Journal Press India^®

Author Details ( * ) denotes Corresponding author

Though no one likes or wants a recession. But, in the age of globalization, no country can remains isolated from the fluctuations of world economy. Heavy losses suffered by major International Banks affect all countries of the world as they have their investment interest in almost all countries. So, what is the reality for countries like India? This study aimed to stand on the opinions of relevant stakeholders in the field of corporate financial reporting practices after economic crisis in India. A questionnaire is structured and analyzed by principal component analysis. As a result of the economic downturn, the overall impact of the global financial crisis has been felt in India in terms of the corporate financial reporting is more susceptible. In the opinion of stakeholders there is need to apply global reporting practices to smoothen the corporate’s working and for making the system more transparent.

Keywords

.

1. Alwan, B. Mohammed (2012). Financial crisis and its impact on accounting and international accounting standards. Interdisciplinary Journal of Contemporary Research In Business. 3(10), 998-1017.
2. Barth, Mary E. and Landsman, Wayne R., (2010). How did Financial Reporting Contribute to the Financial Crisis? European Accounting Review 19(3), 399-423. Rock Center for Corporate Governance at Stanford University Working Paper No. 79. Available at SSRN: http://ssrn.com/abstract=1601519
3. Casey, Kathleen L. (2009). Lessons from the financial crisis for financial reporting, standard setting and rule making. Presented in financial executives international's 28th annual current financial reporting issues conference, New York, retrieved from http:// www. sec. gov/ news/ speech/ 2009 / spch111709klc.htm
4. Giannarakis, Grigoris and Theotokas, Ioannis (2011). The effect of financial crisis in corporate social responsibility performance. International Journal of Marketing Studies, 3(1), 2-10.
5. Gileva, T. (2010). Econometrics of crude oil markets, Thesis submitted to the Department of Economics, University of Paris.
6. Kapila, Uma (2009). Indian economy: performance and policies (9th ed.). New Delhi, Academic Foundation.
7. Kumar, Nidhi Arora (2011). Impact of global recession on Indian it industry and effectiveness of e-business in the era of recession. Global Journal of Business Management and Information Technology. 1 (1), 9- 25.
8. MATLAB 7.10.0 Release 2010
9. Pal, Tibor (2010). The impact of the economic crisis on auditing. European Integration Studies, Miskolc, 8(1) 131-142.
10. Saxena, S. P. and Bhadauriya, S. (2012). Principal component analysis of macroeconomic determinants of stock market dynamics: some reflections from national stock exchange of India ltd. Transformation and survival of business organizations: challenges and opportunities. 97-105.
11. Sen, Sohini&Johnson, Shilpa (2011). Primer: Recession and impact on India. Retrieved from http://www.business-standard.com/article/ markets/primer-recession-and-impact-on-india- 111080800134_1.html