Accountants in the Global Financial Crises Bail-Out: The Outlook

Akinwande Atanda and Olufunmilola Fareedat Idowu

MPRA Paper from University Library of Munich, Germany

Abstract: The ravaging global financial crises that have engulfed most developed nations and spread to emerging economies in the South and West poles of the globe have been found to emanate from United State unpaid housing mortgages. The crises have resulted to decline in consumer wealth, economic activities, foreclosures, decrease in aggregate demand and high lending defaults trigging different bail-out initiatives in most vulnerable nations. This paper evaluates the evolution of the crises, causes, effects, transmission channels and the contributions of the Accountants in the financial turbulence. On the basis of the critical assessment, proper policy outlooks were proffered like greater transparency, corporate governance, and strategic financial risk analysis, standard reporting and financial stability checks to be fostered and instituted by the international accounting standard board in order to facilitate effectiveness of the bail-out plans.

Keywords: Global Financial Crises; Bail-Out; Accounting Standards; Mortgage Crisis; Financial burbles; Financial Stability (search for similar items in EconPapers)
JEL-codes: F01 G01 (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-acc
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