The research is aimed to analyze the influence of debt covenant, political cost and implementation of IFRS toward firm value. The population in this research are non public companies in the period 201... 16, 2017 and 2018. Non public companies are used as the population in this research to see the level of implementation of IFRS that have been applied by non public companies. The sample selection by using a random method and obtaining a sample of 46 companies or 138 observation data. The analysis used in this research is a Panel Data Regression by using Eviews 10.00. The partial result showed that political cost and implementation of IFRS affect firm value, while the debt covenant does not affect firm value. And the simultaneous result showed that debt covenant, political cost and implementation of IFRS affect firm value more