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

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.