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What Is a Related Party?

A party is either:

  • A related party as defined in the applicable financial reporting framework; or

  • Where the applicable financial reporting framework establishes minimal or no related party requirements:

    • A person or other entity that has control or significant influence, directly or indirectly through one or more intermediaries, over the reporting entity;
    • Another entity over which the reporting entity has control or significant influence, directly or indirectly through one or more intermediaries; or
    • Another entity that is under common control with the reporting entity through having:

      • Common controlling ownership;
      • Owners who are close family members; or
      • Common key management.

However, entities that are under common control by a state (that is, a national, regional or local government) are not considered related unless they engage in significant transactions or share resources to a significant extent with one another.

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