AASB 124 - Related Party Disclosures - December 2009
Example 5 — Close Members of the Family Example 5 — Close Members of the Family Holding Investments
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Example 5 – Close Members of the Family Holding Investments
IE20 A person, X, is the domestic partner of Y. X has an investment in Entity A and Y has an investment in Entity B.
Illustration of the definition of related party in relation to close members of the family holding investments in entities.
IE21 For Entity A’s financial statements, if X controls or jointly controls Entity A, Entity B is related to Entity A when Y has control, joint control or significant influence over Entity B. [Paragraph 9(b)(vi) – (a)(i) and 9(b)(vii) – (a)(i)]
IE22 For Entity B’s financial statements, if X controls or jointly controls Entity A, Entity A is related to Entity B when Y has control, joint control or significant influence over Entity B. [Paragraph 9(b)(vi) – (a)(i) and 9(b)(vi) – (a)(ii)]
IE23 If X has significant influence over Entity A and Y has significant influence over Entity B, Entities A and B are not related to each other.