have control | or joint control over entity. | have significant influence over the reporting entity | are a member of key management personnel (KMP) of the entity or its parent.
They are parents and subsidiaries within the same group. | One entity is another associate | or joint venture of the other. | Person* who is a related party of one of the entities has control over the other. |
* or a member of their close family
Person who has control over one of the entities also has significant influence over the other entity | or is a member of its (or its parent's) key management personnel.
Board decides to sell goods at discounted prices to a related party. | Related party will report improved margins. | Without disclosure, user groups would be unaware of these transactions.
Relationships between parents and subsidiaries. | The name of the parent and the ultimate controlling party (if different). | Key management personnel compensation.
For related party transactions that have occurred, disclosures should include:
The amount of the transactions. | The amount of OUTSTANDING BALANCES and their terms. | Allowances for doubtful debts relating to the outstanding balances. | The expense recognised in the period in respect of irrecoverable or doubtful debts.
