Explain the term generally accepted accounting practice ( GAAP ). Is there just one GAAP which is

Question:

Explain the term "generally accepted accounting practice" (GAAP). Is there just one GAAP which is accepted worldwide? If not, why not?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...