Samil PwC Hosts Industry-Specific Accounting Seminar with Korea Exchange

More Than 350 Attendees from 187 Companies
Reviewing Industry-Specific Impacts Ahead of IFRS 18 Implementation Next Year

Samil PwC has held its first industry-specific accounting and tax seminar in collaboration with the Korea Exchange.

Samil PwC announced on the 24th that, together with the Korea Exchange's SME Accounting Support Center, it hosted accounting and tax seminars across five industries—K-beauty, bio, K-food, distribution, and information technology (IT) platforms—at Korea Exchange Market Square in Yeouido, Seoul, from August 20 to 21.

This seminar series was initially launched as an IT platform industry-focused seminar in October last year and has now been expanded to cover five industries. The event was attended by more than 350 executives and employees from 187 companies.

The seminar covered the industry-specific implications of the implementation of K-IFRS No. 1118 (IFRS 18) 'Presentation and Disclosure of Financial Statements,' which will take effect next year. Additionally, key topics tailored to each sector were introduced. The K-beauty session discussed transfer pricing and customs duty optimization for overseas expansion. The bio session addressed important points for management and valuation. The K-food session focused on issues such as variable consideration and determining principal-versus-agent for revenue recognition, as well as accounting for loyalty points, all of which are common in the food and beverage (F&B) industry. In the distribution session, impairment and lease practices were highlighted, while the IT platform session featured major accounting issues including revenue recognition in the AI-related industry.

Furthermore, sessions covering K-food, distribution, and IT platforms featured case studies on accounting efficiency improvement using artificial intelligence (AI).

Suh Yongbeom, Bio Industry Leader (Partner) at Samil PwC, said, "Since each industry has a different business structure, even the same accounting standards can give rise to completely different issues in practice. In response to changes such as the introduction of IFRS 18 and the spread of AI, we aim to develop industry-specific education as a regular program in partnership with the Korea Exchange SME Accounting Support Center."

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