As the internationalization of corporate activities has been actively pursued in recent years, differing accounting standards across countries have been identified as significant barriers to overseas expansion by enterprises and cross-border capital movements. As coordinators of this issue, many international organizations, centered on the International Accounting Standards Committee (IASC), have been making efforts to harmonize accounting standards across nations. The efforts of these international organizations aim to enhance the cross-national comparability of accounting information through international harmonization of accounting standards, thereby providing more useful accounting information for financial decision-making by increasingly internationalized enterprises. However, the outcomes have not yet reached a satisfactory level, and various criticisms and obstacles remain to be overcome. Korea has actively participated in the internationalization of accounting standards as a board member of the International Accounting Standards Committee since 1988, and has recently begun to develop a renewed awareness of the internationalization of accounting standards as the influx of foreign capital following capital market liberalization and the demand for overseas fundraising by listed companies through international capital markets have rapidly increased. However, the current Korean accounting standards and disclosure-related regulations face numerous challenges that must be resolved in response to the growing demand for internationally comparable accounting information, including disharmony among related regulations and the existence of unnecessary differences in accounting standards between countries. To respond to the rapidly changing international business environment and to achieve the long-term internationalization of accounting standards, it is first necessary to eliminate unnecessary cross-national differences inherent in domestic accounting standards, and internally, the disharmony and irrationality among related regulations such as the Commercial Code, tax law, and the Asset Revaluation Law must be eliminated from the perspective of internationalization. Furthermore, regulatory bodies such as the Securities Supervisory Board and the stock exchanges must take a proactive stance toward internationalizing accounting standards and disclosure regulations through their respective international organizations, and must develop countermeasures through the International Organization of Securities Commissions (IOSCO) in response to developments in advanced countries and lead Korean enterprises from an international perspective.