PBESProceedings of Business and Economic Studies2209-26412209-265XBio-Byword Scientific Publishing Pty. Ltd.10.26689/pbes.v6i5.5377ArticleExploring the 2023 Reformation of Financial Systems in Higher Education Institutions and Examining the Practical Aspects of Its Executionhttps://artdesignp.com/journal/PBES/6/5/10.26689/pbes.v6i5.5377TianChang2023652023-10-20As China’s economy has experienced rapid growth, the economic landscape for higher education institutions’ financial systems has become increasingly intricate. Consequently, there has been a heightened demand for enhanced financial management in these institutions. Notably, in 2012, the country’s Ministry of Finance and Ministry of Education introduced a new financial system for higher education institutions, and in 2022, the Ministry of Finance publicly revised this system to further standardize financial practices within higher education institutions, align with financial management requirements, and foster the development of these institutions. This paper offers an extensive examination of the updated financial system for higher education institutions compared to the previous version, delving into aspects such as the financial management framework, professionalization criteria for financial directors, enhancements in managing the proceeds from technology and research achievements, and the incorporation of management accounting reports. Additionally, it provides a comprehensive analysis of the challenges faced by financial management in higher education institutions and outlines strategies for addressing these issues.

Cheng P, 2022, Study on the Necessity of Financial System Reform in Colleges and Universities. Shanxi Economic Daily, 2022: 008. https://doi.org/10.28755/n.cnki.nsxjj.2022.001889

Zhang B, 2023, Research on Budget Management of Colleges and Universities Based on Financial Informatization. Economist, 2023(1): 100–101.

Sun Y, Li Y, 2023, The Impact and Development of “Digital Finance” on the Financial Digital Management of Colleges and Universities. Commercial Observation, 9(19): 97–100.

Zheng C, Xie S, 2023, Analysis of Financial Budget and Performance Management Information System in Universities. Administrative Assets and Finance, 2023(11): 120–122.

Wang F, Yu X, 2023, Intelligent Finance Empowers the High-Quality Development of Colleges and Universities – Taking the Transformation of Financial Intelligence of Shanxi Vocational and Technical College as an Example. Friends of Accounting, 2023(18): 148–154.

Zhao Z, 2022, General Background Interpretation of the Revision of Financial Rules for Institutions. Audit Observation, 2022(5): 4–9.

Wang L, 2021, Analysis of the Implementation of Cost Accounting in the Organization of Institutions. Budget Management and Accounting, 2021(9): 60–63.

Niu J, 2023, Enhance the Level of Talent Training and Gathering to Promote the Transformation of Scientific and Technological Achievements. Bin Cheng Times, 2023: 002. https://doi.org/10.28019/n.cnki.nbfjs.2023.001561

Yang H, 2023, Research on the Path of Accelerating the Integration of “Two Chains” to Promote the Transformation of Scientific and Technological Achievements and Technology Transfer in Local Universities. China Storage and Transportation, 2023(6): 136. https://doi.org/10.16301/j.cnki.cn12-1204/f.2023.06.069

Chen J. Research on the Optimization of Education Cost Accounting System in F Colleges and Universities Under the Background of New Government Accounting System. 2022, Chongqing University of Technology. https://doi.org/10.27753/d.cnki.gcqgx.2022.000412

Fu S, 2023, Selection and Application of Cost Accounting Methods in Higher Education Institutions – Based on Specific Guidelines for Cost Accounting in Institutions – Higher Education Institutions. Management Engineer, 28(3): 76–80. https://doi.org/10.19327/j.cnki.zuaxb.1007-1199.2023.03.012

Jiang L, 2023, Analyzing the Cost Management of the Institutions Under the Basic Guidelines for Cost Accounting of Institutions. Administrative Assets and Finance, 2023(9): 53–55.

Jing Q, 2023, Cost Accounting Framework of Xinjiang Universities Under the Specific Guidelines on Cost Accounting for Business Units – Taking Urumqi X University as an Example. Bohai Economic Outlook, 2023(5): 81–83. https://doi.org/10.16457/j.cnki.hbhjjlw.2023.05.025

Su Y, 2023, Discussion on Financial Budget Management of Administrative Institutions. Financial and Accounting Study, 2023(18): 71–73.

Shao Y, 2023, The New Period of Financial Management of Colleges and Universities Facing the Dilemma and Solution Measures. Commercial Observation, 9(22): 85–88.

Zhang B, 2021, The Quality Requirements of Financial Personnel for the Integration of Industry and Finance. Commercial Observation, 2021(16): 88–90.

Wang Y, 2022, Comprehensive Budget Management of Administrative Institutions and Response Suggestions. Administrative Assets and Finance, 2022(1): 53–55.

Liu W, 2023, Research on the Career Development Path of University Financial Personnel Under the New Situation. Shanghai Business, 2023(4): 222–224.

Liu J, 2022, Suggestions and Strategies for Improving the Comprehensive Quality of Financial Personnel in Colleges and Universities. Marketing World, 2022(9): 50–52.

Zhang S, Chen X, Tian Y, et al., 2020, An Analysis of the Impact of the New University Accounting System on the Financial Management of Universities. Marketing, 2020(42): 100–101.