Original Research Article
THE OVERVIEW OF IMPLEMENTATION OF THE GAAP IN HIGHER EDUCATION AND ITS IMPACT ON STUDENTS
Mrs. Karishma Vinayak Patil
DOI : 10.5281/ERJ.10754803
Abstract
Certificate
The implementation of Generally Accepted Accounting Principles (GAAP) in higher education institutions has
become a critical endeavor to ensure transparent and standardized financial reporting. This overview explores
the multifaceted process of implementing GAAP in the context of higher education and analyzes its direct and
indirect impacts on students. The comprehensive examination covers key aspects such as the initial assessment
of accounting practices, formation of implementation teams, training initiatives, and the alignment of technology
infrastructure with GAAP standards. The paper discusses success stories where GAAP implementation has led
to enhanced financial transparency, improved accountability, and efficient resource allocation. However, it also
addresses challenges faced during this process, including complex fund accounting, resistance to change, and
ongoing compliance maintenance. The impact on students is scrutinized through the lens of financial
transparency. The abstract concludes by emphasizing the importance of GAAP implementation in providing
students with a clearer understanding of their institution's financial health, fostering trust, and contributing to
informed decision-making in their educational journey.