| 1. |
General
The Land Registry Trading Fund ("LRTF") was established on 1 August 1993 under the Legislative Council Resolution passed on 30 June 1993 pursuant to sections 3, 4 and 6 of the Trading Funds Ordinance (Cap. 430). The Land Registry administers a land registration system by maintaining an up-to-date Land Register and provides its customers with services and facilities for searches of the Land Register and related land records. The Land Registry also processes applications for the incorporation of owners.
|
| 2. |
Significant accounting policies
| 2.1 |
Statement of compliance
These financial statements have been prepared in accordance with accounting principles generally accepted in Hong Kong and all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), a collective term which includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). A summary of the significant accounting policies adopted by the LRTF is set out below.
|
| 2.2 |
Basis of preparation of the financial statements
The measurement basis used in the preparation of the financial statements is historical cost.
The preparation of financial statements in conformity with HKFRSs requires the management of LRTF to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no critical accounting judgements involved in the application of the LRTF's accounting policies. There are also no key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next year.
|
| 2.3 |
Financial assets and financial liabilities
| 2.3.1 |
Initial recognition
The LRTF classifies its financial assets and financial liabilities into different categories at inception, depending on the purpose for which the assets were acquired or the liabilities were incurred. The categories are : loans and receivables, held-to-maturity securities and other financial liabilities.
Financial assets and financial liabilities are measured initially at fair value, which normally equals to the transaction prices, plus transaction costs for loans and receivables, held-to-maturity securities and other financial liabilities that are directly attributable to the acquisition of the financial asset or issue of the financial liability.
The LRTF recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of financial assets are accounted for at settlement date.
|
| 2.3.2 |
Categorisation
| 2.3.2.1 |
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and which the LRTF has no intention of trading. This category includes debtors, amounts due from related parties, placements with banks, cash and bank balances.
Loans and receivables are carried at amortised cost using the effective interest method less impairment losses, if any (note 2.3.4).
|
| 2.3.2.2 |
Held-to-maturity securities
Held-to-maturity securities are non-derivative financial assets with fixed or determinable payments and fixed maturity which the LRTF has the positive intention and ability to hold to maturity, other than those that meet the definition of loans and receivables.
Held-to-maturity securities are carried at amortised cost using the effective interest method less impairment losses, if any (note 2.3.4).
|
| 2.3.2.3 |
Other financial liabilities
Other financial liabilities are measured at amortised cost using the effective interest method.
|
|
| 2.3.3 |
Derecognition
A financial asset is derecognised when the contractual rights to receive the cash flows from the financial asset expire, or where the financial asset together with substantially all the risks and rewards of ownership have been transferred.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
|
| 2.3.4 |
Impairment of financial assets
The carrying amount of loans and receivables and held-to-maturity securities are reviewed at each balance sheet date to determine whether there is objective evidence of impairment. If any impairment evidence exists, a loss is recognised in the profit and loss account as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If in a subsequent period, the amount of such impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through the profit and loss account.
|
|
| 2.4 |
Property, plant and equipment
Property, plant and equipment appropriated to the LRTF on 1 August 1993 were measured initially at deemed cost equal to the value contained in the Legislative Council Resolution for the setting up of the LRTF. Property, plant and equipment acquired since 1 August 1993 are capitalised at their costs of acquisition.
The following property, plant and equipment are stated in the balance sheet at cost less accumulated depreciation and any impairment losses (note 2.6) :
| - |
buildings held for own use appropriated to the LRTF on 1 August 1993; and
|
| - |
plant and equipment, including computer equipment, furniture and fittings and other equipment.
|
Depreciation is calculated to write off the cost of property, plant and equipment, less their estimated residual value, on a straight line basis over the estimated useful lives as follows :
| - |
Buildings
|
30 years |
| - |
Plant and equipment
|
5 years |
| - |
The land on which the LRTF's buildings are situated as appropriated to the LRTF on 1 August 1993 is regarded as a non-depreciating asset.
|
|
Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognised in the profit and loss account at the date of disposal.
|
| 2.5 |
Intangible assets
Intangible assets include acquired computer software licences and capitalised development costs of computer software programmes. Expenditure on development of computer software programmes is capitalised if the programmes are technically feasible and the LRTF has sufficient resources and the intention to complete development. The expenditure capitalised includes the direct labour and costs of materials. Intangible assets are stated at cost less accumulated amortisation and any impairment losses (note 2.6).
Amortisation of intangible assets is charged to the profit and loss account on a straight-line basis over the assets' estimated useful lives of 5 years.
|
| 2.6 |
Impairment of fixed assets
The carrying amounts of fixed assets, including property, plant and equipment and intangible assets, are reviewed at each balance sheet date to identify any indication of impairment. If there is an indication of impairment, an impairment loss is recognised in the profit and loss account whenever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the greater of its net selling price and value in use.
|
| 2.7 |
Cash equivalents
Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, having been within three months of maturity at acquisition.
|
| 2.8 |
Employee benefits
Salaries and annual leave are accrued and recognised as an expense in the year in which the associated services are rendered by the staff. Staff oncosts including pensions, housing and non-monetary benefits provided to the staff by the Government of the Hong Kong Special Administrative Region ("the Government") are charged to the LRTF and recognised as an expense in the year in which the associated services are rendered.
|
| 2.9 |
Income tax
| (i) |
The Government requires the LRTF to pay a notional profits tax calculated on the basis of the provisions of the Inland Revenue Ordinance (Cap. 112). Tax expense for the year comprises current tax and movements in deferred tax assets and liabilities.
|
| (ii) |
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
|
| (iii) |
Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.
All deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the assets can be utilised, are recognised.
The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
The carrying amount of a deferred tax asset is reviewed at each balance sheet date and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available.
|
|
| 2.10 |
Revenue recognition
Revenue is recognised as services are provided. Interest income is recognised as it accrues using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the LRTF estimates cash flows considering all contractual terms of the financial instruments but does not consider future credit losses. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.
|
| 2.11 |
Foreign currency translation
Foreign currency transactions during the year are translated into Hong Kong dollars at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into Hong Kong dollars at the exchange rates ruling at the balance sheet date. Exchange gains and losses are recognised in the profit and loss account.
|
| 2.12 |
Related parties
The LRTF is a separate accounting entity within the Government established under the Trading Funds Ordinance. During the year, the LRTF has entered into transactions with various related parties, including government bureaux and departments, trading funds and financially autonomous bodies controlled or significantly influenced by the Government, in the ordinary course of its business.
|
|
| 3. |
Turnover
|
 |
2007 |
|
2006 |
| Registration of documents |
|
210,437 |
|
241,071 |
| Search |
|
71,195 |
|
72,891 |
| Copying |
|
69,766 |
|
68,372 |
| Reports on title |
|
39,728 |
|
39,118 |
| Owners incorporation |
|
4,832 |
|
5,787 |
| Others |
|
5,297 |
|
5,227 |
|
|
401,255 |
|
432,466 |
|
| 4. |
Operating costs
|
|
2007 |
|
2006 |
| Staff costs |
|
194,410 |
|
190,496 |
| General operating expenses |
|
13,823 |
|
16,823 |
| Computer service charges |
|
20,397 |
|
18,242 |
| Rental and management charges |
|
16,105 |
|
15,506 |
| Central administrative overheads |
|
1,116 |
|
1,550 |
| Depreciation and amortisation |
|
46,046 |
|
42,054 |
| Audit fees |
|
390 |
|
599 |
|
|
292,287 |
|
285,270 |
|
| 5. |
Other income
|
|
2007 |
|
2006 |
|
| Bank deposits interest |
|
22,200 |
|
18,131 |
|
| Held-to-maturity securities interest |
|
5,255 |
|
- |
|
| Net exchange gain/(loss) |
|
691 |
|
(15 |
) |
|
|
28,146 |
|
18,116 |
|
|
| 6. |
Taxation
| (i) |
Taxation charged to the profit and loss account represents:
|
|
2007 |
|
|
2006 |
| Current tax |
|
|
|
|
|
| Provision for notional profits tax for the year |
|
24,259 |
|
|
24,384 |
| Under provision in previous year |
|
- |
|
|
52 |
|
|
24,259 |
|
|
24,436 |
| Deferred tax |
|
|
|
|
|
| Origination and reversal of temporary differences |
|
(4,657 |
) |
|
1,373 |
| Total tax expense |
|
19,602 |
|
|
25,809 |
|
| (ii) |
Reconciliation between tax expense and accounting profit at applicable tax rates :
|
|
2007 |
|
|
2006 |
|
| Profit before tax |
|
137,114 |
|
|
165,312 |
|
| Tax at Hong Kong profits tax rate of 17.5% (2006:17.5%) |
|
23,995 |
|
|
28,929 |
|
| Under provision in previous year |
|
- |
|
|
52 |
|
| Tax effect of non-taxable revenue |
|
(4,393 |
) |
|
(3,172 |
) |
| Actual tax expense |
|
19,602 |
|
|
25,809 |
|
|
|
| 7. |
Dividend
A dividend of $58.756 million (2006 : $69.752 million) being 50% of the profit after tax is proposed for the year ended 31 March 2007.
|
| 8. |
Rate of return on fixed assets
| (i) |
The rate of return on fixed assets is calculated as profit after tax (excluding interest income and interest expenses) divided by average net fixed assets, and expressed as a percentage. Fixed assets include property, plant and equipment and intangible assets. The LRTF is expected to meet a target rate of return on fixed assets of 8.3% per year as determined by the Financial Secretary.
|
| (ii) |
In the prior year, the rate of return on fixed assets was calculated as profit after tax (excluding interest expenses) divided by average net fixed assets, and the target rate was 10%. Following a review by the Government, the basis of calculation of the rate and the target rate were revised with effect from 1 April 2006 to those mentioned above. The rate of return on fixed assets for the prior year has been restated from 31.5% (as previously reported) to 27.4% in order to conform with the current year's basis of calculation.
|
|
| 9. |
Property, plant and equipment
|
Land and Buildings |
|
Computer Equipment |
|
|
Equipment, Furniture and Fittings |
|
|
Total |
|
| Cost |
|
|
|
|
|
|
|
|
|
|
| At 1 April 2005 |
350,000 |
|
150,877 |
|
|
10,868 |
|
|
511,745 |
|
| Additions |
- |
|
34,298 |
|
|
3,069 |
|
|
37,367 |
|
| Disposal |
- |
|
(80,120 |
) |
|
(2,128 |
) |
|
(82,248 |
) |
| At 31 March 2006 |
350,000 |
|
105,055 |
|
|
11,809 |
|
|
466,864 |
|
| At 1 April 2006 |
350,000 |
|
105,055 |
|
|
11,809 |
|
|
466,864 |
|
| Additions |
- |
|
3,891 |
|
|
934 |
|
|
4,825 |
|
| At 31 March 2007 |
350,000 |
|
108,946 |
|
|
12,743 |
|
|
471,689 |
|
| Accumulated depreciation |
|
| At 1 April 2005 |
44,929 |
|
92,709 |
|
|
9,333 |
|
|
146,971 |
|
| Charge for the year |
3,851 |
|
21,103 |
|
|
1,007 |
|
|
25,961 |
|
| Disposal |
- |
|
(80,120 |
) |
|
(2,128 |
) |
|
(82,248 |
) |
| At 31 March 2006 |
48,780 |
|
33,692 |
|
|
8,212 |
|
|
90,684 |
|
| At 1 April 2006 |
48,780 |
|
33,692 |
|
|
8,212 |
|
|
90,684 |
|
| Charge for the year |
3,851 |
|
20,873 |
|
|
1,151 |
|
|
25,875 |
|
| At 31 March 2007 |
52,631 |
|
54,565 |
|
|
9,363 |
|
|
116,559 |
|
| Net book value |
|
|
|
|
|
|
|
|
|
|
| At 31 March 2007 |
297,369 |
|
54,381 |
|
|
3,380 |
|
|
355,130 |
|
| At 31 March 2006 |
301,220 |
|
71,363 |
|
|
3,597 |
|
|
376,180 |
|
|
| 10. |
Intangible assets
|
Computer software licences and system development costs
|
|
2007 |
|
2006 |
|
| Cost |
|
|
|
|
| At beginning of year |
112,520 |
|
359,528 |
|
| Additions |
10,467 |
|
9,215 |
|
| Disposal |
- |
|
(256,223 |
) |
| At end of year |
122,987 |
|
112,520 |
|
| Accumulated amortisation |
|
|
|
|
| At beginning of year |
43,213 |
|
283,343 |
|
| Charge for the year |
20,171 |
|
16,093 |
|
| Disposal |
- |
|
(256,223 |
) |
| At end of year |
63,384 |
|
43,213 |
|
| Net book value |
|
|
|
|
| At end of year |
59,603 |
|
69,307 |
|
|
| 11. |
Held-to-maturity securities
|
|
2007 |
|
2006 |
| At amortised cost |
|
|
|
|
| Listed : |
|
|
|
|
| - in Hong Kong |
|
55,398 |
|
54,967 |
| - outside Hong Kong |
|
15,068 |
|
14,943 |
|
|
70,466 |
|
69,910 |
| Unlisted |
|
29,914 |
|
29,541 |
|
|
100,380 |
|
99,451 |
|
| 12. |
Deferred revenue
This represents outstanding search tickets and subscription fees/other service charges received in advance of which services have not yet been rendered.
|
|
2007 |
|
2006 |
| Search tickets |
|
370 |
|
375 |
| Subscription fees/other service charges |
|
3,940 |
|
2,655 |
| Balance at end of year |
|
4,310 |
|
3,030 |
|
| 13. |
Customers' deposits
|
|
2007 |
|
2006 |
| Online services subscribers |
|
21,970 |
|
21,871 |
| Government departments |
|
983 |
|
1,111 |
| Balance at end of year |
|
22,953 |
|
22,982 |
|
| 14. |
Deferred tax
Major components of deferred tax recognised in the balance sheet and the movements during the year are as follows:
|
Depreciation allowances in excess of the related depreciation and amortisation |
|
|
Other temporary differences |
|
|
Total |
|
| Balance at 1 April 2005 |
22,404 |
|
|
(67 |
) |
|
22,337 |
|
| Charged to profit and loss account |
1,372 |
|
|
1 |
|
|
1,373 |
|
| Balance at 31 March 2006 |
23,776 |
|
|
(66 |
) |
|
23,710 |
|
|
|
|
|
|
|
|
|
|
| Balance at 1 April 2006 |
23,776 |
|
|
(66 |
) |
|
23,710 |
|
| Credited to profit and loss account |
(4,629 |
) |
|
(28 |
) |
|
(4,657 |
) |
| Balance at 31 March 2007 |
19,147 |
|
|
(94 |
) |
|
19,053 |
|
|
| 15. |
Trading fund capital
This represents the Government's investment in the LRTF.
|
| 16. |
Retained earnings
|
|
2007 |
|
2006 |
| Balance at beginning of year |
|
692,575 |
|
622,824 |
| Profit after tax for the year |
|
117,512 |
|
139,503 |
|
|
810,087 |
|
762,327 |
| Proposed dividend |
|
(58,756) |
|
(69,752) |
| Balance at end of year |
|
751,331 |
|
692,575 |
|
| 17. |
Cash and cash equivalents
|
|
2007 |
|
2006 |
| Cash and bank balances |
|
9,954 |
|
7,936 |
| Placements with banks (cash equivalents portion) |
|
52,500 |
|
454,700 |
| Cash and cash equivalents at end of year |
|
62,454 |
|
462,636 |
|
| 18. |
Related party transactions
Apart from those separately disclosed in the accounts, the other material related party transactions for the year are summarised as follows:
| (i) |
Services provided to related parties included registration of land documents, search of land registers and records, supply of copies of land records and reports on title. The total revenue derived from these services amounted to $73 million (2006 : $72 million). This amount is included in Turnover under note 3.
|
| (ii) |
Services received from related parties included computer services, accommodation, central administration and auditing. The total cost incurred on these services amounted to $16 million (2006 : $19 million). This amount is included in Operating costs under note 4.
|
Charging for services rendered to or received from related parties was on the same basis, that is, at the rates payable by the general public for services which were also available to the public or on a full cost recovery basis for services which were available only to related parties.
|
| 19. |
Financial instruments
| (i) |
Investment policy
The LRTF maintains a conservative approach on investments in securities. Investment decisions are made according to the guidelines from the Secretary for Financial Services and the Treasury, Hong Kong Monetary Authority and other relevant regulations. Invested securities are issued by the Hong Kong SAR Government or quasi-government bodies in Hong Kong with sound credit ratings and are in general held to maturity.
|
| (ii) |
Credit risk
The LRTF's credit risk is primarily attributable to debtors and debt investments. The LRTF has a credit policy in place and the exposure to these credit risks are monitored on an ongoing basis.
In respect of debtors, deposits are required from our online services subscribers.
Investments are made in debt securities from issuers with sound credit ratings and therefore the LRTF does not expect any investment counterparty to fail to meet its obligations.
At the balance sheet date, the LRTF does not have significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.
|
| (iii) |
Liquidity risk
Under the Trading Funds Ordinance, the LRTF is responsible for its own cash management, including short term and long term investment of cash surpluses, subject to approval by the Secretary for Financial Services and the Treasury. The LRTF's policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and longer term.
|
| (iv) |
Interest rate risk
Interest rate risk refers to the risk of loss arising from changes in market interest rates. This can be further classified into fair value interest rate risk and cash flow interest rate risk.
Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. Since the LRTF's held-to-maturity securities and placements with banks bear interest at fixed rates, their fair values will fall when market interest rates increase. However, as all the held-to-maturity securities and placements with banks are stated at amortised cost, their carrying amounts will not be affected by changes in market interest rates.
Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The LRTF's financial instruments are not exposed to cash flow interest rate risk because they do not bear interest at a floating rate.
The table below sets out the effective interest rates of the LRTF's major interest bearing assets stated at carrying amounts and categorised by maturity dates.
|
|
Effective interest rate |
|
3 months or less |
|
More than 3 months but not more than 1 year |
|
More than 1 year but not more than 5 years |
|
More than 5 years but not more than 10 years |
|
Total |
| 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
| Held-to-maturity securities |
|
5.26% |
|
- |
|
- |
|
- |
|
100,380 |
|
100,380 |
| Placements with banks |
|
4.11% |
|
404,500 |
|
99,000 |
|
- |
|
- |
|
503,500 |
|
|
|
|
404,500 |
|
99,000 |
|
- |
|
100,380 |
|
603,880 |
| 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
| Held-to-maturity securities |
|
5.26% |
|
- |
|
- |
|
- |
|
99,451 |
|
99,451 |
| Placements with banks |
|
3.95% |
|
454,700 |
|
- |
|
- |
|
- |
|
454,700 |
|
|
|
|
454,700 |
|
- |
|
- |
|
99,451 |
|
554,151 |
|
| (v) |
Foreign currency risk
The normal business transactions are denominated in Hong Kong dollars and therefore do not give rise to foreign currency risk.
In respect of investments which are denominated in United States dollars, the LRTF does not expect that there will be any significant currency risk associated.
At the balance sheet date, financial assets totalling $100 million (2006 : $99 million) were denominated in United States dollars. The remaining financial assets and all financial liabilities were denominated in Hong Kong dollars.
|
| (vi) |
Fair values
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. In the absence of such quoted market prices, fair values are estimated using present value or other valuation techniques, using inputs based on market conditions existing at the balance sheet date.
The fair values of held-to-maturity securities at the balance sheet date are as follows :
|
Carrying value |
Fair value |
|
2007 |
2006 |
2007 |
2006 |
| Held-to-maturity securities |
100,380 |
99,451 |
101,154 |
98,105 |
All other financial instruments are stated in the balance sheet at amounts equal to or not materially different from their fair values as at 31 March 2007 and 2006.
|
|
| 20. |
Capital commitments
At 31 March 2007, the LRTF had capital commitments, so far as not provided for in the financial statements, as follows:
|
|
2007 |
|
2006 |
| Authorised and contracted for |
|
44,415 |
|
45,515 |
| Authorised but not yet contracted for |
|
166,461 |
|
64,920 |
|
|
210,876 |
|
110,435 |
|
| 21. |
Operating lease commitments
At 31 March 2007, the total future minimum lease payments under non-cancellable operating leases for land and buildings are payable as follows:
|
|
2007 |
|
2006 |
| Not Later than one year |
|
4,027 |
|
3,497 |
| Later than one year and not later than five years |
|
2,182 |
|
2,649 |
|
|
6,209 |
|
6,146 |
|
| 22. |
Possible impact of amendments, new standards and interpretations issued but not yet effective for the year ended 31 March 2007
Up to the date of issue of the financial statements, the HKICPA has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended 31 March 2007 and which have not been early adopted in the financial statements.
The LRTF is in the process of making an assessment of what the impact of these amendments, new standards and interpretations is expected to be in the period of initial adoption. So far it has concluded that the adoption of them is unlikely to have a significant impact on the LRTF's results of operations and financial position.
The following developments may result in new or amended disclosures in future financial statements:
|
Effective for accounting periods beginning on or after |
| HKFRS 7, Financial instruments: disclosures |
1 January 2007 |
| Amendment to HKAS 1, Presentation of financial statements: capital disclosures |
1 January 2007 |
|