Abstract: The purpose of this study is to assess the transition of International Financial Reporting Standards (IFRS) in Ethiopia: the benefits, prospects and challenges of its adoption and implementation in the case of 13 significant PIEs. The study employs both quantitative and qualitative methods (mixed) research approach. Both primary and secondary data sources were used for the study. The respondents are selected by using judgmental sampling technique. Then, the collected data from those organizations is analyzed by descriptive and econometric analysis by using SPSS software.