Yulimwon Softlab to Take Preemptive Action on IFRS 18
IT DAILY ·
✦ AI Summary
IFRS 18 brings major changes to the presentation of the income statement and disclosure requirements, requiring companies to reclassify existing accounting data to match the new standard.
Younglimwon Soft Lab is pushing ahead with ERP system upgrades to respond to IFRS 18 and K-IFRS No. 1118, while continuing to improve K-System functions.
In the first half of the year, it held two customer seminars on IFRS 18 in Seoul, and in the second half it plans to hold follow-up seminars in major regions including Cheonan and Suwon.
The introduction of the new accounting standard is increasing the challenges facing companies. IFRS 18 brings changes to the presentation of the income statement and also entails major revisions to disclosure requirements. Accordingly, companies must reclassify existing accounting data to align with the new standard, while also managing financial information for comparative periods.
In response to these changes, the importance of refining ERP systems as a means of addressing accounting standard changes is growing, and the importance of streamlining business processes is also increasing. This means the need to overhaul systems and procedures across the board is coming into sharper focus as companies apply the new standard.
Younglimwon Soft Lab is pushing ahead with upgrading its ERP system to respond to IFRS 18 and K-IFRS No. 1118. The company is continuously enhancing IFRS 18-related functions to take preemptive action against regulatory changes.
Younglimwon Soft Lab also announced on the 1st that it plans to hold seminars for customers in major regions across the country. It will run these customer seminars in parallel with its system upgrade efforts.
Younglimwon Soft Lab is enhancing functions so that K-System can be used in line with changes in laws and regulations and IFRS 18. While maintaining the integrity and reliability of existing K-System data, the company is supporting use aligned with legal and regulatory changes and is also improving functions so that existing journal entries, account titles, and income statement classification structures can be reconfigured under IFRS 18 standards, further strengthening flexibility in such restructuring.
Younglimwon Soft Lab is continuously improving its intuitive screen design so users can apply it easily and quickly, while also continuing to enhance convenience features. Alongside this, it is expanding customer touchpoints nationwide in parallel with system upgrades.
Younglimwon Soft Lab held two IFRS 18 seminars for customers in Seoul in the first half of the year and plans to conduct follow-up IFRS 18 seminars in major regions in the second half. Accordingly, it will hold an IFRS 18 seminar for customers in Cheonan on the 29th and another in Suwon on the 10th of next month, while promoting broad sharing of IFRS 18 response strategies and system application plans as part of its policy to expand customer touchpoints in regional markets.
The follow-up seminars are scheduled to introduce major IFRS 18 revisions and the corresponding corporate response strategies, ways to use existing accounting data, methods for restructuring income classification systems, and system application plans such as financial statement automation.
Park Yun-kyung, vice president of Younglimwon Soft Lab, said that the key to responding to IFRS 18 lies not only in reflecting the new accounting standard in systems, but in establishing a stable operating framework suited to each company's financial environment and business processes.
In September, Younglimwon Soft Lab established a dedicated organization to systematically pursue artificial intelligence transformation (AX), and the unit oversees the entire process, including strategy development, technology development, internal business application, and product enhancement.
Source: IT DAILY · Kwon Young-seok
Original: https://www.itdaily.kr/news/articleView.html?idxno=241953
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Source: IT DAILY
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