AIR Spring 2010

Accounting Standards Codification: Introducing GAAP Research to First-Year Accounting Students (Painlessly)

Because of the previous nature of U.S. generally accepted accounting principles (GAAP) with its multiple, scattered sources and various formats, accounting principles students have generally experienced GAAP indirectly through textbooks or class lectures. Recent changes in structure make U.S. GAAP easily accessible to first-year accounting students. The FASB Accounting Standards Codification (ASC), the single source for authoritative nongovernmental U.S. GAAP beginning July 1, 2009, provides a new logical, topical format and the Codification Research System supplies an online tool not previously available for performing research. Now, directed research using the Codification Research System can connect even introductory students to the real-world source of GAAP.
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Using the Balance Sheet Concept to Help Students Understand the Current Economic Crisis

In this paper, we present a visual learning approach to apply the balance sheet concept that students usually learn in the first two weeks of introductory financial accounting course to explain what has happened to our economy since mid-2008. By linking the concurrent events of economic crisis to the balance sheet, more specifically, the accounting equation, we were able to create an excitement in classroom discussion and enrich course materials in the first introductory financial accounting. We were encouraged by the favorable students feedback and comments in making a difficult concept easy to understand, and difficult to forget.

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Deploying Formative Assessment in Accounting Principles

Most accounting instructors spend a significant amount of time on summative assessment when evaluating students. However, less attention is afforded formative assessment of student learning as a diagnostic tool that provides feedback for decisive instructional intervention. Documentation of formative classroom assessment can be of value to instructors who wish to show tenure committees that activities to improve instruction are taking place. In fact, this study was initially undertaken as a response to such a request by the author’s tenure committee and now serves as the basis for an ongoing dynamic assessment plan that provides valuable feedback for instructional improvement. Institutionally, requirements are in place to administer student evaluations of instructors near the end of each course. Results of the student evaluations are provided to faculty upon completion of the semester and while these ratings are used by instructors for formative purposes, they are also used by administrators when evaluating faculty. This study attempts to lay the ground work for an effective formative assessment plan that augments the institutional student ratings and provides evidence driving constructive classroom instruction.

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Fair Value: An Essential Topic for Beginning Accounting

The concept of fair value permeates the financial statements and will only become more important in the future. We do our students a disservice if we do not introduce them to it in
the beginning accounting course.

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Accounting Instructors’ Report, Spring 2010: Table of Contents

TRENDS
Fair Value: An Essential Topic for Beginning Accounting

Belverd E. Needles, Jr., Ph.D., CPA
Marian Powers, Ph.D.

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