Mostly yes. Things that could be a problem are the seat post and clamp and the front mech clamp size. New cables (outers at least) would probably be needed.
Also, does the frame set come with the headset installed? If not then that's another bit that could need replacing.
Someone with more knowledge will probably come along to say something, but the bike might not ride as well as it would if it had drop bars as intended. I can't be more specific than that though.
