![]() At Indiana University, variance analysis most commonly compares fiscal periods, typically analyzing prior year to current year balances which can help identify various trends. While there are multiple types of variances, the most common variances include prior year to current year balances or budgeted to actual amounts. In accounting, a variance is a difference between a budgeted, planned, or standard cost and the actual amounts on the financial statements. Additionally, this section will help users and entities throughout the entire university analyze variances correctly to ensure that management can understand why variances are present within IU’s financial statements. Information presented below will walk through a general understanding of how to use IU’s financial reports to pull a variance analysis along with why a variance analysis is important and how it is conducted throughout the university. This section discusses what a variance analysis is and how it is used internally at Indiana University. ![]()
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