ABSTRACT
The instructional case material was motivated by the recent global financial crisis and the related financial reporting controversies. Many financial reporting issues remain unresolved even today. This case looks at some of the relevant financial reporting standards that were in place when the crisis began, those that have followed, and those that remain under review for later promulgation. This teaching approach was motivated by a recent webcast with the topic of ‘framework-based teaching of principle-based standards’. The underlying view is that framework-based teaching provides students with an enduring base for using judgment in addressing financial reporting issues (Barth and Wells, 2010).
