Which of the following parties is/are covered by the definition of a related party in AASB 124?
A) Independent directors.
B) Retired chief executive officer.
C) Son-in-law of an executive director.
D) All of the given answers.
E) Retired chief executive officer and son-in-law of an executive director.

Question

Quizplus · Accepted Answer

A related party is defined as a party that has the ability to control, be controlled by, or exert significant influence over the entity, or is subject to common control with the entity. This includes, but is not limited to, the following:- Key management personnel- Close family members of key management personnel- Entities controlled by key management personnel or their close family members- Entities that are under common control with the entity

Which of the Following Parties Is/are Covered by the Definition