Related-party transactions are as defined in Financial Reporting Standard (FRS) 24. Examples of related parties include (but are not limited to) subsidiaries, associated companies, joint ventures, key management staff and their close family members (e.g. spouse, children, domestic partner, and dependents). The examples cited here are by no means exhaustive. For the purpose of declaring related party transactions in the above, the Company should seek specific advice from a professional accountant on the interpretation of related parties under Financial Reporting Standard (FRS) 24.
If any potential supplier/service provider for the project is a related-party, grant applicants are reminded to make the appropriate declaration to IMDA when submitting their grant application. Do note that any related-party transaction incurred by grant applicants, that had not been declared to IMDA and approved by IMDA, would not be funded.