The article explores how adopting International Financial Reporting Standards (IFRS) in Ukraine affects financial managers of listed firms. The study used a questionnaire survey to identify the costs and benefits of transitioning to IFRS. Results show that IFRS implementation impacts internal reporting quality, relationships with customers and shareholders, access to international markets, and external financing. Financial managers are concerned about costs related to training, software changes, and consulting services. The research suggests a model of six factors influencing IFRS relevance in Ukraine, but the extent of their interrelations is unclear. The findings can help policymakers and businesses as all public companies in Ukraine must adopt IFRS. Future research could explore the interdependency of these factors in more detail.