Many countries have adopted International Financial Reporting Standards (IFRSs) as standard accounting procedures. Most listed companies on various Stock Exchanges require compliance with these in addition to audited financials. UK, EU and many Asian countries including Australia either already use IFRSs or will be compliant within the next few years. I don't know what Canada uses but US is still sticking to their GAAP for now.
In fact, my firm has been helping many local companies to get out of their outdated accounting policies and transition to IFRS. This includes not only training existing staff of our clients, but also helping them with their accounting system to usually make reports or do the accounting entries in compliance with IFRSs.
Of course I'm not part of the transition team, it's a bitch to get it done.
I think ACCA is the most famous/ widely accepted International accounting qualification. As far as Masters in any specific field within Accounting, everything goes I suppose.