american journal of business education fourth quarter 2014.pdfVIP

American Journal Of Business Education – Fourth Quarter 2014 Volume 7, Number 4 Teaching Undergraduate Accounting Majors How To Interpret The Accounting Standards Codification: An Alternative To Research Cases Michael C. Toerner, McNeese State University, USA C. Bruce Swindle, McNeese State University, USA Daryl V. Burckel, McNeese State University, USA ABSTRACT Professional accountants regularly search the FASB’S Accounting Standards Codification to find answers to financial accounting questions. Accounting educators know this and frequently use research cases in an attempt to help students begin developing this ability. But many students struggle with these cases because they have not been taught how to interpret the Codification and apply its provisions. As a result, research cases often fail to accomplish one of the main purposes for which they are assigned. The authors believe that teaching undergraduate accounting majors how to interpret the Codification is best achieved through an in-class explanation of the process by which the Codification is converted into formulas and journal entries – an approach that they have named the “classroom approach” and that is described in this paper. Keywords: Accounting Education; Intermediate Accounting; Advanced Financial Accounting; Accounting Standards Codification; Research Cases INTRODUCTION earching the authoritative literature to find the answers to financial accounting questions is something that S professional accountants do on a regula