Glautier and underdown (2001), observed that regional grouping of accounting associations indeed developed
accounting principles, peculiar to their culture, religion, government policies, political and socio-economic
environment. These were later absorbed into International Accounting Standards Committee work plan. This
approach assured determination and comparability of profit, revenue, expenses, net assets, and liability
internationally. Accounting bodies now regulate and ensure compliance to the application of GAAP, (Adeniyi,
2004).