English Abstract: This study investigated whether the adoption of IFRS influenced the information content of financial report announcements and earnings figures using data from publicly traded companies in Taiwan from the year s 2010 to 2011 (pre-IFRS) and 2013 (post-IFRS). We also examined whether the ratio of foreign investors affect the empirical results. The results indicate that when the ratio of foreign investors is not considered, the degree of abnormal volatility in returns in the financial report announcements in 2013 is lower than that from 2010 to 2011. Further analysis sh owed that companies with a high ratio of foreign investors displayed a significant and positive correlation with the degree of abnormal volatility in returns, while companies with a low ratio of foreign investors displayed a significant and negative correlation with the degree of abnormal volatility in returns. With regard to the information content of earnings figures, companies with a high ratio of foreign investors presented more in formation content in 2013 than from 2010 to 2011. We speculate that this is because foreign investors are adept and experienced at interpreting IFRS financial reports than domestic investors, and therefore, IFRS financial reports exert varying influences on them. The empirical results of this study also show that even though Taiwan began moving towards IFRS in 1990, the full adoption of IFRS in 2013 still had a considerable impact on the information content of financial reports