International Financial Reporting Standards_guide.pdf

340 Chapter 31 Related-Party Disclosures (IAS 24)
EXAMPLE 31.3: NON-BANKING ENTITY
The financial statements shown are those of Sasol Limited Group. This extract is directly
from the annual report of Sasol Limited Group as on their Web site: www.sasol.com.
Unlike Barclays, Sasol provides its related-party disclosures throughout the financial statements’
notes where relevant and does not dedicate a single note to related parties. Either
method is correct as long as all the required disclosures are included in the financial
statements.
for the year ended 30 June
2009
Rm
2008
Rm
2007
Rm
Related party transactions
Group companies, in the ordinary course of business, entered
into various purchase and sale transactions with associates
and joint ventures. The effect of these transactions is included
in the financial performance and results of the group. Terms
and conditions are determined on an arm’s length basis.
Disclosure in respect of joint ventures is provided on page 186
and of associates in note 8.
Material related party transactions were as follows
Sales and services rendered to related parties
joint ventures
associates
third parties
retirement funds
Purchases from related parties
joint ventures
associates
third parties
retirement funds
The amounts and nature
of the relationship of any
transactions with related
parties must be disclosed
286
1 241
3 188
–
1 975
742
944
4
1 759
632
160
4 715 3 661 2 555
306
923
1 820
408
88
795
1 056
338
3 457 2 277 2 053
Amounts owing (after eliminating intercompany balances) to related parties are
disclosed in the respective notes to the financial statements for those statement of
financial position items. No impairment of receivables related to the amount of
outstanding balances is required.
Included in the above amounts are a number of transactions with related parties
which are individually insignificant.
Identity of related parties with whom material transactions have occurred
Except for the group’s interests in joint ventures and associates, there are no other
related parties with whom material individual transactions have taken place.
Directors and senior management
Details of the directors’ and group executive committee remuneration and the
shareholding in Sasol Limited are disclosed in the remuneration report on page 46
to 56.
Shareholders
An analysis of major shareholders is provided on pages 36 and 37.
135
712
832
374