ANNUAL REPORT
2016
.73
NOTES TO THE
FINANCIAL STATEMENTS
3.
RELATED PARTY RELATIONSHIPS AND TRANSACTIONS
FRS 24 on related party disclosures requires the reporting entity to disclose: (a) transactions with its related parties;
and (b) relationships between parents and subsidiaries irrespective of whether there have been transactions between
those related parties. A party is related to a party if the party controls, or is controlled by, or can significantly
influence or is significantly influenced by the other party.
Related companies in these financial statements include the members of the group.
The ultimate controlling parties are Mr Goh Kim San and Mr Goh Kim Hup.
3A.
Related party transactions:
There are transactions and arrangements between the reporting entity and related parties and the effects of these
on the basis determined between the parties are reflected in these financial statements. The related party balances
and any financial guarantees are unsecured, without fixed repayment terms and interest or charge unless stated
otherwise.
Intragroup transactions and balances that have been eliminated in these consolidated financial statements are not
disclosed as related party transactions and balances below.
In addition to the transactions and balances disclosed elsewhere in the notes to the financial statements, this item
includes the following:
Significant related party transactions:
GROUP
2016
$¡¯000
2015
$¡¯000
Directors
Sale of watches
2
¨C
