The purpose of this paper is to examine the changes in the value relevance of accountinginformation provided by consolidated as well as separate financial statements under the K-IFRSregime. The sample consists of 494 firms which prepared consolidated financial statements on aconsecutive basis during the four year period from 2009 to 2012, or 1,976 firm-years over thesample period. The value relevance of accounting information is primarily measured by theprice multiples of EPS and BVPS as well as the adjusted R2's obtained by estimating Ohlson(1996) type models over the periods both before and after the adoption of K-IFRS for comparisonpurposes. In supplementary analyses, annual return was regressed on the EPS changes with aview to examine the earnings response coefficient changes and the coefficients of determinationfor the two periods under consideration. Similar approaches are employed to compare the valuerelevance of accounting information between consolidated versus separate financial statements. These research schemes aim to investigate whether the usefulness of consolidated financialstatements information improved in accordance with the designation of consolidated financialstatements as the primary media for disseminating corporate financial information under theK-IFRS regime. Main results of the analyses are summarized as follows. First, in comparisons between preandpost-K-IFRS adoptions, the value relevance of BVPS increased after the adoption, whereasEPS exhibited a contrary trend, inconsistent with expectation. As a possible explanation, weconsider the changes in the depreciation policies implemented by a great majority of sample companies in line with the adoption of K-IFRS, whereby the dominant fixed percentage methodswere substituted by straight-line methods, resulting in lower depreciation expenses and largerbottom-line earnings numbers. Second, in comparisons between consolidated versus separate financial statements, the valuerelevance of the latter statements exceeded those of consolidated statements during the preadoptionperiod, which trend is reversed after the adoption of K-IFRS, corroborating theenhancement of the usefulness of consolidated statements information. The differences in theexplanatory power of separate versus consolidated financial statements were confirmed byconducting Vuong tests. Also, in a series of additional tests, the entire sample was brokendown into KOSPI and KOSDAQ market-based sub-samples. The KOSPI sub-sample providedqualitatively the same results as the aggregate analyses, whereas in KOSDAQ sub-sample, thevalue relevance of BVPS did not exhibit significant change. These initial confusions at theintroductory phase of K-IFRS may have impacted results of this research so that thegeneralization of the research findings warrants caution. A further elaboration of the researchon the basis of augmented data covering extended research period appears necessary in theforeseeable future.