Because of the full adoption of IFRS from 2013 in Taiwan, firms listed in Taiwan are required to disclose reconciliations in their consolidated financial reports in the first quarter of 2012 that give sufficient detail to enable users to understand the material adjustments to the statement of financial position, statement of comprehensive income. It also provides an opportunity to examine investors' reaction to the adjustments of accounting changes from ROC GAAP to IFRS and the determinant factors related the adjustments. This study expects that the transition from ROC GAAP to IFRS will likely cause the changes of the assets, liabilities, equity and earnings in financial reports; which will, in turn, affect the stock-valuation decisions of investors. This study found that investors in the electronics industry reacted significantly positive to adjustments to equity. In addition, adjustments to equity presented a significantly positive relationship with the number of optional exemptions applicable from IFRS 1.