Role and Development of Higher Education Financial Management of Universities and College Public Service Financing, Pricing, Accounting Standards, Gaps in Practices, Stakeholders
This paper critically evaluates the role and development of higher education vis-Ã -vis the role and responsibility, obligations of Central and State Governments, Higher educational institutions, etc. This paper argues that the higher education is a public service and a â€˜goodâ€™. This paper analyses current status and various patterns of financing, pricing the higher education. This paper highlights the current status of and gaps in practices of higher educational institutions in financial management and disclosure of accounting information to their stakeholders. This paper points out that in the fast changing socio-economic context, the higher education system will be exposed to greater pressure for expansion, which needs effective pricing of the higher education so as to provide comprehensive finances to university & colleges. This paper argues that the utilization of finance & funds must be strictly in accordance with the set terms and conditions, rules and regulations, and hence, the accounting standards must be widely accepted in practice in which the statutory obligation should be increased and ensured in consultations with the professional and regulatory bodies. The paper concludes that the gaps in practices should be seriously detected and checked so as to safeguard the interests of the persons and bodies financing the higher education, and for that the effective information system should be ensured to satisfy the aforesaid users of accounting information.
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