This study explores how stock market reacts to the amount of asset revaluation difference for the firm implementing the “Tangible Asset Revaluation Accounting(1016)” corresponding K-IFRS(Korean－International Financial Reporting Standards). To examine the market reaction,we regressed the asset revaluation difference(REV) on the market performance, measured by cumulative abnormal returns(CAR), after controlling firm's size and debt ratio. We analyzed a total of 255 manufacturing companies, selected from the listed companies in Korea Stock Exchange(KSE, 122) and in KOSDAQ Market(103) from year 2008 to year 2009. The results are like followings;Firstly, the amount of difference had a positive effect on CAR for the firms listed KSE, implying that market is very sensitive to the difference between book value and revalued amount. Secondly, for the firms listed in KOSDAQ market, there was no significant effect except the firm of which difference is large. This means that market doesn't regard the difference as good news for the future firm value, because firms listed KOSDAQ are relatively poor at financial soundness and stability. This study has an significance in that it shows market reacts to the amount of revaluation difference as well as it reassure the prior researches which market reacts positively to the announcement of revaluation.