Inquiry-Guided Experiential Learning in FASB Codification Research: An Investment Portfolio Simulation Project
DOI:
https://doi.org/10.33423/jhetp.v24i7.7093Keywords:
higher education, experiential learning, inquiry-guided learning, FASB Codification, investment portfolio simulationAbstract
We designed and implemented an inquiry-guided experiential learning project in which students researched and interpreted accounting standards from FASB Accounting Standards Codification to support their applications and assessment of the accounting treatment in a hands-on quasi-real-world simulation for investment activities. Specifically, in the project’s first phase, students explored, researched, identified, and interpreted the related accounting standards from the Codification for a fictional client’s investment activities. Students then ran an investment portfolio simulation in the second phase, in which they (1) created organic investment activities, (2) made authentic applications of accounting standards, (3) analyzed and evaluated the impact on self-prepared financial reports, and (4) modified subsequent investment decisions. Most students were well motivated to explore and self-study the accounting concepts and procedures. They considered the project relevant, interesting, and effective. Their performance in project knowledge tests improved student learning along factual, conceptual, procedural, and metacognition knowledge dimensions. They were willing to put time and effort into the project and would recommend it for future use.
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