Which of the following is usually not a related party as referred to in IAS 24 Related Party Disclosures?

Question

Quizplus · Accepted Answer

According to IAS 24, related parties are individuals or entities that can exert control or significant influence over the financial or operating policies of a reporting entity, or are under the control or significant influence of the reporting entity. A subsidiary and associate are both entities that fall under this definition, while a son-in-law of the chief executive officer is considered a related party as a family member of a key management personnel. However, a trade union official may not have any direct involvement in the financial or operating policies of the reporting entity, and therefore is less likely to be considered a related party under IAS 24.

Which of the Following Is Usually Not a Related Party