4. China Petroleum & Chemical Corporation (Sinopec) provides two sets of financial statements in its annual report. One set of financial statements in prepared in accordance with Chinese (PRC) Accounting Rules and Regulations, and the other is prepared in accordance with IFRS. The company also provides a reconciliation of IFRS net income and net assets to the USGAAP. Sinopecreported the following amounts under three different sets of accounting rules in its 2006 annual report : Accounting Rules RMB millions PRC IFRS US GAAP Net Profit attributable to equity shareholders 2006 50,664 55,408 54,862 Total equity attributable to equity shareholders 31-Dec-06 254,875 262,297 262,297 Total equity attributable to equity shareholders 31-Dec-05 215,623 222,803 222,803 Required: a. Determine the percentage difference in net profit attributable to shareholders and average total equity attributable to equity shareholders for 2006 under the three different sets of accounting rules. b. Calculate return on average total equity (Profit attributable to shareholders/ Average total equity) for 2006 under the three different sets of accounting rules. C. Determine the percentage difference in return on average total equity under the three set of rules.