Igbinedion University Journal of Accounting | Vol. 1 February, 2016 | 1 CHALLENGES OF THE IMPLEMENTATION OF IFRS IN LESS DEVELOPED AND DEVELOPING COUNTRIES ATU, Oghogho Gina (B.Sc, M.Sc ,NIM) Lecturer- Department of Accounting, Igbinedion University, Okada Correspondence: atugina18@gmail.com, +2348065796019 RAPHAEL, Igbinosa Adeghe (B.Sc, M.Sc, CNA, ACTI, Ph.D) DEAN- College of Business and Management Studies, Igbinedion University, Okada Correspondence: raphadeghe@yahoo.com +2348037112764 And ATU, Omimi- Ejoor Osaretin Kingsley (B.Sc, M.Sc, FCA, FCTI, FCMA, Ph.D) HOD, Department of Accounting, Igbinedion University, Okada Correspondence: kingsatu@yahoo.com, +2348032931266 ABSTRACT International Financial Reporting Standards (IFRS) are set of Accounting Standards developed by the International Accounting Standard Board (IASB) that is the global standards recognized for the preparation of companies financial statements. International financial reporting standard (IFRS) has a lot of challenges as it were, this paper tends to look at these challenges as it affect financial reporting in developing and less developed countries. This paper also looks at network effect of IFRS, the importance of IFRS, and gave appropriate recommendations that will aid effective implementation of the international financial reporting standards (IFRS) KEY WORDS: Financial Reporting, IFRS adoption and challenges, Accounting Standards and Developing Countries 1.0. INTRODUCTION Over the years, there have been new introduction and additions to the contents of financial reporting, these new introduction and additions are as a result of the changes in the Scio-political and economic environment, across the globe. According to (Abel 2011) financial accounting information are statutorily required to be prepared in line with universally accepted assumptions, principles and conventions of accounting which aid intra-firm, inter-firm and industry comparisons overtime. This comparison can cut across borders from one country to another when the international financial reporting standard is adopted. Since inception of IFRS, many developed and developing countries like Nigeria, Benin, Burkina Faso, Botswana, The Democratic Republic of Congo, Cote d’Ivoire, Ethiopia, Kenya, Togo, Tanzania, Uganda, Zambia, Korean, Bangladesh, Libya e.t.c. have adopted International Financial Reporting Standards (IFRSs) as their basis for financial reporting. The foremost countries to adopt the IFRS standards were countries around Europe. This was due to the derivatives of the European Union (EU), which mandated all listed companies in the