A party related to an entity, if directly or indirectly related through one or more intermediaries.
The party is under common control includes parents, and subsidiaries.
- Joint control over the entity.
- Significant influence.
- Joint venture in which a company is a venture.
- member of Key management personnel.
- Close member of a family.
- Significant voting power.
- Post employment benefit plan.
Related party disclosures example transactions;
- Purchases or sales of goods ( finished or unfinished, property and other assets).
- Rendering or receiving of services.
- Transfers of research and development.
- Provisions of guarantees and collaterals.