Law 11.638/07 marked the start of a series of changes in the laws that regulate Brazilian accounting practices. The main reason for these changes is the convergence process of local with international accounting standards. As a result of Law 11.638/07, the legal precedent was established to achieve convergence. In that context, the aim of this study is to analyze the impact of the convergence process with international accounting standards on the relevance of financial information, based on data for 2007, without and with the alterations Law 11.638/07 introduced and according to the CPC Pronouncements, applicable as from 2008 onwards. Therefore, a value relevance study is used, applying regression analysis to annual stock price information (dependent variable) and net profit per share (NPPS) and net equity per share (NEPS) as independent variables. The main results show that financial information on NPPS and NEPS for 2007, with and without the legal alterations, are relevant for the capital market. A comparison between both regressions used in the analysis, however, shows an information gain for financial information that includes the changes introduced in the first phase of the accounting convergence process with the international standards.