Different nations & companies implement IFRS standard in expectation to a number of benefits.rnSo the aim of this study is to examine the post implementation benefit of IFRS in Ethiopia.rnNotwithstanding to proponents of IFRS there is a profound argument from scholars that benefitrnof IFRS gained not only by moving to a single set of accounting standard but also relied (directlyrnattributed to) on supporting institutions; which constitutes for the effectiveness of IFRSrnimplementation in each nation. Therefore the researcher assesses the benefit materialized, therneffectiveness of IFRS implementation and finally measuring the extent to which the benefitrnmaterialized followed the effective IFRS implementation. To achieve this objective, both primaryrnand secondary data were collected from IFRS implementation team members of 18 commercialrnbanks. Sampling method purposive based on their role and involvement in the implementationrnprocess. Primary data were collected based on 5 point Likert scale structure questionnaires andrninterview questionnaires; whereas secondary data based were collected through documentaryrnevidence. The Likert data smoothed by triangular fuzzy number before further analysis beganrnusing SPSS. The questionnaire data were analyzed using descriptive statistics, correlations,rnmultiple linear regression analysis and structural equation modeling. Data from interview andrndocument reviews were interpreted qualitatively. The statistical result show that reliable andrncomparable financial report produced, the benefit outweighed the cost of implementation ofrnIFRS, reduced uncertainty and information asymmetry in the financial reports provided. Thernfindings of the study also show that with the exception of culture the other variables educationalrnlevel and professionalism, economic growth, legal protection and monitoring & enforcementrnpositively and significantly influenced effective IFRS implementation. Finally, the studyrnconfirmed that the benefit of IFRS acquired followed effective IFRS implementation. From thernfinding of the qualitative data, international consulting firm played a major role for the effectivernimplementation of IFRS; so this finding is in a conscience with AMOS result why it rejectedrneducational level as an explanatory variable for effective IFRS implementation.