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A Comprehensive Review of the Financial Reporting System of Higher Education and a Recommendation

Author

Listed:
  • Ormos, Mihály
  • Veress, Attila

Abstract

The predominantly cash-based accounting and reporting procedures used in higher education institutions in Hungary sig-nificantly diverge from the procedures applicable to businesses. On the other hand, in Anglo-Saxon countries and the majority of EU Member States both of these sectors use accrual-based accounting. Using the survey conducted among the financial managers and students in higher education institutions this study seeks to answer the question as to who the real addressees of domestic higher institution reporting are and what their information needs are. This study will prove that accrual-based accounting would bet-ter serve the information needs of those concerned. We have worked out a new model, which will allow us to generate a report like the profit and loss statement used in the private sector, through the application of a set of adjustments – determined by us – to the predominantly cash-based accounting records used in higher education institutions.

Suggested Citation

  • Ormos, Mihály & Veress, Attila, 2012. "A Comprehensive Review of the Financial Reporting System of Higher Education and a Recommendation," Public Finance Quarterly, Corvinus University of Budapest, vol. 57(2), pages 234-256.
    • Handle: RePEc:pfq:journl:v:57:y:2012:i:2:p:234-256
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    File URL: https://unipub.lib.uni-corvinus.hu/8990/
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    References listed on IDEAS

    as
    1. Edwards, John Richard & Coombs, Hugh M. & Greener, Hugh T., 2002. "British central government and "the mercantile system of double entry" bookkeeping: a study of ideological conflict," Accounting, Organizations and Society, Elsevier, vol. 27(7), pages 637-658, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    institutions of higher education; public sector; accounting; accrual-based accounting; cash-based accounting;
    All these keywords.

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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