內地會計準則的發展和前瞻

24.5.2008

Nelson Lam 林智遠

MBA MSc BBA ACA ACIS CFA CPA(Aust.)
CPA(US) FCCA FCPA(Practising) MSCA
© 2008 Nelson 1

今日要旨

從報表看內地會計準則
與香港會計準則

內地會計準則的
發展和前瞻

© 2008 Nelson 2

1
 今日要旨

從報表看內地會計準則
與香港會計準則

Have you compared

the statements of A
shares and H shares
so far?

© 2008 Nelson 3

從報表看內地與香港會計準則
Balance Sheet Approach

Definition What is it?

Recognition When is it recognised?

Measurement How much is it recognised and carried?

Presentation & How is it showed in the financial statements?

Disclosure

© 2008 Nelson 4

2
 從報表看內地與香港會計準則
Case

A complete set of financial statements:

Statements under PRC’s Statements under IFRS

ASBE (under A shares) (under H share)
• 資產負債表 • 利潤表
• 利潤表 • 資產負債表
• 現金流量表 • 股東權益變動表
• 股東(所有者)權益變動表 • 現金流量表
• 財務報表附註 • 財務報表附註

Presentation
A slight difference in the sequence of the statements
© 2008 Nelson 5

從報表看內地與香港會計準則
Case

資產負債表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
流動資產合計 181,535 143,098
非流動資產合計 537,037 459,622
資產總計 718,572 602,720

流動負債合計 261,757 212,776

非流動負債合計 130,468 108,145
負債合計 392,225 320,921
歸屬於母公司股東權益合計 300,949 259,382
少數股東權益 25,398 22,417
股東權益合計 326,347 281,799
負債和股東權益總計 718,572 602,720
© 2008 Nelson 6

3
 從報表看內地與香港會計準則
Case

資產負債表(IFRS)
2007年 2006年
人民幣百萬元 人民幣百萬元
非流動資產合計 547,609 464,342
流動資產合計 185,116 146,490
流動負債合計 265,355 216,372
流動負債淨額 (80,239) (69,882)
總資產減流動負債 467,370 394,460
非流動負債合計 134,612 107,803
332,758 286,657

本公司股東應佔權益 307,433 264,334

少數股東權益 25,325 22,323
權益合計 332,758 286,657
© 2008 Nelson 7

從報表看內地與香港會計準則
Case

資產負債表(ASBE): 流動資產
2007年 2006年
人民幣百萬元 人民幣百萬元
貨幣資金 8,364 7,698
應收票據 12,851 8,462
應收賬款 22,947 15,144
其他應收款 11,822 10,955
預付款項 9,402
, 5,331
,
存貨 116,049 94,912
其他流動資產 100 596
流動資產合計 181,535 143,098

© 2008 Nelson 8

4
 從報表看內地與香港會計準則
Case

資產負債表 (IFRS): 流動資產

2007年 2006年
人民幣百萬元 人民幣百萬元
現金及現金等價物 7,696 7,063
於金融機構的定期存款 668 635
應收賬款淨額 22,947 15,144
應收票據 12,851 8,462
存貨 116,032
, 94,894
,
預付費用及其他流動資產 24,922 20,292
流動資產合計 185,116 146,490

© 2008 Nelson 9

從報表看內地與香港會計準則
Case

資產負債表(ASBE): 非流動資產
2007年 2006年
人民幣百萬元 人民幣百萬元
長期股權投資 31,335 23,544
固定資產 361,148 346,240
在建工程 95,408 53,000
無形資產 15,232 9,265
商譽 15,690 14,525
長期待攤費用 5,842 4,757
遞延所得稅資產 10,192 6,760
其他非流動資產 2,190 1,531
非流動資產合計 537,037 459,622

© 2008 Nelson 10

5
 從報表看內地與香港會計準則
Case

資產負債表 (IFRS): 非流動資產

2007年 2006年
人民幣百萬元 人民幣百萬元
物業、廠房及設備 375,142 355,757
在建工程 95,408 52,871
商譽 15,490 14,325
於聯營公司的權益 16,865 11,898
於合營公司的權益 12,723 9,236
投資 3,194 2,926
遞延稅項資產 10,439 7,182
預付租賃 8,224 2,574
長期預付款及其他資產 10,124 7,573
非流動資產合計 547,609 464,342

© 2008 Nelson 11

從報表看內地與香港會計準則
Case

利潤表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
營業收入 1,204,843 1,061,669
減：營業成本 1,012,961 896,373
營業稅金及附加 34,304 28,977
銷售費用 22,564 19,590
管理費用 35,964 33,491
,
財務費用 4,890 5,780
勘探費用（包括乾井成本） 11,105 7,983
資產減值損失 7,458 1,004
公允價值變動損失 3,211 －
加：投資收益 5,756 3,769
營業利潤 78,142 72,240
© 2008 Nelson 12

6
 從報表看內地與香港會計準則
Case

利潤表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
加：營業外收入 6,828 6,020
減：營業外支出 2,059 2,877
利潤總額 82,911 75,383
減：所得稅費用 25,758 22,400
淨利潤 57,153 52,983
其中：被合併方在合併前實現的淨虧損 (205) (361)
歸屬於：
母公司股東的淨利潤 54,947 52,086
少數股東損益 2,206 897

基本及稀釋每股收益 0.63 0.60

© 2008 Nelson 13

從報表看內地與香港會計準則
Case

利潤表 (ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
一、 營業收入 835,037 688,978
減： 營業成本 (487,112) (362,590)
營業稅金及附加 (68,678) (51,692)
銷售費用 (41,345) (35,050)
管理費用 (49 324)
(49,324) (44 429)
(44,429)
財務費用 (2,869) (1,322)
資產減值損失 1,948 (2,914)
加： 投資收益 6,301 1,344
其中：對聯營企業和合營企業的投資收益 6,283 1,253
二、 營業利潤 193,958 192,325

© 2008 Nelson 14

7
 從報表看內地與香港會計準則
Case

利潤表 (ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
加： 營業外收入 3,098 1,645
減： 營業外支出 (4,231) (4,180)
其中：非流動資產處置損失 (1,576) (1,962)
三、利潤總額 192,825 189,790
減：所得稅費用 (49 331)
(49,331) (47 043)
(47,043)
四、淨利潤 143,494 142,747
歸屬於母公司股東的淨利潤 134,574 136,229
少數股東損益 8,920 6,518
五、每股收益(基於歸屬於母公司普通股股東合併淨利潤
基本每股收益 0.75 0.76
稀釋每股收益 0.75 0.76
© 2008 Nelson 15

從報表看內地與香港會計準則
Case

利潤表(IFRS)
營業額及其他經營收入 2007年 2006年
人民幣百萬元 人民幣百萬元
營業額 1,173,869 1,034,888
其他經營收入 30,974 26,853
1,204,843 1,061,741
其他收入 4,863 5,161

© 2008 Nelson 16

8
 從報表看內地與香港會計準則
Case

利潤表(IFRS)
經營費用 2007年 2006年
人民幣百萬元 人民幣百萬元
採購原油、產品及經營供應品及費用 (970,929) (854,236)
銷售、一般及管理費用 (37,843) (37,514)
折舊、耗減及攤銷 (43,315) (33,554)
勘探費用（包括乾井成本） (11,105) (7,983)
職工費用 (22,745) (20,956)
減員費用 (399) (236)
所得稅以外的稅金 (34,304) (29,330)
其他經營費用（淨額） (3,202) (2,461)
經營費用合計 (1,123,842) (986,270)
經營收益 85,864 80,632

© 2008 Nelson 17

從報表看內地與香港會計準則
Case

利潤表(IFRS)
融資成本 2007年 2006年
人民幣百萬元 人民幣百萬元
利息支出 (7,314) (7,101)
利息收入 405 538
可轉換債券的嵌入衍生工具未實現損失 (3,211) —
匯兌虧損 (311) (140)
匯兌收益 2,330 890
融資成本淨額 (8,101) (5,813)
投資收益 1,657 289
應佔聯營及合營公司的損益 4,044 3,434
除稅前利潤 83,464 78,542
所得稅 (24,721) (23,504)
本年度利潤 58,743 55,038
© 2008 Nelson 18

9
 從報表看內地與香港會計準則
Case

現金流量表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元

經營活動產生的現金流量：
銷售商品、提供勞務收到的現金 1,400,348 1,239,086
收到的租金 370 384
收到的補助 － 5,161
收到的其他與經營活動有關的現金 2,793
2 793 3 700
3,700
現金流入小計 1,403,511 1,248,331

Direct Method

© 2008 Nelson 19

從報表看內地與香港會計準則
Case

現金流量表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元

購買商品、接受勞務支付的現金 (1,135,587) (1,030,412)

經營租賃所支付的現金 (6,764) (6,075)
支付給職工以及為職工支付的現金 (22,255) (20,414)
支付的增值稅 (41,011) (31,580)
支付的所得稅 (27 674)
(27,674) (19 586)
(19,586)
支付除增值稅、所得稅外的各項稅費 (30,965) (27,332)
支付的其他與經營活動有關的現金 (15,005) (14,062)
現金流出小計 (1,279,261) (1,149,461)

經營活動產生的現金流量淨額 124,250 98,870

© 2008 Nelson 20

10
 從報表看內地與香港會計準則
Case

現金流量表(ASBE)
2007年 2006年
人民幣百萬元 人民幣百萬元
償還債券所支付的現金 (12,000) (21,000)
償還借款所支付的現金 (788,793) (761,389)
分配股利、利潤或償付利息所支付的現金 (20,843) (19,761)
子公司支付少數股東的股利 (593) (722)
分配予中國石化集團公司 (2,182) －
現金流出小計 (824,411) (802,872)

籌資活動產生的現金流量淨額 (8,781) (5,974)

匯率變動的影響 (64) (25)

現金及現金等價物淨增加／（減少）額 633 (7,701)

© 2008 Nelson 21

從報表看內地與香港會計準則

《企業會計準則 30 ── 財務報表列報》應用指南

‧ 財務報表格式和附注分別按
¾ 一般企業
¾ 商業銀行 Banking
¾ 保險公司 Insurance
¾ 証券公司等 Securities
企業類型予以規定。

‧ 企業應當根據其經營活動的性質，確定本企業適用
的財務報表格式和附注。

© 2008 Nelson 22

11
 今日要旨

內地會計準則的
發展和前瞻

© 2008 Nelson 23

發展和前瞻

1. Application
pp to Other Entities

2. Full Convergence

3. Global Trend

4. US Participation and Adoption

5. Continuous Development of IFRS

© 2008 Nelson 24

12
 發展和前瞻

• 2008年，将新准则的实 1. Application
pp to Other Entities
施范围扩大到中央国有企
业；
• 2009年，进一步扩大新 2. Full Convergence
准则实施范围，目标是用
三年左右时间使中国的大
中型企业全面实施新准则
体系

趋同、等效

© 2008 Nelson 25

發展和前瞻

3. Global Trend

趋同、等效

© 2008 Nelson 26

13
 發展和前瞻: Global Harmonisation

Canada Russia
(2011)

U.S. Korea (2011)

China Japan (2011)
Hong Kong
India
(2011)

© 2008 Nelson 27

發展和前瞻

U.S.

4. US Participation and Adoption

© 2008 Nelson 28

14
 發展和前瞻: US Participation

• The US FASB and the IASB reaffirmed their commitment in 2005 to

the convergence of US GAAP and IFRSs
‒ A common set off high
hi h quality
li global
l b l standards
d d remains
i the
h llong-term
strategic priority of both the FASB and the IASB.
• In Nov. 2007, the US SEC approved the financial statements from
foreign private issuers in the US will be accepted without
reconciliation to US GAAP only if they are prepared using IFRSs
• In 2008,
‒ SEC consults to allow US entities to adopt
IFRS iin preparing
IFRSs i itits fifinancial
i l statements
t t t
‒ The AICPA proposed incorporating IFRS
elements in its Uniform CPA Examination
‒ The AICPA launched a designated website
for its members and public, www.IFRS.com

© 2008 Nelson 29

發展和前瞻

5. Continuous Development of IFRS

© 2008 Nelson 30

15
 IFRS/HKFRS Issued Recently
Selected new interpretations and amendments to Effective for periods
IFRSs/HKFRSs issued in 2007 to 2008 beginning on/after
• HK(IFRIC )12 Service Concession Arrangements ¾ 1 Jan. 2008
(2007)
• HK(IFRIC) 13 Customer Loyalty Programmes (2007) ¾ 1 Jul. 2008
• HK(IFRIC) 14 HKAS 19 —The Limit on a Defined ¾ 1 Jan. 2008
Benefit Asset, Minimum Funding Requirements and
their Interaction (2007)
• HKFRS 8 Operating Segments (2007) ¾ 1 Jan. 2009
• HKFRS 23 Borrowing Costs (2007) ¾ 1 Jan. 2009
• HKAS 1 Presentation
P t ti off Financial
Fi i l St t (2007)
Statements
t ¾ 1 JJan. 2009
• HKAS 27 Consolidated and Separate Financial ¾ 1 Jul. 2009
Statements (2008)
• HKFRS 3 Business Combination (2008) ¾ 1 Jul. 2009
• Amendments to IAS 32 and IAS 1 Puttable Financial ¾ 1 Jan. 2009
Instruments and Obligations Arising on Liquidation
(2008)
© 2008 Nelson 31

Operating Segments
(IFRS/HKFRS 8 revised in 2007)

© 2008 Nelson 32

16
 Background
• HKFRS 8 arises from the IASB’s consideration of
– FASB Statement No. 131 Disclosures about Segments of
an Enterprise
p and Related Information issued in 1997,,
compared with IAS 14 Segment Reporting, which is similar
to HKAS 14.
• HKFRS 8 achieves convergence with the requirements
of SFAS 131.
– The wording of HKFRS 8 is the same as that of SFAS 131
except for changes necessary to make the terminology
consistent with that in other HKFRSs.

© 2008 Nelson 33

Core Principle and Scope

Core Principle
• An entity shall disclose information to enable users
of its financial statements to evaluate
– the nature and financial effects of the business
activities in which it engages and
– the economic environments in which it operates.

Scope
• HKFRS 8 applies to:
– the separate or individual financial statements of an entity with listed debt and
equity
q y
– the consolidated financial statements of a group with a parent with listed debt
and equity
– The segment information of an entity which chooses to follow HKFRS 8
• If a financial report contains both the parent’s consolidated financial
statements and separate financial statements,
– segment information is required only in the consolidated financial statements.
© 2008 Nelson 34

17
 Operating Segments
• An operating segment is a component of an entity:
a) that engages in business activities from which it may A business activity
earn revenues and incur expenses (including might
i ht h
have nott yett
revenues and expenses relating to transactions with earned any revenue
other components of the same entity),
For example: CEO,
b) whose operating results are regularly reviewed by
COO, or a group of
the entity’s chief operating decision maker to
executive directors
• make decisions about resources to be allocated
Not necessary be
to the segment and
geographical areas
• assess its performance, and or products
c) for which discrete financial information is available.
Operating
Segments

• Not every part of an entity is necessarily an

operating segment or part of an operating
segment, say corporate headquarter
© 2008 Nelson 35

Disclosure – Measurement
• An entity shall report a measure of profit or loss and
total assets for each reportable segment.
• An entity shall report a measure of liabilities for
each reportable segment if such an amount is
regularly provided to the chief operating decision
maker.

Other Information

© 2008 Nelson 36

18
 Disclosure – Measurement
• The amount of each segment item reported shall be the measure
reported to the chief operating decision maker
– for the purposes of making decisions about allocating resources to the
segment and assessing its performance.

• Compared with HKAS 14,

– HKAS 14 required segment information to be
prepared in conformity with the accounting policies
adopted for preparing and presenting the financial
statements of the consolidated group or entity.
– HKAS 14 defines segment revenue
revenue, segment
expense, segment result, segment assets and
segment liabilities
– HKFRS 8 does not define these terms but requires an
explanation of how segment profit or loss, segment
assets and segment liabilities are measured for each
reportable segment.
© 2008 Nelson 37

Business Combinations
(IFRS/HKFRS 3 Revised in 2007/08)

© 2008 Nelson 38

19
 Introduction
• The revised IFRS 3 (HKFRS 3) is part of a joint effort by the IASB
and the US Financial Accounting Standards Board (FASB) to
improve
p financial reporting
p g while p
promoting
g the international
convergence of accounting standards.
• The IASB and FASB decided to address the accounting for
business combinations in two phases.
– The IASB and the FASB deliberated the first phase separately. The
IASB concluded its first phase in March 2004 by issuing the previous
version of IFRS 3 Business Combinations.
– The IASB’s and FASB’s primary conclusion in the first phase was
that virtually all business combinations are acquisitions and used
one method of accounting for business combinations — the
acquisition method.

© 2008 Nelson 39

Introduction
• Then, IFRS/HKFRS 3 revised ……
– The second phase of the project addressed the guidance for
applying the acquisition method.
– The IASB and FASB decided that a significant improvement could
be made to financial reporting if they had similar standards for
accounting for business combinations.
– Thus, they decided to conduct the second phase of the project as a
joint effort with the objective of reaching the same conclusions.
– The IASB and FASB concluded the second phase of the project by
issuing IFRS 3 and FASB Statement No. 141 Business
C bi ti
Combinations and
d ……

© 2008 Nelson 40

20
 Introduction
• The objective of HKFRS 3 (revised 2008) is
Scope
– to improve the relevance, reliability and comparability of
the information that a reporting entity provides in its
financial statements about a business combination and
Method of its effects.
accounting
• To accomplish that, HKFRS 3 establishes principles
and requirements for how the acquirer:
Application of
a) recognises and measures in its financial statements the
the method
identifiable assets acquired, the liabilities assumed and
any non-controlling interest in the acquiree; What is it?
b) recognises and measures
• the goodwill acquired in the business combination or
• a gain from a bargain purchase; and What is it?
c) determines what information to disclose to enable users
of the financial statements to evaluate the nature and
financial effects of the business combination.
© 2008 Nelson 41

The Acquisition Method

Scope

Method of • An entity shall account for each business combination

accounting by applying the acquisition method. (HKFRS 3.4)

• Applying the acquisition method requires:

Application of
a) identifying the acquirer; Guidance in HKAS 27
the method
b) determining the acquisition date; Date of control obtained
c)) recognising
g g and measuring g
• the identifiable assets acquired,
• the liabilities assumed and
• any non-controlling interest in the acquiree; and
d) recognising and measuring
• goodwill or
• a gain from a bargain purchase. (HKFRS 3.5)
© 2008 Nelson 42

21
 The Acquisition Method
• Recognising and measuring the identifiable assets acquired, the
liabilities assumed and any non-controlling interest in the acquiree

• The acquirer shall measure the identifiable assets acquired

and the liabilities assumed
– at their acquisition-date fair values. Affect acquisition in stages
(HKFRS 3.18)
• For each business combination, the acquirer shall measure
any non-controlling interest in the acquiree either
– at fair value or New alternative ((“full g
goodwill method”))
– at the non-controlling interest’s proportionate share of the
acquiree’s identifiable net assets. (HKFRS 3.19) Existing practice

2 calculated
amounts of goodwill
resulted
© 2008 Nelson 43

The Acquisition Method Critical

Amendment
• Recognising and measuring goodwill or a gain from a bargain purchase

• The acquirer shall recognise goodwill as of the

acquisition date measured as the excess of (a) over (b)
below:
a) the aggregate of:
Application of i) the consideration transferred measured in accordance with
the method HKFRS 3, which generally requires acquisition-date fair
value;
If fair value is adopted,
adopted it will ii) the amount of any non-controlling
non controlling interest in the acquiree
affect the amount of goodwill measured in accordance with HKFRS 3; and
iii) in a business combination achieved in stages, the
Practices changed acquisition-date fair value of the acquirer’s previously held
equity interest in the acquiree.
b) the net of the acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed measured in
accordance with HKFRS 3. (HKFRS 3. 32)
© 2008 Nelson 44

22
 The Acquisition Method

• Acquisition-related costs

• Acquisition-related costs are costs the acquirer incurs to effect a

business combination.
– Those costs include finder’s fees; advisory, legal, accounting, valuation and other
professional or consulting fees; general administrative costs, including the costs of
maintaining an internal acquisitions department; and costs of registering and issuing
debt and equity securities.
• The acquirer shall account for acquisition-related costs as expenses in
the p
periods in which the costs are incurred and the services are
received, with one exception.
• The costs to issue debt or equity securities shall be recognised in
accordance with HKAS 32 and HKAS 39.

© 2008 Nelson 45

Presentation of Financial Statements

(IAS/HKAS 1 Revised in 2007)

© 2008 Nelson 46

23
 Summary of Changes
• A complete set of financial statements comprises:
Previously, we call it
a) a statement of financial position as at the end of the
“Balance Sheet”
period;
b) a statement of comprehensive income for the period; Previously, we call it
“Income Statement”
c) a statement of changes in equity for the period;
d) a statement of cash flows for the period;
e) notes, comprising a summary of significant accounting
policies and other explanatory information; and
f) a statement of financial position as at the beginning of 3 years’ “balance
the earliest comparative period sheets”
• when an entity applies an accounting policy
retrospectively or makes a retrospective restatement
of items in its financial statements, or
• when it reclassifies items in its financial statements.
• An entity may use titles for the statements other than
those used in HKAS 1. (HKAS 1.10)
© 2008 Nelson 47

Summary of Changes
• A complete set of financial statements comprises:
a) a statement of financial position as at the end of the 財務狀況表
period;
b) a statement of comprehensive income for the period; 全面收益表
c) a statement of changes in equity for the period;
d) a statement of cash flows for the period;
e) notes, comprising a summary of significant accounting
policies and other explanatory information; and
f) a statement of financial position as at the beginning of
the earliest comparative period
• when an entity applies an accounting policy
retrospectively or makes a retrospective restatement
of items in its financial statements, or
• when it reclassifies items in its financial statements.
• An entity may use titles for the statements other than
those used in HKAS 1. (HKAS 1.10)
© 2008 Nelson 48

24
 Summary of Changes
• Statement of comprehensive income can be
further divided into 2 statements ……
• An entity shall present all items of income and
expense recognised in a period: One Statement
a) in a single statement of comprehensive income, or Model
b) in two statements:
Two Statements
i. a statement displaying components of profit or Model
loss (separate income statement) and
ii. a second statement beginning with profit or
loss and displaying components of other
comprehensive income (statement of
comprehensive income). (HKAS 1.81)

Comprehensive income
concept used in US
since 90s
© 2008 Nelson 49

Summary of Changes
Changes in equity Two Statements One Statement
in a period Model Model

Components of Presented in separate

profit or loss income statement
Presented in statement
Non-owner of comprehensive
changes Components of income
other Presented in statement
comprehensive of comprehensive income
income Other comprehensive income (其他全面收益)

Components of
Owner Presented in statement Presented in statement
owner changes of changes in equity of changes in equity
changes
in equity

© 2008 Nelson 50

25
 Summary of Changes
Changes in equity Two Statements One Statement Before
in a period Model Model amendment

Components of Income Income

profit or loss statement Statement
Statement of
Non-owner
Comprehensive
changes Components of
Statement of income
other
comprehensive
comprehensive
income Statement of
income
changes
Components of Statement of Statement of in equity
Owner
owner changes changes changes
changes
in equity in equity in equity

© 2008 Nelson 51

發展和前瞻
Case

股東權益變動表(IFRS)

Statement of
於二零零七年一月一日餘額 Comprehensive
直接計入權益的淨收益： income
可供出售的金融資產公允價值變化的
未實現收益（已扣除遞延稅項影響）
稅率變動的影響
本年度利潤 Statement of
changes
年度確認的收入合計
in equity
二零零六年度期末股利
二零零七年度中期股利
...........

© 2008 Nelson 52

26
 發展和前瞻

從報表看內地會計準則
與香港會計準則

內地會計準則的
發展和前瞻

© 2008 Nelson 53

發展和前瞻

Nick Lesson Kenneth Lay Jerome Kerviel

© 2008 Nelson 54

27
 發展和前瞻: Closing Remarks

“There is a long road,

we keep on search here and there.”
Li Sao of Qu Yuan (340-278 B.C.)

© 2008 Nelson 55

內地會計準則的發展和前瞻
24.5.2008

Full set of slides in PDF can be found in

www NelsonCPA com hk
www.NelsonCPA.com.hk

Nelson Lam 林智遠

nelson@nelsoncpa.com.hk
www.nelsoncpa.com.hk
© 2008 Nelson 56

28