Enterprise solutions company Younglimwon SoftLab will hold a seminar with Samjong KPMG on June 12 at the EL Tower in Seoul's Yangjae-dong to present response measures and a roadmap for International Financial Reporting Standard No. 18 (IFRS 18), which applies from 2027.

IFRS 18 includes provisions that separate the income statement into operating, investing and financing activities and standardise the basis for calculating operating profit.

Financial reporting requirements are being strengthened, including disclosures of management-defined performance measures (MPMs) and the presentation of subtotals, and changes are expected across companies' finance and accounting systems.

Younglimwon SoftLab said IFRS 18 requires companies to provide comparative-period financial information when it is first applied, meaning companies must manage financial data from 2026 in line with the new standards. It said advance checks of financial processes and information systems that can reflect the accounting standard changes are essential.

At the seminar, experts from Samjong KPMG plan to explain key revisions in the IFRS 18 standard and their impact on companies, and to introduce key issues and preparatory steps to consider in the practical application process.

Younglimwon SoftLab will present IFRS 18 response measures using an ERP (Enterprise Resource Planning) system and a step-by-step implementation roadmap.

Yoon-kyung Park (박윤경), executive vice president and head of business at Younglimwon SoftLab, said IFRS 18 is a change that affects overall corporate financial information management and management decision-making systems, beyond a simple change in accounting standards. She said the seminar will provide practical information and ways to use systems so customers can respond proactively to the new accounting environment.