IFRS Notes

Related party


A party is related if:

(1) control
(2) associate
(3) joint venture
(4) key management personnel
(5) close member of family
(6) significant voting power
(7) post-employment benefit plan

(1) If a party controls the entity,
a party is controlled by the entity,
is under common control with the entity,
has significant influence over the entity,
has joint control over the entity,

that party is a related party.

(2) If a party is an associate of the entity,
that party is a related party.

(3) If a party is a joint venture,
where the entity is a venturer,
that party is a related party.

(4) If a party is a member of key management personnel
of the entity, or
of the parent of the entity,
that party is a related party.

(5) If an individual belongs to (1) or (4),
a close member of family of the individual
is a related party.

(6) If an individual in (4) or (5)
controls,
jointly controls,
significantly influences,
has significant voting power
in another entity,
that another entity is a related party.

(7) a post-employment benefit plan for (7a) and (7b)
is a related party.
(7a) employees of the entity
(7b) employees of a related party of the entity