Indonesia is in the process of IFRS convergence and plans to adopt the IFRS fully. Therefore, the impact of IFRS adoption on local standards needs to be investigated. This study focuses on the impact of adoption of IAS No.1: Presentation of Financial Statements into Indonesian local standards (PSAK No. 1). This study aims to examine the impact of the adoption on the trading volume around the annual earnings announcement in the first year that the standard becomes enacted in 2011. Consistent with IAS No. 1, Indonesian local standard, namely PSAK No. 1 that requires companies to present total comprehensive income as bottom-line of the financial performance report, which summaries all changes in owners' equity except changes arising from transactions with owners. The samples are Indonesian listed companies which included in the LQ45 index. The findings indicate that total comprehensive income presented as bottom-line in the financial performance report as required by IAS 1 has higher information content than net income. So It is implied that the policy of adopting the IAS No. 1 about Presentation of Financial Statements supports the proponents of the IFRS convergence program in Indonesia as it finds that the presentation of earnings information according to IAS No. 1 has higher information content.