IAS 24Chapter 2Lesson 1
Who is a related party? Persons, close family, key management and transactions
Step 1 of 6Learning objectives
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A person is related to the entity if they control it, have significant influence over it or run it; close family follows, and a transaction exists even without a price.
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Learning objectives
- Identify a person related to the entity from the facts of a case.
- Recognise close family members and the role of judgement for other relatives.
- Define key management personnel and a related party transaction.