Presenter:
Charles Leflar, University of Arkansas
Connie McKnight, Arkansas Tech University
Description:
The FASB standards project requires groups of students to research, develop, write, revise, and present a new “Proposed FASB Standard” on a topic currently under study by the Emerging Issues Task Force (EITF) or another hot topic in the accounting profession. Students are assigned to a topic and must use the financial accounting theory to develop a new standard. The project gives students a specialization in a current financial accounting topic as well as increased knowledge in financial accounting theory and the process that the Financial Accounting Standards Board (FASB) uses to develop standards. The project requires the following steps:
- Drafting a standard
- Composing a second draft
- Writing comment letters on two other groups' projects
- Receiving comment letters
- Preparing a final draft of the proposed standard
- Presenting the standard
The presenters will explain the organization and the benefits of this semester-long project. In addition, completed student projects will be available for examination.
