Here are some challenges of using IFRS in financial reporting:

1. Complexities: IFRS can be complex and require a high level of expertise to apply. Some standards are difficult to interpret, and determining the appropriate accounting treatment can be challenging.
2. Implementation costs: Adopting IFRS can involve significant implementation costs, such as training employees and updating accounting systems to comply with the new standards.
3. Limited guidance: In some cases, there may be limited guidance available on how to apply IFRS, leading to inconsistency in financial reporting across companies and jurisdictions.
4. Impact on comparability: Differences in IFRS adoption and interpretation across countries and companies can make it difficult to compare financial statements between entities.
5. Use of estimates: IFRS often requires the use of estimates, such as fair value measurements, which can be subjective and lead to differences in financial reporting.
6. Tax implications: IFRS can have tax implications, and companies may need to adjust their tax reporting to reflect the changes in their financial reporting.
7. Cultural differences: IFRS is a global set of accounting standards, but there can be differences in cultural attitudes towards financial reporting and disclosure, which can impact how companies apply the standards.
8. Limited standard-setting process: The process for developing and updating IFRS standards is limited to a select group of individuals, which can limit the input and perspectives of other stakeholders.