We investigate the impact of International Financial Reporting Standards (IFRS) on financial analyst effort as well as the incremental effect of consolidation complexity on the changes of analyst effort after IFRS adoption. Further, we confirm the magnitude of impact from IFRS adoption decreases as the financial market has adapted to IFRS over years. First, we find that analyst effort in post-IFRS period is larger than in pre-IFRS. Further, the increase of analyst effort in post-IFRS period is strengthened as the number of consolidated subsidiaries more increases. Our findings imply that financial analysts concentrate their effort on forecasting consolidated earnings in post-IFRS period. Second, the increase of analyst effort is significantly larger in early times of IFRS than in more recent times, indicating financial analysts’ learning IFRS has improved. Overall, our results shed light on the negative influence from IFRS on information environment to which financial analysts face for earnings forecasts, but the negative impact has declined over years.