Updated: Monday, November 30th, 2009

The Ernst and Young Foundation - the charitable arm of the consultancy Ernst and Young - has announced it will commit $1 million to the development of resources intended to help accounting students launch their business careers.

Last summer, the foundation's educational efforts began with the opening of the Ernst and Young Academic Resource Center, which works with business professors to develop time-sensitive learning materials to teach accounting students International Financial Reporting Standards.

Over the past year, the organization has already donated $1.5 million to create 24 curriculum modules on the standards that include a user guide, slides, examples, homework problems, illustrations and case studies. The center also hosted a national training session and participated in several educational conferences.

Through the new funding, the center will update its modules and expand its coverage to include topics such as auditing and taxation.

Ellen Glazerman, the foundation's executive director, said the center was developed in response to "an unequivocal call" from the Obama administration for "transparency and international convergence of accounting and financial reporting standards."

Such initiatives may supplement associates, bachelors or masters programs and help accounting students transition into the professional world.

Job prospects for accountants, whose median annual earnings were $54,630 in May 2006, are expected to grow by 18 percent over the next seven years.

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