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Changes in Accounting Policies - Determination of Lease Term Considering Economic Penalty | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Changes in Accounting Policies - Determination of Lease Term Considering Economic Penalty |
41. | Changes in Accounting Policies – Determination of Lease Term Considering Economic Penalt y
From January 1, 2020, the Group has changed its accounting policy by adopting accounting treatments in accordance with agenda decisions for ‘Lease Term and Useful Life of Leasehold Improvements’ issued by IFRS Interpretations Committee on December 16, 2019. The Group determines the lease term as the non-cancellable period of a lease, together with both (a) periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and (b) periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. When the lessee and the lessor each has the right to terminate the lease without permission from the other party, the Group should consider a termination penalty in determining the period for which the contract is enforceable. The changes in accounting policy have been adopted retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors , and comparatives for the 2019 financial year have been adjusted. In relation to the changes in accounting policy, the adjusted amounts recognized in each line item in the consolidated financial statements are as follows: Consolidated Statements of Financial Position
|  | December 31, 2019 |  |  | December 31, 2020 |
(In millions of Korean won) |  | Previously reported amount |  |  | Adjustment |  |  | Adjusted amount |  |  | Amount based on previous policy |  |  | Adjustment |  |  | Amount based on changed policy |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses |  | ￦ | 76,036 |  |  | ￦ | (1,026 | ) |  | ￦ | 75,010 |  |  | ￦ | 61,930 |  |  | ￦ | (2,119 | ) |  | ￦ | 59,811 |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets |  |  | 788,497 |  |  |  | 479,832 |  |  |  | 1,268,329 |  |  |  | 585,034 |  |  |  | 632,145 |  |  |  | 1,217,179 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  | ￦ | 355,833 |  |  | ￦ | 36,600 |  |  | ￦ | 392,433 |  |  | ￦ | 281,961 |  |  | ￦ | 63,263 |  |  | ￦ | 345,224 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liabilities |  |  | 373,307 |  |  |  | 445,612 |  |  |  | 818,919 |  |  |  | 231,884 |  |  |  | 566,532 |  |  |  | 798,416 |
Total liabilities |  | ￦ | 729,140 |  |  | ￦ | 482,212 |  |  | ￦ | 1,211,352 |  |  | ￦ | 513,845 |  |  | ￦ | 629,795 |  |  | ￦ | 1,143,640 |
Net assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  | ￦ | 11,594,322 |  |  | ￦ | (3,406 | ) |  | ￦ | 11,590,916 |  |  | ￦ | 12,155,188 |  |  | ￦ | 232 |  |  | ￦ | 12,155,420 |
Total equity |  | ￦ | 11,594,322 |  |  | ￦ | (3,406 | ) |  | ￦ | 11,590,916 |  |  | ￦ | 12,155,188 |  |  | ￦ | 232 |  |  | ￦ | 12,155,420 |
Consolidated Statements of Operations
|  | 2019 |  |  | 2020 |
(In millions of Korean won) |  | Previously reported amount |  |  | Adjustment |  |  | Adjusted amount |  |  | Amount based on previous policy |  |  | Adjustment |  |  | Amount based on changed policy |
Operating revenue |  | ￦ | 24,899,189 |  |  | ￦ | — |  |  | ￦ | 24,899,189 |  |  | ￦ | 24,434,851 |  |  | ￦ | 5,796 |  |  | ￦ | 24,440,647 |
Operating expenses |  |  | 23,879,015 |  |  |  | (6,796 | ) |  |  | 23,872,219 |  |  |  | 23,425,377 |  |  |  | (7,063 | ) |  |  | 23,418,314 |
Finance income |  |  | 424,395 |  |  |  | — |  |  |  | 424,395 |  |  |  | 498,614 |  |  |  | — |  |  |  | 498,614 |
Finance costs |  |  | 421,931 |  |  |  | 10,202 |  |  |  | 432,133 |  |  |  | 498,161 |  |  |  | 9,222 |  |  |  | 507,383 |
Income tax expense |  |  | 320,060 |  |  |  | — |  |  |  | 320,060 |  |  |  | 285,349 |  |  |  | — |  |  |  | 285,349 |
Profit for the year |  |  | 699,274 |  |  |  | (3,406 | ) |  |  | 695,868 |  |  |  | 742,619 |  |  |  | 3,637 |  |  |  | 746,256 |
Basic earnings per share |  |  | 2,648 |  |  |  | (14 | ) |  |  | 2,634 |  |  |  | 2,843 |  |  |  | 15 |  |  |  | 2,858 |
Diluted earnings per share |  |  | 2,646 |  |  |  | (14 | ) |  |  | 2,632 |  |  |  | 2,840 |  |  |  | 18 |  |  |  | 2,858 |
With the initial adoption of IFRS 16 Lease , right-of-use assets and lease liabilities increased by ￦ 899,783 million and ￦ 643,375 million, respectively, as at January 1 , 2019 . In consideration of the economic penalties to be incurred from the contractual obligations, changes in accounting policy in relation to lease term resulted in an additional increase to the beginning balance of right-of-use assets and lease liabilities, by the amount of ￦ 128,035 million and ￦ 128,035 million, respectively, for the year as at January 1 , 2019 (Note 33) .

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