Bova and Pereira (2012) investigate two important and interesting research questions: (1) why do firms comply with International Financial Reporting Standards (IFRS) in a developing country where enforcement is weak, and (2) do firms benefit from IFRS compliance in a developing country where enforcement is weak? Using data from Kenya, Bova and Pereira (2012) find that public firms appear to have a higher level of IFRS compliance than private firms. They also find a positive and significant association between foreign ownership and the level of IFRS compliance, consistent with the reporting incentive hypothesis, and between share return and the level of IFRS compliance, consistent with the economic benefit hypothesis. This study contributes to the literature by providing preliminary evidence on the extent to which reporting incentives play an important role in IFRS compliance, and the economic benefit of IFRS compliance in a developing country where enforcement is weak. The implication of the findings of this study should be interpreted with caution because the empirical evidence provided is based on some restricted data from a single developing country. Future research should provide more comprehensive evidence on the economic effects of adopting IFRS in developing and less developed countries.