Why did you select this program? What do you most hope to gain from the program? How does it serve your long term personal, professional, and educational goals?

My reasons for choosing this course is a combination of personal curiosities. Being an international student from Bangladesh, I am not new to pushing boundaries. Coming to the US for my education was a big step in my life and I have every intention of making the best of the experience. Ever since my visit to Bangkok as a young toddler, I wanted to experience more of the world, but time constraints did not allow frequent visits until it was time to come to the United States.

Now that I am maturing as a young professional, I have the urge to see the world once again with my new perspective. I decided on accounting as a major ever since I first studied it for my O Levels, and have consistently been fascinated by it since then.

The program will allow me to get in touch with groups that set modern day accounting standards, and also those who follow them. I am highly interested in the time in Florence because of two reasons. It is a beautiful city with a deep history and because it is believed to be the birthplace of the double-entry system that we still use today. To an aspiring accountant like myself, that experience in itself will have sentimental value which simply cannot be expressed in words.

Thus, it is not surprising why I am applying for this program in particular. It covers parts of the world which I have always wanted to visit, and it will help me turn into a much more fine-tuned professional. The trip will undoubtedly do a great job of showing me where the world is headed, what we have to look forward to, and what we should be doing.

I have never had the pleasure of studying abroad and I hope this will be my first. I wanted to study abroad ever since I finished my Freshman year, but untimely deaths in my family forced me to reevaluate my plans. If this works out well, then I just might attempt another short-term study abroad course for the summer, because I believe that education should be global and is much more than a classroom.

Identify a current issue in your proposed host-country (social, political, environmental, etc.). Review 1-2 newspaper or journal articles to learn more about how these issues are currently affecting your potential host city/ country. How does this topic relate to your individual study abroad plan? Be sure to cite your sources.

One of the biggest issue currently looming in Europe is the immoral manipulation of IFRS rules. Multiple banks have been systematically overstating their profits over the years by not provisioning for future losses at all (Kerr). It is believed that under IFRS, a default can only be recognized once it has been incurred, and to make matters worse, IFRS rules are the law in the region in contrast to the US GAAP where it is used as a guideline (Kerr).

I believe that while the IFRS’ rule is sound in theory, it encourages banks to take more risks for short term rewards, and also makes institutions vulnerable to sudden losses. Proof can be seen in the Royal Bank of Scotland and their recent financial troubles. It is clear that they could have been better prepared for the 19.5 billion pound loss in 2011 (Kerr) if they had been building a provision in the years leading up to the loss.

Thus, it is clear why the US GAAP overseers have strongly been against the rule of provisioning in IFRS. The FASB and IASB have pledged to converge the US GAAP and the IFRS (FASB) but the two bodies have seen no result as of July 2013 (Kerr).

The course will allow me to see the philosophical differences between the two institutions. Professor McKinney will actually be taking the students to the FASB’s board meeting regarding the new accounting standards, and getting his professional opinion and first hand-experience on the topic will allow participants to see and be better prepared for the years ahead.

I am personally interested to see how the differences between US GAAP and IFRS will be mitigated, and how the firms will help roll-out the changes. This course is the perfect complement to what I want and I hope I am of the candidates who gets to see the evolution and unification of accounting standards across the world.

Works Cited

Kerr, Gordon. "Europe's Accounting Rules Are Destroying Its Banks." Bloomberg.com. Bloomberg, 11 Mar. 2013. Web. 12 Sept. 2013.

"FASB, Financial Accounting Standards Board." Convergence with the IASB. FASB, n.d. Web. 12 Sept. 2013.

“Talks aimed at converging U.S. and EU expected- loan-loss accounting rules ended without result last July.”

When studying in another country, you can expect to face some frustration with unfamiliar cultural situations. Please describe a recent situation that caused you significant frustration and the strategy that you used to manage it. What strategies might you use to handle challenges while studying abroad?

My most recent frustration experience is one that I have to deal with every weekday. Ever since I was admitted into the Shady Grove campus of the Robert Smith School of Business, I have been facing issues regarding transportation as I live in College Park. I am currently locked into a lease till next year so moving out of my apartment is not an option, and traveling back and forth consumes almost 2 hours of my day.

I have not found any solution to completely solve the problem other than buying my own car, but at the moment that is not a cost feasible option for me. Since I spend a decent amount riding the bus, I ordered myself a tablet computer so that I can make most use of the time spent. I have two to three reading assignments due every week, so using the travel time to complete some of my reading will boost my productivity, possibly more than normal since in the bus I am not distracted at all.

Dealing with cultural differences can be difficult, but I am not new to it since I have been in the US for the last two years. I found it was very important to remind myself that I am not alone and

there are others who are facing the exact same issue. Finding someone to talk to is a big help and helps reduce general shyness as well. Asking for help is key to solving most problems in my case. I found television to be extremely helpful as well since I am exposed to the same content as others and learn new things about the society.

Since I am applying for a short-term course, I am not expecting to face any problems especially since the countries are not very different and because I will be a part of a group. In case I do face cultural issues, I will ask the people around me for help and explain the situation. While that seems somewhat embarrassing at first, it is something that I can overcome easily. Asking questions make great ice-breakers and might even help me make a new friend.

Is there anything else the selection committee should know as they consider your application for study abroad? What questions do you have about this program or about study abroad in general?

I would like the committee to know that I am highly dedicated to my major. Even though my GPA is not the highest, I have my best grades in business related courses. If anything, non-business courses held back my performance as I personally find it difficult to study something that I am not interested in. This course will be a perfect complement to my major and I intend to make the most out of it.