Comparative Research And Enlightenment Of Financial Reports Of Public Colleges And Universities In China And The United States

China's 1997 "business unit accounting standards" and "fiscal total budget accounting system" financial reporting target is more to adapt to the national macroeconomic management,with the 2012 new guidelines promulgated,institutions financial reporting objectives began to gradually reflect the Fiduciary Responsibility.Since the begiinning of 2012,the Ministry of Education has also made it clear that public universities need to disclose their financial information to the public.It is only 4 years from 2012 to 2016 and there are some urgent problem in both the public mechanism and contents."Government Accounting Standards-Basic Standards" was issued on October 23,2015.In January 1st,2017,it was formally implemented.The university is also an important part of the main governmental accounting."Government Accounting Standards-Basic Standards" stipulates that governmental accounting consists of budget accounting and financial accounting.The final accounts and financial reports should be calculated.It means dividing the previous report into two parts,including the final report and the financial report.In the final report preparation level,universities have many years ' actual operation.But for the financial reporting level,their experience is limited.This paper takes the public financial research of universities as the main line.It begins with the public fiduciary duty.It studies how to compile the financial report of public universities and how to make it open.The information of public universities in the United States has been publicized for many years.It has formed a complete reporting system.And it was widely recognized in the world.Therefore,we take universities in the United States as the comparison object for reference.At the same time,I also take into account there are many differences in the two country's universities,including the political,economic,cultural and educational environment.If we completely copy their mode,it surely will cause bad effects.Therefore,I do a comparative study of the universities' accounting environment in the two countries.I find that there are many similarities between China's current financial objectives and those in the United States.The biggest common thing is that all efforts aim to well reflect universities' implementation of public fiduciary duties.They aim to provide effective information for operational management of the university.University of Virginia is a well-known public university in the United States.From its official website,we can find its 23 years' financial reports since 1993.It can be found since 93 years since a total of 23 years of financial reports,the financial information disclosure's timeliness,continuity and transparency is worthy ofour public universities' learning.In the comparison process,I find that the official leaders of the University of Virginia management pay special attention to the annual financial report.Ans they do a detailed analysis of it.And the classification of the report is clear.It is focused and text readable with important referential value."Stones from other hills may serve to polish the jade of this one".After comparing the accounting environment,financial report items and financial report contents of universities in China and the United States,it is concluded that public universities in our country should improve the information disclosure's initiative and timeliness,the integrity of the project,the readability of financial information,management discussion and analysis and application of XBRL technology.