The government is increasingly expecting financial institutions to adopt this (XBRL) new standard, but there are very few accountants trained in this area. Our students are moving quickly to fill this void.
Fairfield, IA (PRWEB) January 03, 2014
Accounting students at Maharishi University are gaining certification in a new worldwide standard for exchanging financial and accounting information that’s required by the US government as well as a growing list of international organizations. Maharishi U is the first university in the world to offer this certification training as an academic course.
"The government is increasingly expecting financial institutions to adopt this new standard, but there are very few accountants trained in this area," said accounting professor Andrew Bargerstock, PhD, CPA. "Our students are moving quickly to fill this void."
Extensible Business Reporting Language (XBRL)
The new standard, XBRL, or eXtensible Business Reporting Language, is a formal markup language with some similarities to computer programming that systematically defines business facts, values, contexts, units, and more in order to exchange financial information.
Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies.
A Highly Marketable Skill
According to Dr. Bargerstock, the XBRL standard is rapidly spreading worldwide. In the U.S., both the Securities Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) require that all data reported to them use XBRL.
The Netherlands has adopted XBRL as a government-wide standard of reporting accounting and financial information. And in a recent report, the International Accounting Standards Board (IASB) stated that "XBRL reporting has become an integral aspect of most registrants’ financial reporting infrastructures, and interactive data is more readily available to financial statement users than ever before."
"We want our students to be on the cutting edge," Dr. Bargerstock said. "This new system is very challenging to learn, but once an accountant is certified, he or she will be highly sought after by the many large institutions who are now having to prepare their data in this new way. This will give our students another credential that will make them attractive in the US and international job market."
Students, Faculty Earn Certification
XBRL International, (http://www.xbrl.org), which developed this new standard, offers testing to certify that accountants have mastered it. Dr. Bargerstock and six of his students have so far earned XBRL certification. According to XBRL International, Maharishi University of Management is the first university to offer XBRL instruction and certification as part of the curriculum. XBRL is offered as a one-credit course in MUM’s MBA Accounting program.
The MUM Accounting MBA
Maharishi University of Management offers an MBA for Accounting Professionals program that enrolls students from a variety of countries. They spend seven months on campus taking MBA courses, and then are placed in paid practicum positions around the US while completing their degree via distance education.
Track Record of Success
Dr. Bargerstock, director of the University’s MBA programs, received the 2009 Excellence in Lean Accounting Professor award from the Lean Enterprise Institute (LEI) at the Lean Accounting Summit. Since then, Dr. Bargerstock has published research articles in Management Accounting Quarterly and guided two Ph.D. students who won the Lean Accounting Student of the Year Award (2011, 2013) by LEI at the annual Lean Accounting Summit.
Dr. Bargerstock’s students have also placed in top 10 positions of the revolving CAPSIM business simulations CAPSIM business simulations. Every year since beginning the simulation as part of the MBA curriculum, MUM has placed student teams in the Top 10th percentile worldwide including #1 finishes in the world in 2011 and 2013. This online simulation addresses the need for accountants to become better acquainted with strategic thinking and decision-making in circumstances of uncertainty and in a team environment.
The XBRL training and certification adds to the growing list of skills MUM students have been developing, including their recent course in Data-Mining using the latest SPSS Modeler software and its application in business marketing.
"This combination of these three things—success is Business Simulations, understanding of Data Mining, and XBRL certification," said Dr. Bargerstock, "puts MBAs coming out of Maharishi University of Management in a whole new light with great potential for building long-term careers in the United States and internationally."
About the University
Founded in 1971, Maharishi University of Management (MUM) offers Consciousness-Based℠ Education, a traditional academic curriculum enhanced with self-development programs like the Transcendental Meditation® technique. Students are encouraged to follow a more sustainable routine of study, socializing and rest without the typical college burnout. All aspects of campus life nourish the body and mind, including organic vegetarian meals served fresh daily. Located in Fairfield, Iowa, MUM is accredited by The Higher Learning Commission and offers bachelor's, master's, and doctoral degrees in the arts, sciences, humanities, and business. Visitors Weekends are held throughout the year. For more information, call the Admissions Office at 800-369-6480 or visit http://www.mum.edu.