The purpose of this report is to critically evaluate and show how the IASB/IASC has undertaken its objective in order to achieve harmonisation and convergence of accounting standards around the world. The report will analyse the challenges, problems and also evaluate the successes and failures the IASB/IASC has faced in order to achieve its objective to harmonise and develop consistent, understandable and enforceable accounting standards globally. Moreover, attention will be paid on the works the Board has undertaken to-date and discussion of regional and international bodies and organisations recommending and supporting the use of IASB/IASC’s efforts all around the world globally. Finally, this report will include the key issues of its Comparability Project and Conceptual Framework introduced in the late 1980’s. All the research done and the finding of the report will be supported by professional and academic literature. In 1973, the IASC was set up to effectively introduce accounting standards which applied to nine countries internationally together with seven other bodies. These were Australia, Canada, France, Japan, Mexico, Netherlands, UK,Ireland, USA, and West Germany. The main fundamental objective of the IASC was to ‘formulate and publish in the public interest accounting standards to be observed in the presentation of financial statements and to promote their worldwide acceptance and observance’. The role of the seven member bodies was to ensure that correct policy and procedures were complied with and standards followed.