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Accounting International 514 |

Individual Assignment 1 |

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Tutor: Michael TurnerStudent Name: Qian HongStudent ID: 14094851E-mail: estelle1023@hotmail.com |

Table of Content

Scope of operations and industry 2

Description of China 2

Accountancy Profession 3

Basis of preparation of FS and comparison with IFRS 4

Company’s businesses6

Variation re share price & asset backing per share8

Disclosure of segments9

Conclusion10

Reference lists12

Appendix13

1. Scope of operations and industry

Name | Tencent Holding Limited |

Financial year end | 31 December 2009 |

Industry | Online Service Provider |

Country of stock exchange | Hong Kong Stock Exchange |

Name of stock exchange | Tencent Holding Ltd. 00700 |

Web address – company | www.tencent.com |

Other | www.imqq.com |

Report- annual report | Annual Report |

Description of China

China as the largest developing country and the 6th biggest economy in the world, it still lags behind more than 100 other countries in terms of economic output per capita. China’s current economic structure reflects both the legacy of central planning and elements of a modern and increasingly market-based competitive system. Despite market-based reforms and nearly three decades of robust economic growth, China’s transition from central government economic planning remains ongoing. National, provincial, and local levels of government still own and provide direction to certain domestic enterprises, particularly those industries under SASAC control. China’s three principle economic sectors—the state sector, the non-state sector, and the collective sector—reflect this distinctive economic market structure, and remain broadly differentiated by their degree of government ownership and influence.

Accountancy Profession

In 2006 the Chinese government announced new accounting and auditing standard which is Accounting Standards for Business Enterprises (ASBEs). This...