BMGT 428D - Accounting's Future, Present, and Past (Europe, NYC, DC)
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• Arrive in New York City (before noon, using your own transportation) on Tuesday, January 2, 2018
• Depart New York City (using your own transportation) on Friday, January 5, 2018 and arrive in London on Saturday, January 6, 2018
• Depart London and arrive in Paris on Thursday, January 11, 2018 by train
• Depart Paris via overnight train on Saturday, January 13, arriving in Florence, Italy via Switzerland, on Sunday, January 14, 2018
• Day trip to Venice, Italy on Monday, January 15, 2018 by train and see city and hear lecture on medieval printing
• Depart Florence on Tuesday, January 16, 2018 to travel by bus to Sansepolcro, Italy and visit the town and hear a lecture on Luca Pacioli, and then travel on by bus to Rome
• Depart Rome (using your own transportation) and return to USA on Friday, January 19, 2018
• Around start of Spring term some visits will occur in Washington, DC.

• London, UK
• Paris, France
• Florence, Italy
• Venice, Italy
• Sansepolcro, Italy
• Rome, Italy
• New York, NY
• Washington, DC

Course Description

This course will explore current topical themes in accounting in the United States and abroad as well as look at historic foundations of accounting that brought us to this point. A large part of the course will include visits to sites that are significant to the development of the accounting profession and offices of accounting thought leaders. The course will explore histories behind the institutions and their accounting and auditing pronouncements and publications developed by these same institutions. The course will discuss topical accounting and auditing issues affecting professional accountants at home and abroad. Students will have an option of working with professional accounting and auditing research databases as well as other databases that are useful for accounting and auditing research designed to specifically meet the New York State accounting research requirement for the CPA Exam. This course will count as an accounting elective for degree requirements for students majoring in accounting.

In addition to the educational benefits, making new friendships, exploring new cultures and countries, I view this course as an employment vehicle - with all our New York and Washington, DC large accounting firm recruiters (some of the largest employers of all business majors) being made aware of the participants, receiving their resumes, and at times interacting with them. The organizations and persons we will meet with affect virtually every business professional in the United States, most business professionals overseas, and almost all large multinational corporations. The organizations you will visit will be integral to your life as a professional and will only increase in importance to you as you progress through your career. Students will be able to compare the professional and educational careers of professional accountants and consultants in the United States, United Kingdom, France, and Italy.

As a student, it is hard to appreciate the access you will be receiving but as you move up your career you will understand the significance. In the past trips our students have met with numerous national accounting partners and accounting organization and regulator board members. For those of you practice in the area of accounting and finance, even years from now, you will continue to draw on your experiences of the trip, not only based on fond memories, but from the contacts made and the access and significance of the visits of these organizations.

Besides meeting wonderful students, some of my favorite course experiences include holding a 5,000-year-old Babylon Tablet from the British Museum, touching (with gloves) a 500-year-old book, considered to be the first printed accounting treatise, meeting with the RSM Global CEO, meeting the EY Vice-Chairman of the Americas, meeting the FASB Board . . . and watching a live Chelsea game!

Taking the course tells your employer that you are serious about your profession. Not only at the time of being hired but at each stage of your career. While others will talk of their study abroad trips from the pure enjoyment aspect, you will be able to bring in the professional aspects of yours to the table (though you will have plenty fun experiences to remember as well). I have not found a partner or manager who I have talked to who has not said, "I wish I had a course like that when I was younger" - or not said, "can I join you?"

This is a once in a life-time opportunity! I hope you can participate! - Jim McKinney, Course Leader

Eligibility:

This course is open to all majors but will primarily benefit accounting majors. This course is accounting focused with almost all visits having an accounting theme. Students must have satisfactorily completed BMGT 220 - Principles of Accounting I prior to start of course.

Target Audience:

• Undergraduate accounting majors planning to work in accounting and/or auditing.
• Students desiring an interesting Winter term accounting elective. This course will count as a three-credit accounting elective for meeting degree requirements for students majoring in accounting.
• Students who desire close interaction with the leading accounting firms and close interaction with their recruiters.
• Students who wish to interact with accounting thought leaders around the world.
• Accounting undergraduates planning to work in the New York metro area. The course is structured in anticipation of explicitly meeting the New York State accounting research requirement for the CPA Exam (though given current ambiguity regarding the regulation it may not be necessary for Maryland accounting majors) for those who choose the option.
• Ideally students would be juniors or seniors but it is not a prerequisite (many sophomores have completed the course successfully). Students will need to have completed BMGT 220 by the start of the course.

Thought Leaders Visited in 2014, 2016, and 2017:

The course in 2014, after London, visited Italy. The courses in 2016 and 2017, visited Brussels and Amsterdam after London. Accounting thought leaders we met with below are listed in alphabetical order within city. Prior visits do not guarantee that we will meet with such individuals in the future.:

• New York Area:
  • Justin Benesch, PwC Tax Partner
  • Karen Bowman, Deloitte Partner and member Board of Directors
  • Daryl E. Buck, FASB Board Member
  • Michael Glynn, AICPA Senior Technical Manager, Audit and Attest Standards
  • Russell G. Golden, FASB Chairman
  • Diane Jules, IAASB Deputy Director
  • James L. Kroeker, FASB Vice Chairman
  • Thomas J. Linsmeier, FASB Board Member
  • Mark Manoff, EY Americas Vice Chair and member of Smith Board of Advisers
  • Joe Maturando, EY Director, Americas Talent Team, Northeast Region Campus Recruiting Leader
  • Mike Monahan, GT Principal in Charge of NY/New England CBC Practice
  • Kim Nielsen, AICPA Executive Editor - Magazines & Newsletters and Journal of Accountancy
  • Gary Pflugrath, IAASB Director of Public Policy and Regulation
  • Timothy M. (Tim) Phelps, KPMG Partner, Department of Professional Practice (National Office)
  • Cosmo Saginario, GT Audit Partner
  • R. Harold Schroeder, FASB Board Member
  • Christopher Semesky, KPMG Partner, Audit, Audit Quality Professional Practice (National Office)
  • Marc A. Siegel, FASB Board Member
  • Hal Schroeder , FASB Board Member
  • Larry Smith, FASB Board Member
• London:
  • Mark Babington, U.K. Financial Reporting Council, Deputy Director, Audit Policy
  • Jenny Carter, U.K. Financial Reporting Council, Director of UK Accounting Standards
  • Bill Farren, Deloitte Director, Audit and Equity Capital Markets
  • Diana Hillier, Partner, PwC Global Assurance Standards, Former Member and Deputy Chair of IAASB
  • Ian Hitchen, Director, Global Assurance, PwC Global Strategy
  • Philip Lenton, Deloitte Director, National Accounting and Audit
  • Mark O'Sullivan, Head of Corporate Reporting at PwC UK
  • George Russell, RSM UK London Recruitment Lead
  • Jean Stephens, RSM Global CEO
  • Peter Timberlake, U.K. Financial Reporting Council, Head of Communications
• Brussels:
  • Hilde Blomme, FEE Deputy CEO
  • Françoise Flores, EFRAG Chairman and CEO
  • Filippo Poli, EFRAG Policy Research Director
• Amsterdam:
  • Martijn Duffels, IFIAR Secretariat
  • Petra Groenland-van der Linden, Partner, KPMG Netherlands
• Washington, DC:
  • Cindy Fornelli, Center for Audit Quality, Executive Director
  • Jay Hanson, PCAOB, Board Member
  • Risa Lavine, CohnReznick Firm Chief of Staff and Principal
  • James Martinko, CohnReznick Bethesda Office Managing Partner

As well as representatives and partners of the Big Four accounting firms in both the London and New York offices and representatives from the AICPA, FASB, IAASB, IASB, ICAEW, SEC, PCAOB, and CAQ. We also met with the New York recruiters for the five accounting firms we visited in the US as well as firm recruiters in the UK.

Anticipated Academic Visits, Excursions, and Travel Planned for Winter 2018

New York City

Photos from prior trips

• Tuesday, January 2, 2018 - Friday, January 5, 2018
• Travel (student arranged) from DC to New York City - You MUST arrive by NOON in New York City

• US Headquarters of Deloitte (also Deloitte's Global HQ), EY, KPMG, and PwC
• New York City Offices of Grant Thornton
• American Institute of Certified Public Accountants (AICPA) - top CPA organization, US non-issuer auditing standard setter, prepares and runs the CPA exam, publishes top accounting publication
• Financial Accounting Foundation (FAF) and Financial Accounting Standards Board (FASB) - US accounting standard setter

• Wall Street Tour

• Museum and One World Trade Center Observatory

**Professional and other inclusive visits listed are planned visits but will need to be arranged

Photos from prior trips

• Saturday 1/6/2018 - Thursday 1/11/2018
• Travel (student arranged) leaving New York City on Friday 1/5/2018 arriving in London on Saturday 1/6/2018

• Global Headquarters of EY, PwC, and RSM
• IFRS Foundation and International Accounting Standards Board (IASB) - International accounting standard setter
• Institute of Charted Accountants of England and Wales (ICAEW) - leading organization of chartered accountants, administers charter accountant exams, provides IFRS training
• Financial Reporting Council (FRC) - UK auditing and accounting standard setter and enforcer

• London Financial District Tour
• British Museum - meeting with curator

• St Paul's Cathedral
• Tower of London

**Professional and other inclusive visits listed are planned visits but will need to be arranged

Photo from prior trip

• Thursday 1/11/2018 - Saturday 1/13/2018
• Travel (course inclusive) leaving London, UK to Paris, France by train on Thursday 1/11/2018

• French Headquarters of Deloiite
• French accounting and/or auditing authority - e.g., Compagnie Nationale des Commissaires aux Compte (CNCC)

• Eiffel Tower

**Professional and other inclusive visits listed are planned visits but will need to be arranged

Photos from prior trip

• Saturday 1/13/2018 - Tuesday 1/16/2018
• Travel (course inclusive) leaving Paris, France on Saturday 1/13/2018 and arriving in Florence, Italy by OVERNIGHT train on Sunday 1/14/2018 visa Switzerland

• Day trip (course inclusive) by train to Venice, Italy to learn the history of printing and its importance to accounting
• Day trip (course inclusive) by bus to Sanepolcro to learn about the life of Luca Pacioli, father of accounting (will continue on to Rome)

• Sansepolcro museums

**Professional and other inclusive visits listed are planned visits but will need to be arranged

Photo from prior personal trip

• Tuesday 1/16/2018 - Friday 1/19/2018
• Travel (course inclusive) leaving Sansepolcro, Italy to Rome, Italy by bus Tuesday 1/16/2018
• Travel (student arranged) leaving Rome on Friday 1/19/2018 - students may opt to stay longer but hotel accommodation ends on the morning of 1/19/2018

• Rome offices of KPMG
• Italian accounting and/or auditing authority - e.g., Commissione Nazionale per le Società e la Borsa (CONSOB)

• Roman Colosseum

**Professional and other inclusive visits listed are planned visits but will need to be arranged

Photo from prior trip

• Two Friday afternoons (1/26 and 2/2) during spring 2018 Term
• Travel (student arranged) by Metro to offices.

• U.S. Securities and Exchange Commission (SEC) - top US accounting regulator
• U.S. Public Company Accounting Oversight Board (PCAOB) - top US auditing regulator

**Professional and other inclusive visits listed are planned visits but will need to be arranged

• ANTICIPATED COURSE PROGRAM FEE: $3,900 (likely - final cost TBD):
  • The program fee basically is designed to break-even on travel costs. It is budgeted to cover your costs listed below and that of the two instructors. It does not cover the salary and benefits paid to the instructors but does cover all of their travel costs.
  • Program Fee is expected to cover:
    • UMD tuition for 3 credits
    • Shared accommodation for 17 nights in hotels (except for the two travel nights) - three in New York City, one on overnight flight (which you are responsible for paying), five in London, two in Paris, one on overnight train, two in Florence, and three in Rome
    • Food:
      • Breakfasts in hotels or otherwise arranged from Wednesday, January 3, 2018 until Friday, January 19 - does not include breakfast on airplane flight or overnight train - note that breakfast schedules may not always be convenient
      • One planned group lunch in Sansepolcro, Italy - note that occasionally, some firms will generously provide lunch to us at a lunchtime meeting - but that is not guarenteed
      • Five planned group dinners: two in New York City, one in London, one in Paris, and one in Rome
      • Inexpensive food provided at pre-departure and post-departure meetings
    • Inter-city transportation: train from London to Paris, train from Paris to Florence, train to Venice, bus to Norwalk, CT, bus to Sanepolcro, Italy and on to Rome
    • Intra-city transportation: limited subway travel passes in New York City, London, Paris, and Rome
    • Costs for guides and translators (as needed) for course sponsored activities
    • Costs of planned cultural visits that include One World Trade Center Observatory, British Museum, St Paul's Cathedral, Tower of London, Eiffel Tower, Sansepolcro museums, and the Roman Colosseum
    • $500 per student Education Abroad Fee charged to all University study abroad courses
    • International Health Insurance, including medical evacuation and repatriation of remains coverage
    • Some modest cost associated with running the course and to provide some inexpensive gifts to speakers
    • Name tags that can be used after the course for recruiting events and flash drives to hold photos from trip
    • Small amount of contingency money to deal with unexpected budgetary surprises and currency fluctuations
  • Program Fee DOES NOT cover:
    • A non-refundable $50 application fee payable online by credit card is due at the time of application.
    • Transportation to New York - suggest using a bus which are usually under $50
    • International airfare to and from Europe - non-refundable flights are expected to range from $800 - 1,600
      • International flights should not be booked until confirmation of course acceptance. Once registered for the course, students are advised, but not required, to purchase refundable airplane tickets to counter any inconvenience caused by a change in unforeseen circumstances. Each student will, however, be responsible for payment in full of their own flight.
    • Transportation to DC visits
    • Visa processing if applicable
    • Travel insurance other than the international health insurance referred to above
    • Meals and snacks not listed above
    • Cultural events not listed above
    • Entertainment and other travel expenses.

PAYMENT(S) FOR THE COURSE are collected accordingly:

1. A non-refundable $50 application fee payable online by credit card is due at the time of application.
2. Upon acceptance into the program, a $250 non-refundable deposit payable online by credit card is due within 10 days or less. The exact due date of this deposit will be communicated when student is accepted. Applicants understand that when he/she pays this deposit after being accepted into the program, it is deemed to be a commitment of participation. This deposit is non-refundable under any circumstances.
3. The remaining balance will be due upon Education Abroad's registration of student into the program. This amount will appear on the student's account and will be payable before the end of the next billing cycle. See UMD's Education Abroad website for other refund and withdrawal rules.

Any scholarship monies awarded by Smith will be credited to the student's account once the charge appears on his/her account. All efforts will be made to have the scholarship monies credited prior to payment due date.