A major supplier with whom an entity transacts a significant volume of business is considered a related party in IAS 24 Related Party Disclosures.

Question

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IAS 24 defines related parties as entities or individuals that have control, joint control, or significant influence over the reporting entity, or are members of the key management personnel. A major supplier does not automatically qualify as a related party unless these criteria are met.

A Major Supplier with Whom an Entity Transacts a Significant