Page 151 - Annual Report 2017

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[10] ACCOUNTS PAYABLE AND ACCRUALS [13] RELATED PARTY DISCLOSURES
2017 2016
USD ‘000 Parties are considered to be related if one party has the ability to
USD ‘000
control the other party or exercise significant influence over the
Accrued expenses 4,295 3,698
other party in making financial and operating decisions. Related
Government assistance received in advance (Note 2) 2,963 685 parties include other QFC bodies, associated government depart-

Advance fee received 1,144 1,165 ments and ministries, directors and key management personnel
of the QFC Regulatory Authority, and bodies of which they are
Accounts payables 994 154
principal owners. Pricing policies and terms of these transactions
Charges recovered (Note i) 180 284 are approved by the QFC Regulatory Authority’s management.

Amount due to a related party (Note 13) 27 - Related party balances
9,603 5,986 Balances with related parties are as follows:
Amount due from Amount due to
Note (i)Charges recovered represent the costs of investigation
recovered from registered entities and is to be set off against future 2017 2016 2017 2016
investigation expenses. USD ‘000 USD ‘000 USD ‘000 USD ‘000

[11] GENERAL AND ADMINISTRATION EXPENSES Ministry of Finance 2,017 913 - -
2017 2016 Qatar Central Bank 911 181 - -
USD ‘000
USD ‘000 Qatar Financial Markets Authority 317 6 - -
Rent 1,998 1,874 Qatar National Bank 55 - - -

Consultancy and professional fees 746 697 Qatar Financial Centre Authority - 60 27 -
Amortisation of software costs (Note 5) 450 465 3,300 1,160 27 -

Depreciation (Note 4) 103 185
Related party transactions
Other expenses 1,705 1,810 The significant related party transactions are as follows:
5,002 5,031
2017 2016
USD ‘000 USD ‘000
[12] COMMITMENTS
2017 2016 Appropriations from Government 38,058 34,217
USD ‘000 USD ‘000 Services from QFCA 1,925 1,948
Rental commitments:
Services and expenses paid on behalf of related parties 964 465
Minimum lease rental payable under non-cancellable commitments

Within one year 1,289 1,970 Compensation of key management personnel
After one year but not more than five years 266 1,120 Key management personnel include the Board of Directors, Chief
Executive Officer, Managing Directors, Chief Operating Officer,
1,555 3,090 Chief Financial Officer and Chief Administrative Officer. Key man-
Other non-cancellable commitments agement personnel remuneration includes the following expenses:
2017 2016
Within one year 1,105 810
USD ‘000 USD ‘000
After one year but not more than five years 831 61 Short-term benefits 5,073 4,383
1,936 871