The study aims to demonstrate the benefits and challenges of applying IFRS through a comprehensive review of previous literature, as IFRS is now used by most countries of the world and is increasingly adopted around the world. The objectives of those standards, in the public interest, are to develop the sum total of It is one of the highest qualities, understandable, implementable and globally accepted financial reporting standards based on clearly defined principles. The announcement by countries to adopt IFRS instead of the standards that had previously been applied also pointed to many benefits, mostly related to financial markets. At the same time, there are challenges facing States in implementing IFRS. In Iraq, IFRS adopted Officially in 2016 where the Central Bank issued instructions to oblige the application of these standards in banks and insurance companies in the book No. 12/9 dated 14/1/2016.