The case of harmonizing accounting practices and principles at the international level is stronger today that it has ever

been (McComb, 1982). Even, the IASC itself is concerned with removing unnecessary differences in accounting principles and practice throughout the world (McComb, 1982). Overwhelmingly, the harmonization of accounting practices suffers from a lack of synchronization between the issuance of standards at the national level in different countries and the formulation of standards by the IASC (Rivera, 1989). At the same time, both success and failure exists in the process of harmonization. This is why we can say the harmonization of accounting standard will face challenges over time and it is possible to say if a complete international harmonization is quite far to reach because in every country, there are some special requirements based on their point of views and interests. Thats why every country is different to each other. The harmonizing of accounting standard is a good thing in this globalization era but we cant avoid that every country will have their own perspective and create policies as every nation is unique and has its own special cases. The harmonization of accounting standard is good but still the differentiation is more important. If the harmonization here means that all the main standards are usable and applicable for every state with some divergence based on its nature and culture, then harmonization is a very good word for accountants, auditors, business persons, and all other related parties. So overall we can say that modifications are indeed required in the harmonization of accounting standard in order to make it practical and suitable in all over the world.