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The purpose of this research is to empirically investigate via a questionnaire survey of the need for, economic implications of, possible obstacles to, and how useful the five selected relevant inputs are to harmonization of the Australian accounting standards with IFRSs [International Financial Reporting Standards, which was recently known as the IASs] of the IASB by building on, and extending the research study of Gokam (1984). The relevant inputs of harmonization explored in this study are as follows: funding, adoption criteria, use of an accounting conceptual framework, use of cost/benefit analysis, and administration criteria. For this research study, the three relevant sample groups were accountants in public practice, commerce/industry accountants and accounting academics. A fortiori, harmonization of Australian accounting standards can be expounded as a process, whereby the Australian accounting standards are brought in concord with the accounting standards of the IASB. Prima facie, harmonization of accounting standards propounds quite substantial economic benefits, implications and importance to Australia. Inter alia, harmonization encourages direct investment inflows via the stock market; increases demand for information preferably by capital markets; truncates financial accounting complications emanating from MNCs/Australian corporations; and enhances uniformity, consistency and comparability of accounting information [to users, investors, financial analysts etc]. On the other hand, harmonization of accounting standards has a number of obstacles. These are cultural, political, administrative and economic obstacles. The divergence of opinions between and amongst the three accounting subgroups on harmonization issues [e.g. economic implications of, obstacles to, & use of relevant inputs] reveal that it is sine qua non that these discrepancies amongst these groups be examined and evaluated. The statistically significant differences of opinion amongst the thr