Managing change in higher education

Article Abstract:

The Education Reform Act of 1988 privatized colleges into higher education corporations (HECs) that must be self-sufficient within three years. The Act thus forces the HECs from a steady-state role culture into a new, dynamic power and task culture characterized by freedom of commercial operations. Success in a power and task culture necessitates the assimilation of different values, cultures, and operations. The HECs must adapt policy to the realities of business in setting priorities, allocating resources, and initiating action. HECs must must enhance income generation and commercial operations by quickly introducing management information systems and corporate reporting structures and systems; instituting strong boards of governors with commercial backgrounds; and developing appropriate legal, operational, and management structures.

Accounting and auditing, Business schools, Great Britain

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Abbreviated accounts

Article Abstract:

The Companies Act of 1985 provides varying degress of exemption for small- and medium-sized businesses when filing for abbreviated accounts with the registrar of companies. The criteria for exemptions are contained in sections 246-249 and Schedule 8 to the Companies Act. Small businesses are required to disclose only certain specified items in abbreviated accounts, as set out in Schedule 8, and are not required to execute an account of profit and loss. On the other hand, medium-sized companies are required to disclose everything, except items specified in Schedule 8 such as cost of sales and turnover.

United Kingdom, Small business, Business enterprises

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