Determine whether the consultancy services provided

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Question: Jamil Hansom is a newly appointed director of Banyak Duit Bhd, a listed company on Bursa Malaysia that organizes major sporting events. Jamil has provided consultancy services to Banyak Duit Bhd for the past ten (10) years. In the most recent financial year, these services amounted to RM500,000.

Required: Determine whether the consultancy services provided by Jamil to Banyak Duit Bhd is a related party transaction (as per MFRS 124 Related Party Disclosures) that should be disclosed in the financial statements of Banyak Duit Bhd. You are required to explain your answer.

Reference no: EM133379742

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