A Critical Review of Accounting Practices in Indian Universities

Towards a Uniform System of Accounting for Indian Universities

Abstract

The outcome of financial transactions may show different results depending upon accounting practices, methods and accounting standards followed by that unit. Therefore, there is need to device a uniform system of accounting for specific categories of institutions so that similar types of transactions do not result in financial results.The main objective of the present study is to critically review the existing accounting practices of higher education institutions and to suggest better methods of classification and presentation of financial statements. An attempt has been made to suggest a model which is legally compliant and draws from the best accounting practices. The model shall be applicable to all types of higher educational institutions and shall provide a uniform basis for comparison of financial results amongst various institutions.