| Financial Reporting is
one of the most critical functions of the administration of Higher
Education institutions. Faced with increasing pressures to operate
in an environment of funding shortfalls, changing enrolment patterns,
growing deferred maintenance issues and the need for capital growth,
clear and concise financial information is essential to provide
informed governance decisions. As well, with growing expectations
for accountability to a variety of stakeholders including government,
students, the general public and the internal university community,
there is a greater need for comparability of financial information
among institutions at a summary level, particularly for benchmarking
performance. The CAUBO National Finance Committee was
created to help institutions with this growing and changing function.
The Committee’s main objective is to provide guidance in all
aspects of financial reporting. This is accomplished primarily through
the provision of professional development sessions at the national
conference and other venues, through the preparation and updating
of a Financial Reporting Guide, and through conducting a national
survey on financial information of universities and colleges in
Canada that, by agreement with Statistics Canada, is part of the
Statistics Canada financial information on Higher Education.
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