The rise of multinational corporations and the globalization of global capital markets have led to a growing need for a unified set of accounting standards that can be used internationally. In line with these global trends, implementing consistent and clear financial reporting has become more important than ever in the Kingdom of Saudi Arabia. This study aims to analyze the impact of adopting International Financial Reporting Standards (IFRS) on information asymmetry in the Kingdom of Saudi Arabia. To evaluate this impact, the study employs quantitative proxies—namely, bid-ask spreads and cost of capital—as measures of information asymmetry, assessing how financial reporting has changed following IFRS implementation. Based on a sample of 30 companies according to specific criteria, the analysis focuses on two distinct time periods: the pre-IFRS period (2014-2016) and the post-IFRS period (2018-2020). By covering all sectors, this study provides a comprehensive assessment of the impacts of IFRS on a broad economic scale. The findings reveal a statistically significant reduction in information asymmetry following the adoption of IFRS. Specifically, the cost of capital decreased by 1.2%, while bid-ask spreads narrowed by approximately 0.1%. These results indicate improved financial reporting transparency and increased market efficiency following the adoption of the standards. The impact was more pronounced and direct in market metrics, highlighting investors' response to higher reporting quality. The results remain robust after controlling for firm-specific financial variables and applying the necessary model diagnostics.