This study investigated the various methods used in developing accounting policy by utilizing a review of past documents. Accounting policy serves as a means to collect information about accounting methods and techniques used by firms. It is essential that companies follow their accounting policies and principles while conducting their financial activities, ensuring that their consolidated financial statements comply with IFRSs, GAAPs or both. Companies are expected to create accounting policies that align with the guidelines set forth in IAS 8, which follows the International Financial Reporting Standards. The structure of global standards serves as the foundation for developing accounting policies under the international financial reporting standards framework. The hierarchy of international standards forms the basis for constructing accounting policies within the framework of international financial reporting standards. The formation of assets and liabilities influences the development of accounting policies within a company. The study reviewed previous research on approaches to accounting policy development using a Historical Based Article Review methodology. The study concludes that companies and regions may have diverse approaches to developing accounting policies, although most companies generally follow either GAAP or IFRS when formulating their policies but there must be a unified approach to be followed for comparism. These policies consider the realities of contemporary business practices. The study suggests implementing five key accounting policies within the IFRS framework to enhance the current application of global standards in companies. Further research should examine the approaches to accounting policy development across different industries.