THE IMPACT OF THE GLOBAL ECONOMIC FINANCIAL CRISIS ON THE ROLE OF THE MANAGEMENT ACCOUNTANTS IN AN EMERGING ECONOMY

Abstract

The impact of the global financial crisis on financial sectors of many countries including Nigeria has been significant. Losses to investors and borrowers have been extensive, widespread liquidity problems and insolvencies have led to huge government bail outs involving many of the financial institutions around the globe. As a result, the global financial system ground to a halt and economic activity crumbled as the inter-linkages between national financial systems provided the conduit for contagion to spread. What started with elevated losses on U.S. sub-prime mortgages market? The recent crisis has challenged financial experts to explain why the crisis developed, how it is unfolding and what can be done. The thrust of this paper, therefore, is to appraise the role of Management Accountant for sustainability of our financial system. In gathering relevant data for this paper, the secondary source of  data collection was used. It was found out that Management Accountants have very important roles towards ensuring safeguarding of resources, promoting operational
efficiency and soundness in organisation. However, these roles of Management Accountants therefore, recommend among other things that Management team and introduction of effective control mechanism to ensure the correctness of the effects of global financial meltdown in our corporate organization performance.