A major supplier with whom an entity transacts a significant volume of business is considered a related party in AASB 124 Related Party Disclosures.

Question

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A major supplier with whom an entity transacts a significant volume of business is not automatically considered a related party under AASB 124. Related parties are typically identified by their ability to control or significantly influence the entity, rather than merely through the volume of business conducted.

A Major Supplier with Whom an Entity Transacts a Significant