IAS 24Chapter 4Lesson 1
What does not, by itself, make a related party
Step 1 of 6Learning objectives
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A common director, sharing joint control of a joint venture, normal dealings with a lender, a trade union, a public utility or an important customer do not, as such, create a related party relationship.
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Learning objectives
- Recognise the situations that do not, as such, create a related party relationship.
- Distinguish the venturer and the joint venture from the venturers among themselves.
- Explain that volume of business and economic dependence are not enough, without a numeric threshold.