The field of accounting has been undergoing radical changes recently. Many critics believe that Generally Accepted Accounting Principles (GAAP) standards are outdated, according to Accounting Coach. Global accounting is a speciality in the field of accounting that is rapidly becoming more important in a setting where companies have international locations all over the world. American companies with locations in other countries face unique challenges when trying to adhere to required accounting principles that are not uniform across the world. Global accounting is a field that is developing to address these issues. Following is an explanation of what global accounting entails and how it has developed in the recent past.