Cathay Pacific 2015 Annual Report Download - page 107
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Annual Report 2015
105
Marketing revenue, associated with the sales of miles
to participating partners is measured as the difference
between the consideration received and the revenue
deferred, and is recognised when the service
is performed.
19. Related parties
Related parties are individuals and companies,
including subsidiary, fellow subsidiary, jointly controlled
and associated companies and key management
(including close members of their families), where the
individual, Company or Group has the ability, directly or
indirectly, to control the other party or exercise
significant influence over the other party in making
financial and operating decisions.
20. Provisions and contingent liabilities
Provisions are recognised when the Group or the
Company has a legal or constructive obligation arising
as a result of a past event, it is probable that an outflow
of economic benefits will be required to settle the
obligation and a reliable estimate can be made. Where it
is not probable that an outflow of economic benefits is
required, or the amount cannot be estimated reliably,
the obligation is disclosed as a contingent liability,
unless the probability of outflow of economic benefits
is remote.
Principal Accounting Policies