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Wanted: International Experience


January 2002 How does an office in London sound? Madrid? Paris? A recent survey revealed that 56 percent of CFOs polled said international experience will be at least somewhat necessary for accounting and finance professionals five years from now.



The survey, conducted by Robert Half International as part of its Next Generation Accountant project, polled 1,400 chief financial officers from a stratified random sample of U.S. companies with more than 20 employees. When asked how necessary they felt international experience will be five years from now for accounting and finance professionals, 20 percent said "very necessary" and 36 percent said "somewhat necessary."

According to Max Messmer, chairman and CEO of Robert Half International Inc., "a growing number of businesses are expanding internationally to reach new markets and better serve the needs of clients with global operations."

Messmer added, "The next generation of accountants should assume they'll be communicating with colleagues around the world to analyze financial data and develop business strategies."

Indeed, recent developments throughout this increasingly global world place more pressure on accounting and finance professionals to understand the industry overseas as well as at home. From global accounting standards to the euro, United States companies will be expected to cooperate with the changes, developments and implications of a global economy.

For instance, the global accounting standards arena has welcomed the newly established International Accounting Standards Board to the table, which is responsible for creating workable accounting standards with universal acceptance. Paul Volcker, International Accounting Standards Committee chairman, said at a recent conference that "American authorities, quite rightly, came to the view that if there was going to be a true convergence of international standards, it had to be done internationally."

And then there is the euro, the common currency that 12 members of the European Union (made up of 15 countries) adopted amidst a storm of controversy. The jury is still out on how the euro will impact the economy in the long-term, but CFO magazine recently reported that American multinational companies are claiming the euro is already pulling revenues down due to the euro's 7 percent decline in value.

Technology advancements have their impact on the international accounting arena, as well. The XBRL.org Consortium, consisting of over 130 accounting, financial and technology organizations from around the world, has long been at work on XBRL -- eXtensible Business Reporting Language. After years in development, the XBRL 2.0 Specification is now available, and Bank of America began a pilot program last month.

So, for professionals in the field, knowledge about international issues could be a great asset to add to a resume. Said Messmer: "Accounting and finance professionals who are bilingual and have experience in foreign tax law, as well as international trade regulations and reporting procedures are highly marketable."

2002 SmartPros Ltd. All rights reserved.

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