Accounting knowledge and skills and the challenges of a global business environment

The rapid spread and acceptance of globalization and the enormous developments in information technology, has led to dramatic changes in the business environment. These changes have brought new challenges not only to business but also to business education. Business schools that prepare future managers in different disciplines are responsible for closing the gap between the skills acquired by its graduates and the required skills by the global markets. This paper identifies the challenges facing accounting education in providing students with the knowledge and skills that raise their competency level to meet that required by the market. These challenges warrant that the competency level of accountants should be improved. Current accounting education and the skill levels of accountants are not in line with what is required in the dynamic environments of global business. A strategic plan for closing the gap between the acquired and required skills is presented to help prepare students for facing and dealing with the challenges of the new global business environment.