FINANCIAL REPORTING WITHIN A SYSTEM IN EDUCATION INFORMATION

Abstract

Since education is an expensive business, money is needed for the payment of staff salaries and allowances, provision of facilities, equipments and maintenance of the same, provision of infrastructure, procurement of instructional materials and provision of basic health facilities. Therefore, the focus of this paper is on financial reporting as the communication of information regarding a governmental units accounting activities. Financial reporting encompasses a broad range of reporting activities. As a result of these, the paper based the discussion on financial information, financial reporting, financial statement components, and users groups, advantages of
financial information, users of school finance information, characteristics of financial information. Having exhausted all the points, conclusion was made and finally recommendations were highlighted.