This study employs a data driven approach which is based on reviews to understand about the impact of IFRS on the accounting transparency and the Market efficiency. For capturing the evolution of financial transparency, the research scrutiny empirical studies published between 2016 (when convergence became popular) and 2024 and assesses the pre and post periods of IFRS. The results explain that the impact is based on regional differences based on economic scenarios, regulatory strategies, and industry-specified norms by looking at information from various countries. It also shed light on the importance of established local accounting norms and existence of regulatory boards. To guarantee the analysis is based on quantifiable, evidence-based findings, only empirical papers from journals that are indexed by Scopus are included. This critical analysis of IFRS adoption reveals a positive impact on financial transparency and investor protection which enhances stronger economic benefits.