International Journal of Management and Social Sciences (IJMSS)
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ACCOUNTANTS ROLE IN ISSUES THAT CAN BE RAISED AS A RESULT OF THE IMPACT OF COMMODITIES, STOCK, CURRENCY MARKETS ON THE GLOBAL ECONOMY
Abstract
The increased prevalence of globalization has led to an integration of the various national economies of the world into a more globalized economy. As such, during the recent global economic recession that gripped the globe during 2007 to 2012, the effects and impact of economic turmoil appeared to permeate every national economy in the world to some extent or another. This study sought to gain a greater understanding of the systemic impact that negative economic factors can have on a globalized economy, as well as to find effective courses of action that accountants can take to circumvent or mitigate the influence and impact of economic issues in order to secure greater economic balance and equilibrium. Research for this study consisted of primary and secondary data. Primary data for this research project was gathered from economic data from such sources as the World Trade Organization, the Central Intelligence Agency, and other relevant scholarly sources. Secondary data was gathered through the use of a questionnaire given to a group of 70 accounting professionals with regard to accounting activities that can help mitigate and circumvent issues related to the commodities, stock, and currency markets.
Results indicated that national economies outside the United States and the UK experienced a significant drop in GDP and GDP growth in the years following the onset of the 2007 recession. Further, countries with historically high GDP growth rates, such as China, appeared to be impacted the most by realizing the largest decline in GDP growth during this time period. Results from the analysis of secondary data revealed that accounting professionals can use independent auditing, appropriate and accurate financial reporting through full disclosure and financial transparency, and corporate climates of ethics and social responsibility as means to affect positive change on financial markets, such as commodities, stocks, and currency.
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