Korea Deloitte Holds Webinar on Practical IFRS 18 Strategies with Middle Market Enterprises Federation

The Korea Deloitte Group announced on May 7 that it held a webinar titled "Practical Strategies for Adopting IFRS 18 with Deloitte: A Practical Roadmap for Mid-sized Companies" in collaboration with the Korea Federation of Middle Market Enterprises.

During the webinar, practical measures were shared with financial and accounting professionals from mid-sized companies in preparation for the mandatory adoption of IFRS 18 starting from the 2027 fiscal year. The agenda included changes to the structure of the income statement, a redefinition of operating profit, and strategies for adapting account systems and IT infrastructure.

In the first session, Moon Hyungsik, IFRS 18 CoE Leader at Korea Deloitte Group, outlined the key changes in financial reporting resulting from the introduction of IFRS 18, such as modifications in the presentation of income statements and the impact on performance indicators. He also presented an actionable roadmap to help companies systematically prepare for internal performance indicator adjustments, disclosures, and audit responses.

In the second session, Kim Jiyeong, Director of IT and Data Analytics at Korea Deloitte Group, highlighted the need to revise account systems and modify financial reporting structures in response to the system impacts and challenges posed by IFRS 18. She shared key checkpoints for each implementation phase, from analyzing the future Chart of Accounts (CoA) structure to reflecting it in systems and refining data.

In the final session, Jeon Chungjae, Managing Director at Douzone Bizon, introduced strategies for responding to IFRS 18 from the perspective of Douzone’s Enterprise Resource Planning (ERP) solutions. He presented practical application scenarios, such as operating multiple financial statement formats in parallel and addressing comparative disclosures. He also explained considerations for system construction, including resetting accounts by category and configuring performance indicators.

Jang Sujae, Head of Audit at Korea Deloitte Group, stated, "IFRS 18 represents a significant standard change that affects the overall financial performance indicators and reporting systems of mid-sized companies. We hope this webinar provided meaningful support to financial and accounting professionals in clearly understanding the impact of these changes and in developing practical response strategies tailored to their organizational circumstances."

The replay of this webinar will be made available on the homepage of the audit division of Korea Deloitte Group (link) and on the official YouTube channel.

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