Teaching Financial Accounting and Reporting Through A Venue-Based Experiential Learning Approach

Authors

  • Joseph Foy CUNY School of Professional Studies https://orcid.org/0000-0001-5952-2426
  • Frimette Kass-Shraibman City University of New York, Brooklyn College
  • Rachel Raskin City University of New York, New York City College of Technology
  • Vijay Sampath Fairleigh Dickinson University

Abstract

This paper explores a venue-based experiential learning project to enrich financial accounting and reporting education. The project spans a semester, involving students in sequential tasks related to Starbucks Corporation’s financial data. The project mitigates the challenges of abstract learning in accounting by connecting theoretical concepts with practical applications through data analysis and store visits. The flexible nature of the project allows for adaptation across various course levels and modalities, making it suitable for diverse educational settings. This case was administered to over 500 students in undergraduate and graduate accounting classes over a four-year period. Students were tasked with extracting, analyzing, and presenting financial data from Starbucks, integrating company and store-level risk information, and reflecting on their overall experience. Physical visits to local Starbucks stores further enhanced their practical understanding and engagement with real-world business environments. Survey results demonstrate the positive impact of experiential learning on students’ comprehension and involvement, reinforcing the necessity of incorporating real-life world experiences into accounting education. This approach enhances student engagement and prepares them for future challenges in the accounting field.

Author Biography

  • Joseph Foy, CUNY School of Professional Studies

    I am a full-time Assistant Professor and currently serve as the Associate Director of the Online Business Programs at the CUNY (City of New York) School of Professional Studies (SPS).  Since the mid-1980's, I have had a long-term affiliation with CUNY.  In 1999, I was appointed as an Adjunct Lecturer to teach accounting courses for credit in CUNY.  Since then, I have taught in CUNY at the SPS, John Jay, City Tech, Brooklyn College and Kingsborough Community College.  Outside of CUNY, I have also taught in the University of South Florida and Ave Maria University, Florida.  From 2016-2019, I was a full-time Assistant Professor at SUNY Old Westbury.  In summary, over the past twenty-four years, I have taught over 120 courses in at least 15 different accounting, finance and management courses at the undergraduate and graduate level, including basic and intermediate financial accounting, computerized accounting, financial investigations, auditing, forensic accounting, forensic interviewing, financial statement analysis, individual taxation, partnership, LLC and SCorp taxation, Estate and Gift taxation, tax fraud, corporate finance and business analytics.  My teaching philosophy centers around experiential learning. My goal in my classes is to help connect what students read in the textbook to what transpires in real life.  

    I am a former Special Agent for the Criminal Investigation Division of the IRS. I started in the IRS as a Revenue Agent (auditor) in 1991.  I transferred to the Criminal Investigation Division in 1994 and worked as a field agent for nine years investigating tax evasion cases.  From 2002 through the beginning of 2012, I served as the lead IRS Criminal Investigation spokesperson for the New York Field office. I worked intensely to develop partnerships primarily with IRS CI and with other functional areas in the IRS, US Attorney's office and the media to foster compliance with the tax code. I have made occasional appearances on television and radio, and frequently quoted in newspapers commenting on financial fraud.  From 2012 through September 2014, I was a Centralized Case Reviewer in the St. Pete, Florida Field Office, a role that required reviewing other Special Agent's completed tax evasion investigations as part of a quality control mechanism prior to potential federal prosecution.

    I hold a Doctorate of Professional Studies from Pace University in New York.  I have a Masters in Taxation from Long Island University and I am a graduate of Queens College with a BA in Accounting Information Systems.  I am currently enrolled and half-way through a Masters in Data Science at the CUNY School of Professional Studies. I am a Certified Public Accountant in the states of Maryland and Florida.

Downloads

Published

2025-03-20

Issue

Vol. 34 No. 1 (2024): The Accounting Educators' Journal

Section

Articles

License

The copyright for articles in this journal are retained by the aithor(s), with first publication rights granted to the journal. By virtue of their appearance in this open access journal, articles are free to use with proper attribution in educational and other non-commerical settings.

How to Cite

Teaching Financial Accounting and Reporting Through A Venue-Based Experiential Learning Approach. (2025). The Accounting Educators’ Journal, 34(1). https://aejournal.com/ojs/index.php/aej/article/view/1140