There are many challenges in implementing IFRS, but what matters most is the impact on your organization and your stakeholders. The key is to understand the specific needs of your organization, and how IFRS will affect them. This can include anything from changing financial reporting to meeting new requirements for regulatory compliance. IFRS is a set of accounting standards that can impact all aspects of your business, from how you report expenses to how you tie up loose ends in your books and records. There are many factors that can influence the success of an IFRS implementation, including company culture, resources available, and prior experience with similar processes. IFRS can be difficult to implement without guidance from professionals who have experience with the process. Companies that choose to implement IFRS often partner with a consultancy firm that specializes in the process. A good consultancy firm will have years of experience in IFRS implementations, as well as a team of highly qualified accountants and consultants who can support your transition.