International Financial Reporting Standards (IFRS) consist of accounting rules that determine how transactions and other accounting events should be reflected in the financial statements. They are designed to maintain credibility and transparency in the financial world, enabling investors and business operators to make informed financial decisions. The role of international financial reporting standards is to generate the most reliable information about an organisation's financial condition and financial performance. Reporting acts as a means of communication within national and international markets. Globalization adds significance to the convergence with IFRS, as financial reports prepared according to national standards do not satisfy the needs and interests of users and decision-makers. This article describes the benefits and challenges associated with IFRS implementation and compliance. Considering the favourable bonuses that IFRS is expected to bring and the challenges companies face in adopting and continuously complying with IFRS, it is essential to discuss the theoretical and empirical studies performed pre and post-implementation of the standards under discussion. The current research paper is designed to analyze the existing literature on the benefits and challenges of IFRS adoption as a part of the unification of the financial reporting process.