This study focuses on the value relevance of the mandatory transition to International Financial Reporting Standards (IFRS), using a sample of Finnish first-time IFRS adopters. The Finnish data is used since prior research findings suggest large differences between Finnish Accounting Standards (FAS) and IFRS. The results suggest that aggregate IFRS reconciliations have an inconclusive impact on value relevance. The IFRS reconciliation adjustments on earnings seem to have an insignificant impact on value relevance. Correspondingly, the IFRS reconciliation adjustments on book value of shareholders’ equity seem to somewhat impair value relevance. Our findings facilitate the anticipation of market consequences of major accounting changes also in other emerging markets. This knowledge is important for legislators, producers and users of financial reports alike.