Enterprise solution company Younglimwon Softlab will hold a second seminar on July 9 with Samjong KPMG for client companies to support preparations for International Financial Reporting Standard (IFRS) 18, in Seoul's Yeouido district at the FKI Tower, formerly the Federation of Korean Industries building.

Younglimwon Softlab and Samjong KPMG shared IFRS 18 response strategies through a first seminar held on June 12.

Younglimwon Softlab arranged the second seminar following additional inquiries and requests from client companies after the first event. It plans to support more clients so they can respond effectively to changes in accounting standards.

At the second seminar, Samjong KPMG experts will explain the background to revisions to the IFRS 18 standards, key changes, their impact on companies and core issues to consider in practical application. Younglimwon Softlab plans to introduce IFRS 18 response measures using ERP and a step-by-step implementation roadmap. It also plans to share practical application strategies, including improving the financial reporting framework, managing the chart of accounts and advancing management performance analysis.

IFRS 18 is a new international accounting standard that takes effect from 2027. It includes classifying the income statement into operating, investing and financing activities and standardising the criteria for calculating operating profit. As financial reporting requirements are strengthened, including disclosures of management-defined performance measures (MPMs) and presentation of subtotals, changes are expected across companies' overall finance and accounting systems.

Younglimwon Softlab Vice President Yoon-kyung Park (박윤경), head of business operations, said IFRS 18 goes beyond a simple change in accounting standards and affects overall corporate financial information management systems and management decision-making. She said the first seminar confirmed strong client interest and demand for response measures, and the company would continue to provide practical information and ERP-based approaches so clients can respond effectively to the new accounting environment.