by Ohio Wesleyan University

Ohio Wesleyan students Erin Cannon (left) and Caitlin Maggio spent 10 days in Australia studying the impact of international accounting standards. Their research, conducted with faculty member Justin Breidenbach, was supported by an OWU Theory-to-Practice Grant. (Photo courtesy of Erin Cannon)

Ohio Wesleyan Students Study International Financial Reporting Standards

Name: Erin Cannon ’18
Major: Accounting
Hometown: Avon, Ohio 

Name: Caitlin Maggio ’18
Major: Accounting
Hometown: Rochester, New York

Experience: Theory-to-Practice Grant, “Australia’s Adoption of International Financial Reporting Standards (IFRS) – Advantages and Drawbacks Over the Years.”

Cannon and Maggio traveled to Australia and New Zealand for 10 days to conduct research with faculty member Justin Breidenbach, OWU assistant professor of accounting, into the impact of IFRS, a single set of enforceable and globally accepted accounting standards. Also this summer, Cannon and Maggio are working as tax interns in Columbus – Cannon for NiSource Inc. and Maggio for BDO.

Lessons learned:
Erin CannonCannon: “Our two main focuses of the experience were to understand Australian customs in an accounting environment and to learn the positives and negatives of adopting International Financial Reporting Standards (IFRS). Learning about how IFRS has impacted Australian accounting has made me more interested in researching what kind of impact IFRS could have on not only the United States, but other countries that have yet to adopt it.

“In addition, I would like to research more about other countries that have adopted IFRS in order to see if there are differences in the impact that it has made.

“Getting hands-on experience with the Australian customs in an accounting environment has really made an impact on the way I think and act in the work place. Going to Australia and being part of a different culture has really made me more open to new things and looking at things differently. It has also made me realize that there is so much of the world that I haven’t seen yet. I am very thankful to be able to do something as incredible as travel to Australia through the university!”

Caitlin MaggioMaggio: “The Theory-to-Practice Grant is an opportunity that I couldn’t pass up. The academic knowledge I acquired, the chance I got to look at accounting and tax across the world helped me not only put my studies into practice, but helped shape me as an individual at a personal and professional level. It was an unforgettable experience.”

Why I chose Ohio Wesleyan:
Cannon: “I chose OWU because it had everything I wanted in a school: my major, small class sizes, travel opportunities, volleyball, and everyone I talked to on my visit made me feel like I could call OWU home.”

Maggio: “I decided to attend Ohio Wesleyan not only for the well-rounded knowledge I would gain through education, but also for the drive this university gives students to go above and beyond the classroom and make their time here unforgettable. My dad also went here so that initially drew me to the school. Once I visited campus I knew I could call OWU home.”

My plans after graduation:
Cannon: “After graduation I plan to pursue my MBA, with a concentration in accounting or finance, while working full-time. In addition, I am preparing for the Certified Management Accountant (CMA) certificate and will eventually prepare for my Certified Public Accountant (CPA) certificate in order to give me greater credibility and leadership potential.

Maggio: “I plan to get my CPA and hopefully my MBA.”