This study examined the advancement of global accounting by exploring the processes, difficulties, and advantages associated with implementing international accounting standards. In recent years, the accounting field has witnessed a significant regulatory change with the emergence of International accounting, both in Europe and worldwide. The adoption and convergence of IFRSs by an increasing number of countries worldwide is contributing to the growing acceptance of IFRS as a common language for financial reporting. Nigeria has established a plan to implement IFRSs starting in January 2012. Despite some debate over the relevance of IFRSs for developing nations, Nigeria is opting to adopt them due to the "network effects" associated with this product. The research utilized an exploratory design, employing literature studies to draw conclusions regarding the obstacles and advantages associated with the progression of international accounting. The study found that IFRSs are considered to be more advanced accounting standards than numerous local accounting standards. The comparability of financial statements for investors can be improved by this. The adoption of IFRSs has been impacted by the increasing interconnectedness of global markets, the expansion of international trade, the appeal of foreign investments and aid, as well as various institutional factors. The research findings indicated that international accounting is crucial when accounting reports are utilized by users from different countries. Despite the numerous advantages promised by IFRS for financial reporting by those who adopt it, there exist several hurdles and difficulties that need to be resolved. The success of adopting IFRSs relies on having a supportive institutional framework, adequate accounting education and training, and an effective capacity building program, as shown by the experiences of those who have already implemented them. These elements are necessary to prepare stakeholders for the upcoming transition and the difficulties that come with it. The study suggests that regulatory authorities could offer valuable advantages to companies that consistently report and adhere to IFRS and other essential obligations. These benefits could include easing the listing criteria or offering incentives in various forms, such as monetary rewards or non-monetary perks.