Presenter:
Kay Zekany, Ohio Northern University
Description:
It is always a challenge for Intermediate Accounting students to truly understand the diversity of interests the FASB considers in establishing GAAP. Now that the FASB posts all of its position letters received from its constituents on pending accounting issues before the board, we all have ready access to materials to provide students with an experience resembling the FASB's own process of considering the public's response to pending issues.
The purpose of my proposed session is to encourage other instructors to try to give their students a chance to experience for a day what it must be like to sit on the FASB.
In preparation for class, I print the comment letters on the issue of interest and distribute copies to the students randomly such that no two students receive the same letter and no students read more than 25 pages of letters. The contents of these letters give the student fresh insights into the needs of both users and preparers alike. After the students have studied and considered their letters, we hold a debate in class. This is when the true diversity of interests is discussed. Following class, students write their position on the issue.
