The fit of the model was statistically significant with χ2 = 34.798,p < 0.01 (two-tailed). Estimated MNL coefficients reflect the effect of independent variables on the likelihood of specific levels of IFRS adoption (IFRS permitted or required) relative to the group that does not permit IFRS. Countries with lower governance and economic development are more resource dependent and susceptible to transnational pressures. They were expected to be more likely to require IFRS. Otherwise, a lower level of commitment to IFRS was expected.