梧：話說，有網友喺下面問過在下，debt可以點樣off balance sheet，而在下都應承咗會就呢個topic寫小小嘢。咁當然啦，在下都係會用返小小內房嘅perspective寫，畢竟喺香港人嘅認知當中，內房股係玩最多off balance sheet debt嘅sector，沒有之一。不過，在下其實已經離開咗會計同金融行業一段時間，所以大家當呢個係Off Balance Sheet Debt 101就好，在下亦都希望可以拋磚引玉，引嚟高手留言。

所謂嘅off balance sheet debt，最basic嘅概念就係將公司嘅一啲負債由liability side抽走，然後放喺第二度（主要係asset side，甚至係跟本喺盤數度trace唔到）。在下最記得嘅一個簡單例子就係當年恆大發行過永續債券，但係因為會計準則嘅關係，呢啲perpetual bonds係被定義為equity而唔係debt。但係呢啲都只係basic嘢，而家亦唔會有人玩。

同埋，在下因為懶嘅關係，所以啲基本嘅定義同知識就唔徙時間同大家講解，在下當大家對會計同corporate finance都有咗啲基本嘅認識。

其實呢，玩off balance sheet debt嘅公司唔止內房，香港嘅地產商都有玩過的，主要係透過所謂嘅發展商二按玩的。不過老實講，而家香港嘅地產佬已經唔玩呢啲咁細雞嘅嘢，相反而家有啲財仔就係當年由地產佬度賣出嚟，不過同佢地嘅關係仲係好密切就係。

就當如教科書咁講解，具體係點玩呢？好簡單，用旗下嘅一啲associate（聯營）財仔公司，然後用嗰啲公司同銀行借錢，以母公司做擔保，然後再以mortgage嘅形式將借返黎嘅錢借俾買家。雖然喺嗰間（財仔）公司盤數度會分別有liability（銀行loan）同埋asset（loans to customers），但係喺會香港嘅計準則入面（HKAS 28），聯營公司係可以用Equity Method（權益法）入賬，所以喺母公司盤數度只需要披露所有聯營公司嘅總資產同總負債，大家就跟本睇唔到啲咩。你見到年報disclose嘅，只會係最大舊嘅associates，細嗰啲你根本連搵都搵唔到呀。

大家明白以上嘅basic玩法嗎？明明有問銀行借錢即係有負債，但係唔喺liability side反映出嚟，甚至喺investment in associates嗰粒數入面你根本乜柒都睇唔到。

內房股玩呢樣嘢玩得仲出色啲。大家仲記唔記得影子銀行呢個term？當年內房股就係好撚鍾意拍埋啲信托公司（就係所謂嘅影子銀行）玩off balance sheet debt。點玩？

首先，由信托銀行買項目公司嘅股份，變相俾錢母公司，然後母公司承諾之後（比如話賣晒啲樓後）就會用一個premium從信托公司手上買返呢啲項目公司嘅股份。

大家要明白嘅係，起一個樓盤用一間項目公司，賣完樓之後呢間項目公司就會收皮，所以根本呢一個arrangement就係變相借錢俾母公司，然後所謂嘅以premium價回購價其實就係俾利息。明明係借錢，但係就變咗investment in associates。

值得留意嘅係，如果有啲項目夠大夠靚嘅話，根本就唔需要賣太多項目嘅股份出去，將呢啲子公司變成JV（合資公司）。

黎到呢個位又講下會計歷史。以前呢，FASB（美國）同IASB（歐洲）其實喺JV嘅會計處理上一直都有分歧——IASB一直要求用Proportionate consolidation，但係under US GAAP JV係用權益法入數。時至今日，IASB跪低咗，所以而家公司係用Equity Method入JV數（IFRS 11），不過，如果大家嘅會計年資夠耐嘅話呢，其實以前IAS 28係可以俾大家二選一的，所以當年內房股係會選擇用Equity Method入JV。

當然啦，而家大6嘅影子銀行嘅玩法已經俾在下以上講嘅複雜好多倍，但係作為一個入門嘅話，起碼大家都有一個idea何謂off balance sheet debt——其實即係玩會計準則嘅灰色地帶only。

📍 มาความรู้จักกับ บัญชี 5 หมวด ว่ามีอะไรบ้าง

1.สินทรัพย์ (Assets)
👉 สิ่งที่มีตัวตน หรือไม่มีตัวตน ที่มีมูลค่าซึ่งสามารถถือเอาประโยชน์จากกกรรมสิทธิ์ เช่น
- เงินสด
- ลูกหนี้การค้า
- ที่ดิน
- อาคาร
- รถยนต์

2.หนี้สิน (Liability)
👉 ภาระผูกพันที่กิจการต้องจ่ายชำระคืนแก่บุคคลภายนอกในอนาคต เช่น
- เจ้าหนี้การค้า
- เงินกู้
- เงินเบิกเกินบัญชี
- เจ้าหนี้จำนอง

3.ส่วนของเจ้าของ (Owner's equity)
👉 ส่วนได้เสียคงเหลือของกิจการหลังหักหนี้สินแล้ว เรียกว่า สินทรัพย์สุทธิ (สินทรัพย์ - หนี้สิน)

4.รายได้ (Incomes)
👉 ผลตอบแทนที่กิจการได้รับจากการขายสินค้าหรือบริการตามปกติ รวมถึงผลตอบแทนอื่นๆที่ไม่ได้เกิดจากการดำเนินงานตามปกติ

5.ค่าใช้จ่าย (Expenses)
👉 ต้นทุนส่วนที่หักออกจากรายได้ในรอบระยะเวลาที่ดำเนินงานหนึ่ง เช่น
- ต้นทุนสินค้า
- ค่าเช่า
- ค่าแรง
- ค่าขนส่ง

🙏ฝากกดติดตามแฟนเพจ บัญชีอย่างง่าย
#เพื่อรับข่าวสารข้อมูลบัญชีภาษีทันต่อเวลา

Youtube : https://bit.ly/3lnhpBF
Line@ : https://bit.ly/2TI1mSr
Instagram : https://bit.ly/2Y05mzW
Twitter : https://bit.ly/3j1cGH5
Blockdit : http://bit.ly/3qRsmxt
Tiktok : http://bit.ly/2McBHR3

#บัญชีอย่างง่าย #ครูอัส #วางระบบบริษัท #วางระบบภาษี #SMEไทยยั่งยืน #ธุรกิจมั่นคง #เงินสดหมุนเวียนในกิจการ

【GlobalX ETFs 特約：跨越領域的ETF 投資 -I Bond 以外的高息選擇？Global X 恆生高股息率 ETF 】

主持：羅尚沛

嘉賓：鍾駿 (Global X ETFs銷售副總裁)

https://youtu.be/lxTjqd1feJk

本文件所載資料僅供說明用途，並不構成於任何司法管轄區購買、銷售或認購任何證券或財務工具的任何建議、提呈或邀約。投資涉及風險，並不能保證本基金的表現將取得回報，或可能會出現取得零回報或損失所投資金額的情況。過往表現並不代表未來表現的指引。投資者在作出對本文件所載的基金的任何投資決定前，應閱讀本基金的基金說明書所載的詳情及風險因素。投資者應確保其完全明白本基金所附帶的風險，並且應考慮其本身的投資目標及風險承受程度。茲建議投資者在作出任何投資前，應徵求獨立專業意見。本基金的基金說明書可於本網站獲得。本文件所載若干資料由第三方來源編纂。未來資產環球投資（香港）有限公司（「未來資產香港」）已盡其努力以確保該等資料均屬準確、完整及最新，並且已採取審核措施以準確地複製有關資料，惟對於該等資料的準確性、任何用途或對此依賴並無責任或毋須負責。本產品並不是其指數公司所贊助，認可，發出，銷售或推廣，有關指數公司的詳情包括免責聲明，請參閱相關基金說明書。本文件的內容由未來資產環球投資(香港)有限公司編備及維持，並未經香港證券及期貨事務監察委員會審閱。

The information is for information purposes only and does not, constitute any recommendations, offer or solicitation to buy sell or subscribe to any securities or financial instruments in any jurisdiction. Investment involves risk. It cannot be guaranteed that the performance of the Product will generate a return and there may be circumstances where no return is generated or the amount invested is lost. Past performance is not indicative of future performance. Before making any investment decision to invest in the Product, investors should read the Product’s prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Product and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investments. Certain information is compiled from third party sources. Whilst Mirae Asset Global Investments (Hong Kong) Limited (“Mirae Asset HK”), the Manager of the Product, has, to the best of its endeavor, ensured that such, information is accurate, complete and up-to-date, and has taken care in accurately reproducing the information. Mirae Asset HK accepts no liability for, any loss or damage of any kind resulting out of the any loss or damage of any kind resulting out of the unauthorized use of the information. The Products are not sponsored, endorsed, issued, sold or promoted by their index providers. For details of an index provider including any disclaimer, please refer to the relevant Product’s offering documents. The contents of this information is prepared and maintained by Mirae Asset Global Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

成為 RF 鐵粉團的一分子！只需港幣 $40 一個月，即享獨家影片及專屬貼圖優惠！
https://www.youtube.com/channel/UCETuQf4lzTrfevoHdSGo8Ew/join

成為一名經人Patreon :
https://www.patreon.com/awesomomists

www.RagaFinance.com
RagaFinance Facebook:
https://www.facebook.com/ragafin/

👉是日焚道 - Everyday's Vin! Patreon 🌻
http://patreon.com/calvinchoy

◎◎◎訂閱 ◎◎◎
▶
Ragazine : https://www.youtube.com/channel/UC5DWcqCjBne2-wRnrjxkuHQ?sub_confirmation=1

▶
Raga Finance: https://www.youtube.com/channel/UCETuQf4lzTrfevoHdSGo8Ew?sub_confirmation=1

#RagaFinance #GlobalX #羅尚沛
--------------------------------------------------------------------------------------------------------------------------------------
免責聲明：《Raga Finance》竭力提供準確資訊，惟不保證絕對無誤，資訊如有錯漏而令閣下蒙受損失（不論公司是否與侵權行為、訂立契約或其他方面有關），本公司概不負責。

同時，《Raga Finance》所提供之投資分析技巧與建議，只可作為參考之用，並不構成要約、招攬、邀請、誘使、任何不論種類或形式之申述或訂立任何建議及推薦，讀者務請運用個人獨立思考能力自行作出投資決定，如因相關建議招致損失，概與《Raga Finance》主持、嘉賓、編輯及記者無關。

同時，《Raga Finance》所有節目或資訊，相關內容屬作者個人意見，並不代表《Raga Finance》立場。
Raga Finance
網址: www.ragafinance.com

Mua KHÓA HỌC ONLINE tại Fanpage https://www.facebook.com/HLVOnlineRyanLongFitness

#ryanlongfitness #junie #giamcan
-----------------------------------------------------
Abs / Butt / Thighs / Slimming in 30 Days - 600 Calorie High Intensity Workout
Tập bụng, tập mông, tập cơ bụng, tập đùi, tập bắp đùi, tập bắp chân thon gọn,tập giảm mỡ, bài tập cường độ cao, tập 300 calo, tập 500 calo, tập giảm mỡ tại nhà, tập giảm cân hiệu quả, tập bụng tốt nhất, tập giảm mỡ tốt nhất, tập giảm cân tốt tốt, tập eo thon gọn dễ nhất, tập với ryan long, tập bụng ryan long, tập giảm bắp đùi ryan long,
------------------------------------------------------

BẠN inbox fanpage MUA khóa học online để có được lịch tập lịch ăn bài tập để phù hợp với bản thân nha https://www.facebook.com/HLVOnlineRyanLongFitness
+Website : http://www.ryanlongfitness.com
#ryanlongfitness
--------------------------------------------------------
SERI các bài tập hiệu quả nhất.
*Tập Bụng trên giường :
https://youtu.be/zYIWVj6U0-8
*Tập BÀI BỤNG Hiệu quả khác :
https://youtu.be/u_h9RHjhXVI
*Tập Giảm Mỡ Tay Hiệu quả :
https://youtu.be/gcmaKe6i5uw
*Tập Giảm Mỡ Bụng Dưới
https://youtu.be/tl0pzevmW00
----------------------------------------------------------------------
Lưu ý: Tất cả thông tin được cung cấp bởi Ryan Long Fitness đều mang tính chất
chung và chỉ được cung cấp cho mục đích giáo dục / giải trí. Không có thông tin
nào được coi là lời khuyên y tế hoặc tư vấn sức khỏe khác liên quan đến bất kỳ
tình trạng sức khỏe hoặc bệnh lý cụ thể nào của cá nhân. Bạn đồng ý rằng việc
sử dụng thông tin này là rủi ro của riêng bạn và giữ Ryan Long Fitness vô hại
trước bất kỳ và tất cả các tổn thất, trách nhiệm pháp lý, thương tích hoặc
thiệt hại do bất kỳ và tất cả các khiếu nại.
Ryan Long Fitness khuyến nghị bạn tham khảo ý kiến sức khoẻ bác sĩ của bạn
để tham gia và tập luyện theo bất kỳ video hoặc chương trình nào
của Ryan Long Fitness.

Note: All information provided by Ryan Long Fitness is of a nature nature
General and provided for educational / recreational purposes only. No information
are deemed to be medical advice or other health advice related to any
any specific medical condition or medical condition of the individual. You agree
that the job use of this information is at your own risk and keep
Ryan Long Fitness harmless in advance of any and all loss, liability, or injury
damage due to any and all claims.
Ryan Long Fitness recommends that you consult your physician's health
to join and practice according to any video or program
by Ryan Long Fitness.

SERI các bài tập hiệu quả nhất.
*Tập Bụng trên giường :
https://youtu.be/zYIWVj6U0-8
*Tập BÀI BỤNG Hiệu quả khác :
https://youtu.be/u_h9RHjhXVI
*Tập Giảm Mỡ Tay Hiệu quả :
https://youtu.be/gcmaKe6i5uw
*Tập Giảm Mỡ Bụng Dưới
https://youtu.be/tl0pzevmW00
------------------------------------------------
10 phút THU NHỎ Bắp Đùi To Thành Nhỏ -15cm Bắp Chân - Tập 60 Ngày Tại nhà #ryanlong

Mua KHÓA HỌC ONLINE tại Fanpage https://www.facebook.com/HLVOnlineRyanLongFitness

#ryanlongfitness #junie #giamcan

BẠN inbox fanpage MUA khóa học online để có được lịch tập lịch ăn bài tập để phù hợp với bản thân nha https://www.facebook.com/HLVOnlineRyanLongFitness
+Website : http://www.ryanlongfitness.com
#ryanlongfitness

Lưu ý: Tất cả thông tin được cung cấp bởi Ryan Long Fitness đều mang tính chất
chung và chỉ được cung cấp cho mục đích giáo dục / giải trí. Không có thông tin
nào được coi là lời khuyên y tế hoặc tư vấn sức khỏe khác liên quan đến bất kỳ
tình trạng sức khỏe hoặc bệnh lý cụ thể nào của cá nhân. Bạn đồng ý rằng việc
sử dụng thông tin này là rủi ro của riêng bạn và giữ Ryan Long Fitness vô hại
trước bất kỳ và tất cả các tổn thất, trách nhiệm pháp lý, thương tích hoặc
thiệt hại do bất kỳ và tất cả các khiếu nại.
Ryan Long Fitness khuyến nghị bạn tham khảo ý kiến sức khoẻ bác sĩ của bạn
để tham gia và tập luyện theo bất kỳ video hoặc chương trình nào
của Ryan Long Fitness.

Note: All information provided by Ryan Long Fitness is of a nature nature
General and provided for educational / recreational purposes only. No information
are deemed to be medical advice or other health advice related to any
any specific medical condition or medical condition of the individual. You agree
that the job use of this information is at your own risk and keep
Ryan Long Fitness harmless in advance of any and all loss, liability, or injury
damage due to any and all claims.
Ryan Long Fitness recommends that you consult your physician's health
to join and practice according to any video or program
by Ryan Long Fitness.

✅Daftar Sekuritas (Akun) Trading/Investasi :
https://bit.ly/DaftarNaga
(DAPATKAN BONUS DEPOSIT HINGGA 43JUTA RUPIAH *PROMO Sampai 30 Juni 2021 Saja, Register Dengan Link Diatas)

✅ Untuk Kelas Trading, Bantuan Registrasi & INFO BONUS:
http://bit.ly/cs-Whatsapp

✅ Tutorial Cara mendaftar :
http://bit.ly/CaraDaftarNAGA

✅ Cara Penghasilan Dari Copytrade
http://bit.ly/TutorialCopytrade

✅ Promo Bonus Juni :
http://bit.ly/BonusJuni2021

=================================
Follow our Others Social Media:
Kelas Trading : https://bit.ly/KelasTrading
Instagram : https://www.instagram.com/johannesliongofficial/
Telegram : https://t.me/sahamworld



NAGA Global Ltd (“NAGA Global”) is a company incorporated under the laws of St. Vincent and the Grenadines under IBCN 24501IBC2018.‘NAGA’ is a registered brand name of The NAGA Group AG.
DISCLAIMER: CFDs are complex instruments and come with a high risk of losing money due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money. Prior to trading products offered by NAGA Global, you must carefully read and understand the Terms and Conditions.NAGA assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within these materials.