 This is what called hybrid financial instruments, sometime we call it compound instrument also. Compound financial instrument, it contains both equity and liability, at the same time it is equity as well as liability. A convertible bond is conventional loan and equity, if you issue convertible bond which means that you are authorizing the person who holds your convertible bond that they can convert into equity, it is their choice, not the company choice but in their choice. Then we have a trade stock, trade shares, try to understand this word again, share is when you buy company shares it is called share but when it is fully paid share, in certain countries people are issuing this share in parts, maybe 10 rupee share they ask you to pay 5 first and then later on they will call you 5. But in Pakistan we upright ask for pay full amount 10 rupees, one a share is fully paid it is called stock, so it is not that stock which we share in the simple word trading stock also, no it is a stock means fully paid share. So trade stocks is basically company owns share re-purchase, when you company issue shares that is okay, they debit cash and credit share capital but they can re-acquire the share from the market, if they wish they can re-acquire the shares, so those are shares which they re-acquire from the market that is known as trade shares or trade stocks. So trading the financial assets and financial liability selling to a company and buying the same time debtors and creditors, for example you are buying from let us say Mr. X and you are also selling to Mr. X, you are buying for 10 rupees and you are selling for 15 rupees, so it is not like that that you ask him to pay 15 and then you pay 10, no huge offset, just pay 5, just ask him to pay 5. Contingent settlement provision, in fact this depends on certain condition occurring on certain events that a financial instrument for which the manner or the settlement depends on the occurrence or non occurrence of uncertain future events or on the outcome of certain circumstances that are beyond the control of both insurer and holder in financial liability. You know something contingency means that you do not know exactly what is going to happen but if it happens, for example you got a share and you do not know whether the company will declare the dividends or not, so such time time dividend is not declared you cannot record it, so but if you look into the previous period they used to declare so we may say when they declare then it becomes our received and we can record it in our book. So this is what basically depends on the happening of certain events. Equity and liability should be presented on the balance sheet following the substance of the instruments, if an instrument contain an obligation to pay out cash it is a financial liability means against this liability you opt to pay cash, so that is your liability. In the case of equity you cannot ask the company to pay, so it is not a liability as such, it is equity. So this is one thing very important that equity and liability are two different things. In liability at the end of the day you have to pay but so far equity is concerned you are not supposed to pay, you can exchange but not you have to pay. Preferentials that pay a fixed rate of dividend and their redemption feature at a future date are also financial liabilities. Previously we used to report preferentials as a part of equity but not anymore because you pay a regular dividends on it because when you issue you mention clearly that is 10% so every year you have to pay 10% you cannot pay to the ordinary shareholders unless you pay the 10% to the preferential holders plus if they have redemption right or conversion right so that is again it is a liability. Convertible bond issued the proceeds are recognized as debt and equity option. Convertible means that if they wish they can convert this bond into equity so that is why it is part of equity as well as debt also. Now the debt is measured by discounting of cash flows and the equity is the residue of the proceeds. We will see the question how we can split the total convertible bonds into liability and equity. Interest on bonds and dividends on preferentials are treated as financial charges in the income statement. Although on a bonds you let us say pay interest or if you buy the bonds you receive interest so that is your income what you are going to see so that will be reported as an income in your sum. Similarly the dividend which we pay on preferential that is also an expense it is a part of financial cost but so far dividend paid to the ordinary shareholders that is a distribution of profit that is not expense that will not be reported in the income statement as such but it should be reported in statement of change in equity so make sure that you understand these interest dividend etc. Thank you very much.