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Global Financial Recession - Literature review Example

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 This review attempts to answer whether or not financial reporting really caused the financial crisis, in part or in whole. The review considers that critics have pointed out that accounting rules have brought about the financial recession or have made it worse. …
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Global Financial Recession
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Download file to see previous pages Defenders of financial reporting, on the other hand, said that the accounting standards did not cause the crisis; instead, bad credit management and illiquidity were the primary suspects for the financial crisis.
Ignoring everything else, did financial reporting really cause the crisis? Or was it just a convenient scapegoat for those who really caused the crisis? 
Defined by BusinessDictionary.com as a “period of general economic decline”, the world has seen higher unemployment rates, sluggish wages and the decline in sales in the retail industry because of this financial recession. It also started a widespread blame game as to what or who caused the crisis. In a poll conducted by Time Magazine, there are said to be 25 people to blame for the crisis, including former US presidents, government officials, regulators, heads of financial institutions and even, the American consumers. In a March 31, 2009 article by MarketWatch.com, 80% of those who responded on the survey conducted by MarketWatch said the blame should be “on banks and other financial institutions”. Other people say that “economists must bear the blame for recession” (Skidelsky, April 25, 2009) because of their push for deregulation and a free market. Still, others blame accounting rules; particularly the “mark-to-market accounting” (Kestenbaum, Oct. 29, 2008) rule, which when applied to the financial statements caused the financial position of the company to go down.
Is financial reporting the reason behind the current financial crisis or the global financial recession? The straight answer from this writer is NO, financial reporting did not cause the crisis.  ...Download file to see next pagesRead More
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