Compliance of Accounting Standards in Central Higher Educational Institutions in India

Abstract

In 2012 the Government of India order that all Central Higher Educational Institutions and Universities regulated by UGC or getting grants from UGC are mandate to apply Accrual Basis of Accounting and to prepare their Accounts as per the Accounting Standards issued by ICAI from the financial year 2013-14. Earlier there was lack of uniformity in the Financial Statements of Higher Educational Institutions. A New Format of Financial Statements for Central Higher Educational Institutions has also been suggested by Ministry of Human Resource development (MHRD), to be implemented from the year 2013-14 by the Central Higher Educational Institutions of India. newlineIn this direction present study has been carried out to know the Compliance of Accounting Standards in Central Higher Education Institutions in India. For the purpose of study 15 Central Higher Educational Institutions have been selected as sample, out of which 5 are Indian Institute of Technology (IITs), 5 are Indian Institute of Management (IIMs) and 5 are Central universities. In this study a pre and post study of compliance of Accounting Standards and New Format of Financial Statements has been done. Three years i.e. 2010-11 to 2012-13 have been considered as pre period and three years i.e. 2013-14 to 2015-16 have been considered as the post period, in the compliance of the order of Ministry of Human Resource development (MHRD) implementation of Accounting Standards and New Format of Financial Statements. newlineThis study is divided into eight chapters. This study concludes that, IIT Kharagpur, IIT Kanpur, IIT Guwahati, IIM Ahmedabad, IIM Bangalore, IIM Raipur, Banaras Hindu University and University of Delhi, have marked significant growth in the implementation of Accounting Standards and New Format of Financial Statements from the pre period (2010-11 to 2012-13) to post period (2013-14 to 2015-16). Whereas, IIT Bombay, IIT Delhi, IIM Kozhikode, IIM Indore, Aligarh Muslim University, Jamia Millia Islamia and Jawaharlal Nehru University have not shown significant growth in the implementation of Accounting Standards and New Format of Financial Statements. newline newline