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Management has determined that the CODM of the Company is the CEO. The CODM does not receive and therefore does not review discrete
financial information for any component of the Company. Consequently, no operating segment information is included in these consolidated financial
statements. Entity-wide disclosures of geographic and product revenue information are provided in note 4 to the consolidated financial statements.
(
ab
) New standards and interpretations not yet adopted
The following new standards, interpretations and amendments to existing standards have been published and are mandatory for the Company for
annual periods beginning after January 1, 2015, and the Company has not early adopted them. The company is assessing the potential impact on its
consolidated financial statements resulting from the application of the following new standards.
(i) K-IFRS No. 1109, Financial Instruments
K-IFRS 1109, published in December 2015, replaces the existing guidance in K-IFRS No. 1039, Financial Instruments: Recognition and
Measurement. K-IFRS 1109 includes revised guidance on the classification and measurement of financial instruments, a new expected credit loss
model for calculating impairment on financial assets, and new general hedge accounting requirements. It also carries forward the guidance on
recognition and derecognition of financial instruments from K-IFRS No. 1039. K-IFRS 1109 is effective for annual periods beginning on or after
January 1, 2018, with early adoption permitted.
(ii) K-IFRS No. 1115, Revenue from Contracts with Customers
K-IFRS 1115, published in January 2016, establishes a comprehensive framework for determining whether, how much and when revenue is
recognized. It replaces existing revenue recognition guidance, including K-IFRS No. 1018, Revenue, K-IFRS No. 1011, Construction Contracts and
K-IFRS No. 2113, Customer Loyalty Programmes. K-IFRS 1115 is effective for annual reporting periods beginning on or after January 1, 2018, with
early adoption permitted.
4. Geographic and Other Information
The Company is engaged in manufacturing and sales of vehicles and parts, leasing of vehicles and rendering vehicle maintenance services.
Leasing income and maintenance services are insignificant to total sales. Revenue information by products and services is not available and
management believes the cost to develop such information would be excessive. Consequently revenue amounts by products and services are not
disclosed.
(a)
The following tables provide information of sales by geographic locations based on the location of customers and non-current assets as of and
for the year ended December 31, 2015:
(In millions of won)
Domestic
North
America Europe Other region
Consolidation
adjustment
Consolidation
amount
External sales ₩ 18,960,632 18,896,020 10,889,617 775,178 - 49,521,447
Property, plant and equipment,
intangible assets and other 12,172,863 1,989,548 1,007,500 3,426 56,042 15,229,379
76 | KIA MOTORS
December 31, 2015 and 2014
KIA MOTORS CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS