This study seeks to investigate the challenges associated with IFRS implementation as well as the inference for corporate governance in Nigeria. The corporate governance variables used include board of directors, audit committee and institutional shareholders. The study employed primary data and the data was analyzed via descriptive statistics (mean and standard deviation) and inferential statistics (correlation and multiple regression). The result of the study showed that IFRS implementation is confronted with diverse challenges such as soaring cost of training and implementation, complex nature of IFRS, lack of appropriate directives from regulatory agencies on the implementation modus-operandi among others. In addition, it was found that board of directors, audit committee and institutional shareholders may support the notion of IFRS implementation but the challenges are constraining firms to implement it. On this note, we recommend thorough IFRS capacity building plan that should be embarked by the government, regulatory bodies, firms and training institutions in order to provide the needed manpower for IFRS implementation while at the same time, board of directors, audit committee and institutions shareholders should ensure a smooth IFRS implementation.