A related party transaction is a transfer of resources, services or obligations between
a reporting entity and a related party, regardless of whether a price is charged.
Examples of related party transactions that are common to entities within the scope of
this FRS include, but are not limited to:
(a) transactions between an entity and its principal owner(s);
(b) transactions between an entity and another entity when both entities are under the
common control of a single entity or person; and
(c) transactions in which an entity or person that controls the reporting entity incurs
expenses directly that otherwise would have been borne by the reporting entity.