Exercise 19.2 ★ RECOGNITION PRINCIPLES Jay Wendt is a newly appointed director of Armstrong Ltd, a listed company that organises major sporting events. Jay has provided consultancy services to Armstrong Ltd for the past 10 years. In the most recent fi nancial year these services amounted to $500 000. Required Determine whether the consultancy service provided by Jay is a related party transaction that should be disclosed in the fi nancial statements of Armstrong Ltd. Explain your answer.