Samjong KPMG to Host Webinar on 'IFRS 18 Response Strategies' on the 4th

"Changes in Financial Statement Disclosures"
...Samjong KPMG Shares Key Corporate Response Measures

Samjong KPMG announced on the 2nd that it will hold a webinar on the 4th titled "Introduction of IFRS 18, Its Impact, and Corporate Preparation Measures."

This webinar, aimed at companies and stakeholders, will present the necessary preparations for companies ahead of the adoption of IFRS 18 and key checklist items by industry. It will also provide practical insights into financial statement disclosures. So far, about 590 companies and over 1,100 participants have registered.

Provided by Samjong KPMG

Under previous IFRS standards, the method of presenting subtotals in the income statement was not specifically regulated, resulting in inconsistent presentation methods among companies. This led to reduced comparability between financial statements and inconsistent measurement of financial performance across companies. Going forward, although IFRS 18 will not change a company's net profit, the structure of the income statement will be altered, such as changes in operating profit. Profit or loss included in the operating category will be defined as residual profit or loss, rather than investment or financial categories. These changes are expected to affect all companies regardless of industry.

In the webinar, Seungim Hyun, Executive Director at Samjong KPMG, and Sanghyun Han, Director at Samjong KPMG, will explain the main contents of the IFRS 18 standard and anticipated issues upon its adoption. Executive Director Seongbae Kim will present focusing on the impact on non-financial industries, while Executive Director Jaehyuk Choi will cover the impact in the financial sector in detail. A Q&A session responding to participants' questions will also be held.

The webinar is free to register on the Samjong KPMG website. Viewing instructions will be individually provided to those who register in advance.

Byunghoon Byeon, Head of the Audit Division at Samjong KPMG, stated, "Preliminary preparation by companies is essential due to the introduction of the new standard," adding, "We hope this webinar will provide practical insights into the key changes in IFRS 18 and the critical points companies need to prepare for in advance."

Meanwhile, to proactively respond to IFRS standard revisions, Samjong KPMG launched the IFRS 18 service team last July. The service team holds regular monthly meetings with industry experts, analyzes major revisions and industry impacts, and establishes perspectives on key issues. They provide diagnostics and services not only on common IFRS 18 issues but also on industry-specific special issues.

This content was produced with the assistance of AI translation services.