Abstract:

This research paper will review the effects of Covid19 on accounting education with emphasis on the modality of delivering accounting courses, financial reporting, accounting standards, and application of basic auditing procedures using Qualitative Conceptual Content Analysis Methodology. The author will use secondary data reviewing articles that were written about the impact of COVID-19 on accounting education. Questions to be answered include: Did COVID-19 affect the delivery of accounting education? What are the effects on student and instructors? Are there changes in accounting standards? What are the risks and challenges as a result of COVID-19? The result of this study indicated that due to COVID-19, online teaching became the modality in delivering courses in the USA and around the world. There was a switch from face-to-face to remote learning using Learning Management System (LMS) and Course Management System (CMS) to facilitate teaching/learning process. Students learn anytime, anywhere around the globe. Academic institutions faced several issues and challenges ranging from technical difficulties, lack of participation or motivation to learn the technology which impact the effectiveness of learning for accounting students and teaching for instructors. Many academic institutions in the USA and in developing countries were forced to implement this online learning modality prematurely, causing a negative reaction from both students and educators. Auditing is a common and required action in the realm of accounting. In auditing, it was typical to have auditors conducts audits in person. During COVID-19, using video camera to present a first-person view as if the auditor is physically present provides a no contact solution. This allows the auditor to communicate with the employee while reviewing records and increases the understanding of technology. Although there are questions as to who should be creating and providing the video, there is currently no clear guidance on this method. In auditing tangible assets, a physical observation of the assets must be conducted. During COVID-19, the procedure is satisfied through the use of the videotaping and software recognition. The auditing process is meant to ensure everyone is adhering to all the laws and regulations, therefore removing the requirement of auditors being physically present reduces the effectiveness of the audit and raises questions of integrity. In order to tackle issues related to the COVID-19, the Financial Accounting Standards Board (FASB) made updates to some standards. For instance, stakeholders raised concerns regarding revenue recognition for franchise agreements. Many of the franchises had to delay openings due to COVID-19 although already being contracted. After much collaboration and feedback, the FASB chose to extend deferral for those that had not issued financial statements reflecting the adoption of Revenue, rather than limiting the deferral to franchisors. Other topics that have also seen adjustments due to COVID-19 are Leases and Intangibles. Overall, COVID-19 launched the accounting world into the usage of technology to complete education, financial reporting, and auditing.

Keywords:

Modality, auditing, accounting standards, technology, online teaching/learning.