This study investigates how the adoption of International Financial Reporting Standards (IFRS) 15 in 2018 impacts the implied cost of equity. Analyzing Korean-listed companies between 2016 and 2019, we find that the implied cost of equity significantly increases after the adoption of IFRS 15. Furthermore, we observe that the increase in the implied cost of equity is more pronounced in samples with a higher number of financial analysts. Our results suggest that the adoption of IFRS 15 increases the uncertainty in financial reporting, thereby raising the cost of equity capital.