In 1971, Prof. Thomas R. Weirich, Clarence G. Avery and Henry R. Anderson suggests three different approaches:
A. Universal system
2. Descriptive and informative approach that includes all the methods and standards of all countries, and
3. Accounting practices of subsidiaries in foreign countries and parent firms.
They called and explained this defisional approaches, each of the following:
The world of accounting. Within the
framework of this concept, the international accounting is considered as
a universal system that can be adopted by all countries. Generally
Accepted Accounting Principles (GAAP) for the entire world, sort of in
the U.S., will be established. Practices and principles will be
developed so that it can be applied in all countries. This concept will
be the ultimate...