The International Financial Reporting Standards (IFRS) has been widely adopted by countries around the world. There is a mixed result regarding the adoption and the consequence of using the IFRS. The purpose of this study is to review the literature regarding the predictors and consequences of adopting IFRS. A total of 48 articles were reviewed and frequency analysis was conducted. The findings showed that studies of IFRS focused on the European Union (EU) and conducted studies on several countries tougher. Single country investigated in a limited number of studies. Most of the studies in the developed countries focused on the consequence and found that there are mixed findings regarding the usage of IFRS. In the context of developing countries, the adoption is still taking place and the studies found also that the consequences are mixed, and the predictors are individual-related factors (education, accounting capabilities), organizational (size, age, readiness), and macroeconomic (legal system, regulation, political ties). The findings were discussed, and more studies are needed to identify the role of IFRS in the context of developing countries.