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98

Every Note Counts

N otes to the Financial Statements

Year ended 31 December 2010

Other related party transactions

Other than disclosed elsewhere in the financial statements, transactions with related parties are as follows:

Group

2010 $’000

2009 $’000

237,598

209,960

(27,095)

(27,803)

Provision of services to related corporations Purchase of services from related corporations

34

New accounting standard not yet adopted

The Group has not applied the following accounting standard (including its consequential amendments) that has been issued as of 31 December 2010 but is not yet effective:

  • FRS 24 (revised) Related Party Disclosures

The revised FRS 24 clarifies the definition of a related party to simplify the identification of such relationships and to eliminate inconsistencies in its application. The revised FRS 24 expands the definition of a related party and would treat two entities as related to each other whenever a person (or a close member of that person’s family) or a third party has control or joint control over the entity, or has significant influence over the entity.

The initial application of the standard (and its consequential amendments) is not expected to have any material impact on the Group’s financial statements. The Group has not considered the impact of accounting standards issued after 31 December 2010.

35

Subsequent event

Subsequent to year end, the directors proposed a net final dividend of $0.66 per share amounting to $400 million. The dividend has not been provided for in the financial statements.

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