Engaging Students in the Standard Setting Process

Abstract

Being a continuous learner often is viewed as a key attribute of successful accounting professionals. This paper describes a project that engages master level financial accounting students directly in the standard-setting process by having students research, write and submit a class comment letter on a current Exposure Draft to the Financial Accounting Standards Board (FASB). This project integrates multiple competencies through experiential learning. The project is designed to provide students with first-hand experience engaging in the standard setting process, introduce students to some of the challenges with staying abreast of current developments, and help students develop tools and skills they can use throughout their careers to learn about emerging accounting issues and critically analyze alternative solutions.

Keywords: standard setting, comment letters, societal impact, continuous learning

JEL Classification: M41