Using FASB’s Proposed Standards to Enhance Students Understanding of GAAPs

• In Event: Reception with Effective Learning Strategies Displays
  In Poster Session: Poster 7

Abstract

Most accounting students’ exposure to the standards set by the FASB is limited to what is explained in accounting textbooks. The authors of these textbooks synthesize the standards to a few major requirements and explain these primarily in very simple to understand language with a few numerical examples for illustration. The actual standards have a lot more details that few students pay attention to, even when exposed to the Accounting Standards Codification System. When students graduate and are in the profession in the future, they would need to delve into the complexities of the standards and a lot of them have issues reading and interpreting actual standards, based on anecdotal experience with recent alumni. One method of getting students to look at the standards is a project based on requiring students to read proposed standards of the FASB and respond to the questions that the standard-setters ask interested parties to provide feedback on those issues. This session will illustrate how we have successfully implemented this in our senior and graduate-level course in the past few semesters.

Authors

• Ramesh Narasimhan, Montclair State University

• Shifei Chung, Rowan University