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