Today the entire world is becoming a single economical village multinational companies are reaching to the various parts of the world and moving out from their origination place. This is increasing their scope in the financial and economical aspect but at the same time it is also creating some compliance issues as different financial reporting frameworks are used in the different continentals of the world. As we all know that a sound financial reporting structure is one of the most important factors for the economic health of any business organisation. For any sound financial reporting structure the foremost requirement is to establish a uniform accounting practices so that it becomes easy for the companies to follow the accounting practices in a uniform manner, for their different expansions of business in different countries. The major obstacle in making the uniform accounting system is the differences in the accounting frameworks used in the different countries for their financial statements. This creates a level of inefficiency in the capital market of a similar company in the different stock markets of different countries. Because of the increasing complexity of business transactions and enhanced globalisation of the stock markets one set of uniform accounting tools shall be set out. The accounting standards are undoubtedly playing a very significant role in bringing out the uniformity in different accounting practices throughout the world. Whether these accounting standards and accounting rules are truly successful in achieving uniformity and will be useful for company having its presence in different countries is a matter of consideration to every accounting standard setting body. Hence the researcher has decided to conduct and study on making harmonisation of corporate accounting practices of different nature through the use of accounting standards applicable in India. Various attempts has already been taken by various researchers to find out the effectiveness of accounting standards on making harmonisation of accounting policies in the different parts of the world but unfortunately no such effort has been taken in context of Indian accounting standards, hence this study definitely helpful in achieving the harmonisation level in accounting standards and accounting policies followed in India.

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Keywords: Accounting, Financial, Harmonisation, Standards, Uniformity, Corporate, Disclosure.