A DIGITAL LEARNING PLATFORM FOR GENERATION Z: PASSPORT TO IFRS Erasmus Project

Project Title

A DIGITAL LEARNING PLATFORM FOR GENERATION Z: PASSPORT TO IFRS

Project Key Action

This project related with these key action: Cooperation for innovation and the exchange of good practices

Project Action Type

This project related with this action type : Partnerships for Digital Education Readiness

Project Call Year

This project’s Call Year is 2020

Project Topics

This project is related with these Project Topics: Open and distance learning; Enterprise, industry and SMEs (incl. entrepreneurship); New innovative curricula/educational methods/development of training courses

Project Summary

PASSIFRS idea is based on two important actions of EU: The Digital Education Action Plan (2021-2027) which outlines the European Commission’s vision for high-quality, inclusive and accessible digital education in Europe and Enactment of Regulation (EC) No 1606/2002 of the European Parliament on the application of international financial reporting standards (IFRS) in Europe.
By the great efforts of EU, IFRSs are currently required in more than 140 jurisdictions and permitted in many more around the world.This means that the business world almost has a common financial language. PASSIFRS highly contributes to the EU’s financial reporting policies by involving comprehensive and principle based IFRS training for future professionals. On the other hand, one of the priorities of EU’s The Digital Education Action Plan (2021-2027) is “fostering the development of a high-performing digital education ecosystem”. PASSIFRS meets the two important requirements of this priority by developing the digital transformation of IFRS education in HEIs; “digitally competent and confident teachers and education and training staff; and; high-quality learning content, user-friendly tools and secure platforms which respect privacy and ethical standards”.
The year 2005 was a milestone in global financial reporting with the mandatory adoption of IFRS for the consolidated accounts of all publicly traded companies in the European Union (EU). Although the accounting academics and multinational companies were aware of the beneficial adoption of IFRSs much more earlier, but from 2005, with the enactment of Regulation (EC) No 1606/2002 of the European Parliament, the adoption process of IFRS has become incredibly faster. The member states of the EU require the mandatory application of these standards for listed companies since 2005. After the regulation of the EU, many non-EU countries also have voluntarily entered the IFRS adoption process. IFRSs are designed to bring consistency to accounting language, practices and statements.
The adoption process of companies to IFRSs was not an easy step. The accountants and auditors around Europe began to deal with a new and complicated financial reporting procedures, hence this adoption process mostly showed itself on the vocational training of accountants and auditors.
The next step that should be taken now is focusing on the IFRS training of business students in higher education institutions (HEIs) as future professionals.
Approximately from the year 2015, Generation Z students began to fill the classrooms, campuses, and residence halls in HEIs. For the year 2020, most of the students in HEIs are from GenZ and a little number of Gen Y seniors. The GenZ students of business classes in HEIs are the future CEOs, CFOs,accountants and auditors and they need to learn and apply IFRS effectively, in order to be included in global financial workforce.
While our world is suffering from Covid 19 pandemic and education is mostly limited with distance and digital learning, the main objective of PASSIFRS is to build digital education readiness for IFRS education in HEIs by taking into account the unique characteristics of Generation Z students.
PASSIFRS is built on three important pillars:
Contributing to the digital IFRS education of GenZ business students is the priority of PASSIFRS. PASSIFRS will construct a flexible but structured digital learning platform. This kind of digital training will be attractive for GenZ students. PASSIFRS includes several IOs that are especially designed for contributing digital readiness of HEIs in IFRS education.
PASSIFRS offers adopting a principle-based approach in IFRS education. Adopting a principles-based model of IFRS education is not simply limited to teaching the IFRS, but also includes how to apply it with real world problems. The principle-based approach emphasizes best practices with prescribed procedures, provides flexible learning and also perfectly matches with the characteristics, perspectives, and styles of GenZ students.
PASSIFRS includes an on line multicultural peer learning exercise. This exercise has been specially designed to meet two important distinctive characteristics of GenZ students: Multicultural and socially progressive. After receiving tutorials from the PASSIFRS Digital Platform, Gen Z students of PASSIFRS HEIs will benefit from the Erasmus+ multicultural perspective and learn IFRS on line with their peers and enjoy the ability to get different perspectives.

EU Grant (Eur)

Funding of the project from EU: 174060 Eur

Project Coordinator

ISTANBUL UNIVERSITESI & Country: TR

Project Partners

• ACADEMIA DE STUDII ECONOMICE DIN BUCURESTI
• BURSA ULUDAG UNIVERSITESI
• D. A. Tsenov Academy of Economics
• VYTAUTO DIDZIOJO UNIVERSITETAS
• UNIVERZITET MAJKA TEREZA VO SKOPJE