The increasing globalization of capital markets and the proliferation of multinational enterprises have made convergence of financial reporting standards become an important and urgent issue. At present, convergence with the International Financial Reporting Standards (IFRS, formerly the International Accounting Standards, IAS) issued by the International Accounting Standards Board appears to be the approach that most countries agree. The current study assesses the feasibility of complete convergence with IFRS in Taiwan. Based on the prior literature, we characterize the financial reporting environment by the factors that may facilitate or impede the adoption of International Financial Reporting Standards. These factors include legal and political factor, firm features, financial statement users’ features, economic consequences of accounting standards, the features of IFRS (IAS), the features of accountants and auditors. Drawing on these factors, we develop 14 hypotheses for empirical examination. The empirical test based on the 181 responses obtained from industry, CPA firms, academics and government agencies yields the following findings. First, 12 out of the 14 hypotheses are supported; in which respondents regard 10 factors as impediments and two as facilitators. Legal and political concern is the largest impediment while the economic factor the facilitator. Second, industry and academics are more optimistic than CPAs and government agencies in the feasibility of complete convergence with IFRS. Finally, respondents are consistent in agreeing with the approach that Taiwan currently adopts in convergence with IFRS.