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Related parties

Identifying related parties

1.1 Related party definition

A related party is a person or entity that is related to the entity
preparing its financial statements.

1.2 Identifying related parties

A person, or member of their close family, is related to the reporting entity if they:

 have control or joint control over the entity

 have significant influence over the entity

 are a member of key management personnel of the entity or its parent.

Two entities are related if:

 they are parents and subsidiaries within the same group

 one entity is an associate or joint venture of the other

 a person (or a member of their close family) who is a related party of one of the
entities has control over the other

 a person who has control over one of the entities also has significant influence
over the other entity or is a member of its (or its parent’s) key management
personnel.

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