Samjong KPMG said on the 2nd it will hold a joint "IFRS 18 practical issues and response strategies seminar" with the Korea Listed Companies Association on the 8th. The seminar, to be held at the Listed Companies Association Hall, will also run simultaneously as an online webinar.
In Dec. last year, K-IFRS No. 1118 "presentation and disclosure of financial statements" was promulgated and is scheduled to become mandatory starting in fiscal 2027. With the introduction of IFRS 18, profit or loss by category on the income statement will be redefined and its structure revamped, while management performance measures (MPMs) defined by management will be newly introduced, signaling major changes across the financial statements.
Accordingly, corporations are required to undertake proactive and systematic preparations across various areas, including impact analysis and structural design for categorizing revenue and expense, identification and definition of MPMs, reorganization of the chart of accounts (COA), and establishment of performance indicator management systems.
At this seminar, Samjong KPMG experts will delve into key issues arising from the introduction of IFRS 18 and corporations' response measures.
Executive director Hyun Seung-im will explain the main elements of the IFRS 18 standard overhaul. Senior executive director Kim Jae-jung will address key issues centered on practical application. Executive director Choi Jae-hyeok will present on finance-related issues, including financial holding companies, securities, insurance, real estate trusts, and venture capital (VC).
Regarding preparations for IFRS 18 adoption, senior executive director Kim Su-gwang will share the approach, readiness items, and external audit response strategies. Senior executive director Park Chang-nam is set to present considerations and response plans for system impact analysis.
Byun Young-hoon, head of audit at Samjong KPMG, said, "The core of the IFRS 18 revision lies in changes to income statement presentation, but there are not a few practical issues because interpretations vary on categorizing operating, investing, and financing activities," adding, "Application issues differ depending on a corporation's unique business structure, and they are expected to affect corporate infrastructure across the board, making a systematic response strategy essential."
He added, "This seminar goes beyond a simple commentary on the standard and is structured around the judgments and preparation tasks that corporations will actually face, and Samjong KPMG is focusing on providing practical solutions that corporations can use—from interpreting the standard to financial statement transition, system impact analysis, and audit responses—through its dedicated IFRS 18 task force."
Meanwhile, as of now, about 2,000 people from roughly 1,000 corporations have registered for the seminar. Registration is free via the Samjong KPMG website.