Enterprise solution company Younglimwon SoftLab is speeding up its response to the new International Financial Reporting Standard IFRS 18, which applies to fiscal years starting on or after Jan. 1, 2027, and to Korea’s adoption of the standard, K-IFRS No. 1118, “Presentation and Disclosure in Financial Statements.”

It is upgrading its ERP system and holding customer seminars across major regions nationwide.

The company said IFRS 18 is a new accounting standard that changes the income statement presentation framework and disclosure requirements. It said companies must reclassify existing accounting data to fit the new standard and manage comparative-period financial information as well.

That is increasing the importance of ERP systems and business process improvements that can respond to changes in accounting standards.

Younglimwon SoftLab is upgrading IFRS 18 functions in response. It enhanced related features to support use in line with legal and institutional changes while maintaining the integrity and reliability of existing K-system data. It also upgraded functions so users can restructure existing vouchers, account titles and income statement classification frameworks to meet IFRS 18 standards.

The company said recent customer inquiries are focusing on how to apply the standard in actual systems rather than on the accounting standard itself.

It said key areas of interest are support for closing under the new standard, ways to use existing accounting data in line with IFRS 18, management of comparative financial information, and whether implementation is possible within project timelines.

Younglimwon SoftLab stressed that it is operating a support system that links standard review to system application by working with specialist accounting institutions.

Younglimwon SoftLab held two customer seminars on IFRS 18 in Seoul in the first half and will hold follow-up seminars in major regions in the second half. It will hold customer seminars on IFRS 18 in Cheonan on Oct. 29 and in Suwon on Nov. 10.

Park Yoon-kyung (박윤경), head vice president of business operations at Younglimwon SoftLab, said responding to IFRS 18 is not just about reflecting a new accounting standard in systems, but about establishing a framework that can be operated stably in line with each company’s financial environment and business processes. He said Younglimwon SoftLab will help companies respond steadily to the new accounting environment by presenting not only system implementation aligned with accounting standards, but also ways to use, classify and adjust existing accounting data, and a phased implementation approach that considers project schedules and customer environments.