If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. (v) The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity.(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.(iii) Both entities are joint ventures of the same third party.(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).(b) An entity is related to a reporting entity if any of the following conditions applies:.(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.(ii) has significant influence over the reporting entity or.(i) has control or joint control over the reporting entity.(a) A person or a close member of that person's family is related to a reporting entity if that person:.Who are related parties?Ī related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the 'reporting entity'). The objective of IAS 24 is to ensure that an entity's financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties.
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