Financial Globalization and Its Effects

Globalization is a mechanism by trade and investment for integrating and connecting organizations and people around the world. For organizations, the preparation and presentation of their financial information is therefore essential in a manner that is appropriate, timely and accessible, comparable, understandable and reliable. The implementation of the principal components of globalization in the planning and presentation of financial reports will achieve all this financial information consistency. These elements include: IT and accounting standards harmonization. A complex cycle of economic and financial transition then took place, with a co-evolution between the capital control mechanism and the macroeconomic[1] policy and the internationalization of companies, including the growth of Indian multinationals. Financial globalization has always been a very contentious issue. The advantages and problems it causes may clarify this controversy. Economic globalization provides immense potential advantages, as they integrate financially with the rest of the world, for the developed and emerging markets. The competitive market today demands that financial service providers put greater focus on innovative, high-technology feature-rich solutions that operate with the highest degree of precision and reliability in real time. Consequently, successful growth strategies should cover all operating processes and functional limits. At the same time, goals and performance metrics must be precisely calculated. This paper explores the approaches implemented on a regional scenario by the financial services industry.