FINANCIAL STATEMENTS AS INDICATOR OF THE AUTONOMY LEVEL OF HIGHER EDUCATIONAL INSTITUTION AND TRANSPARENCY OF ECONOMY AS A WHOLE

Abstract

The article refers to research of recommendations of financial reports preparation and presentation by higher educational institutions of different countries. The author compared the structure and content of university financial statements as well as determined correlation between informational filling of public entities financial reports and the level of democracy. The sources of funding for three universities are compared. The paper determines the reasons of limited financial sources of revenue for Ukrainian universities. 
Ukrainian universities won’t reach the level of autonomy of foreign colleagues. Nevertheless information seizing on the mechanism of self-management, disclosed in financial reports, enables to do autonomy business activity, based on foreign universities positive experience. Talking about public information openness in democratic country, the characterized above legal documents enforce domestic universities to disclose more financial data to make their activity transparent, accountable and verifiable for the tax payers and potential investors, while the structure of university financial reports must be modified and disclosed as for self-managed business entities.