A team of five Baruch accounting students in the College’s Zicklin School of Business won first place at the PricewaterhouseCoopers xACT accounting debate competition, held at Baruch on November 12.
The xACT xTREME Campus Competition is designed to expose students to real
world accounting and auditing issues. Teams have two weeks to research an assigned, high level question about an important accounting issue, generally an unfamiliar one, and prepare a presentation to convince judges that their solution is the best.
Baruch’s winning team beat 11 other groups of accounting students. Calling themselves Pros: Profit, Proficiency, Property, the Baruch team included students Olivia Perkowski, Maxim Bakaleynik, Serhiy Banashko, Alex Aleksandrovich, and Leo Gabovich. Each member of the team was awarded $250, and a videotape of their presentations was forwarded to the national competition.
The challenge encourages participants to develop their own views on the issue, while also taking into consideration multiple stakeholder viewpoints, collecting information about alternatives, and selecting a course of action.
This year’s accounting issue dealt with the relative merits of International Financial Reporting Standards (IFRS) versus generally accepted accounting principles in the U.S. (U.S. GAAP). The Baruch team’s winning solution to the problem involving international reporting issues was to propose a hybrid accounting system that drew on the best practices of both IFRS and U.S. GAAP.
The Baruch team was advised by PwC mentor and Baruch graduate student Yemi Adigun, and faculty mentor Carol Marquardt, an associate professor of accountancy in Baruch’s Stan Ross Department of Accountancy.
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