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Abstract
The purpose of this study is to assess the adoption of international financial reporting standards (IFRS), the benefits, challenges and critical factors affecting its adoption. The study found that Adoption of IFRS would improve the quality of accounting so as to make judgmental decision among users of accounting information. However, Lack of proper financial reporting guidance, Lack of proper instructions from regulatory bodies, additional training for professionals and modernized IT system in handling the transitions to IFRS are the main challenges of IFRS adoption.