Crisis-Induced Evolution: Accounting Standards and Their Role in Financial Stability
Shiven Dhawan
Modern School, Vasant Vihar, Delhi
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The financial crisis has profound impacts on global economies, influencing businesses, investors, and regulatory bodies. Accounting standards play a pivotal role in this context, providing a framework for financial reporting and transparency. This paper explores the intersection of financial crises and accounting standards, with a focus on how the former influences the evolution of the latter. By examining historical crises and their repercussions on accounting standards, the study identifies key factors that lead to changes and improvements. The research employs quantitative data, examining the responses of international accounting bodies to crises, and concludes with insights into the role of accounting standards in preventing future financial collapses.
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