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Financial Crisis and Accounting Information: The Need for Corporate Social Responsibility in Accounting Profession

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  • Monica Violeta Achim
  • Nicolae Sorin Borlea
  • Ludovica Breban

Abstract

This paper wants to draw attention on several aspects regarding the causes that led to the emergence of 21st century economic crisis, pointing their implications in the balance of economic-financial mechanisms. In history, on the occasion of economic and/or financial crisis, among their causes there are mentioned causes related to managers’ irresponsible actions, managers who, together with accounting professionals, chose to alter accounting data in order to create a more appealing image on the market of the company’s financial status. We will underline the role of accounting in system of a more efficient, socially responsible corporatist governing, capable of recreating economic-financial balances and of regaining the confidence of the population in economic values, as well as the role of accounting in “faithfully” reflecting these values.

Suggested Citation

  • Monica Violeta Achim & Nicolae Sorin Borlea & Ludovica Breban, 2010. "Financial Crisis and Accounting Information: The Need for Corporate Social Responsibility in Accounting Profession," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 39-62.
    • Handle: RePEc:ers:journl:v:xiii:y:2010:i:3:p:39-62
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    References listed on IDEAS

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    1. Brenda A. Porter, 2009. "The audit trinity: the key to securing corporate accountability," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 156-182, January.
    2. Prem Sikka & Steven Filling & Pik Liew, 2009. "The audit crunch: reforming auditing," Managerial Auditing Journal, Emerald Group Publishing, vol. 24(2), pages 135-155, January.
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    Cited by:

    1. Itsaso Barrainkua & Marcela Espinosa-Pike, 2015. "Cultural and Socio-Economic Restrictions for the Adoption of the IESBA Code of Ethics for Professional Accountants in the European Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 3-24.
    2. Muhammad Khafid & Tusyanah Tusyanah & Tejo Suryanto, 2019. "Analyzing the Determinants of Financial Distress in Indonesian Mining Companies," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 353-368.

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    More about this item

    Keywords

    financial crisis; corporate governance; financial statement; ethical behavior; users of financial information;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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