Major differences between K-GAAP and K-IFRS

	K-GAAP	K-IFRS
Business combination	N/A	K-IFRS 1103 (Business combination) do not be applied retroactive to transaction of business combination before January 1, 2009(date of transition to K-IFRS).
Cumulative translation differences	N/A	Cumulative translation differences are regarded to zero on January 1, 2009(date of transition to KIFRS).
Employee benefits	N/A	All actuarial gains and losses which were accrued from defined benefit plans on January 1, 2009(date of transition to K-IFRS) are recorded as equity.
Investment in subsidiaries and affiliates	N/A	The book value of K-GAAP is accounted for as deemed cost on January 1, 2009(date of transition to K-IFRS) are recorded as equity.
Borrowing cost	N/A	It is applied to borrowing cost of qualifying asset after January 1, 2009(date of transition to K-IFRS)
Deferred taxes of gains from revaluation on land	Deferred income tax liabilities are not recognized to temporary differences which were accrued by revaluations in accordance with the Asset Revaluation Law, in case the Company will not dispose of the land reasonably certainly.	Deferred income taxes for taxable temporary difference are fully recognized except for few exceptions.
Classification of investment property	Investment properties held to earn rentals or for capital appreciation are accounted for as tangible assets.	Investment properties held to earn rentals or for capital appreciation are accounted for as investment properties.
Measurement of defined benefit obligation	The severance benefits are calculated based on the assumption that all the employees are paid on the period end date.	It requires to use the Projected Unit Credit Method to measure its obligations.
Classification of memberships	It is classified as non-current other assets.	It is classified as intangible assets with indefinite or definite economic lives.
Presentation of deferred taxes	Deferred tax assets and liabilities are classified as current and non-current.	Deferred tax assets and liabilities classified as current shall be non-current.