This study aims to investigate the effect of earnings opacity on the cost of capital as measured by an index of earnings opacity which is constructed from seven measures including earnings aggressiveness, income smoothing, earnings management, a restatement of financial statements, the proportion of notes to financial statements, stock trading volume, and bid-ask. spreads. This study focuses on all companies listed on the Indonesia Stock Exchange (IDX) from 2009-2013. However, financial sector companies were excluded from the sample because financial sector companies have specific characteristics related to governance and accounting standards, besides that the financial sector also has a special set of rules that will affect discretionary accruals which is one measure of earnings opacity. Regression testing shows results that are consistent with the results of previous studies. This research proves that the higher the profit opacity, the higher the cost of equity. This study has limitations where the earnings opacity index is built from seven dimensions, one of which is the restatement of financial statements. In Indonesia, in the nonfinancial sector, there are very few samples that restate financial statements. Further research can use a larger number of samples and additional variables such as the reform of the financial reporting system.