Under international financial reporting standards, a related party is related to an entity if any of the following situations apply to it:
- Associate. The party is an associate of the entity.
- Common control. The party is, directly or indirectly, either under common control with the entity or has significant or joint control over the entity.
- Family member. The party is a close family member of a person who is part of key management personnel or who controls the entity. A close family member is an individual's domestic partner and children, children of the domestic partner, and dependents of the individual or the individual's domestic partner.
- Individual control. The party is controlled or significantly influenced by a member of key management personnel or by a person who controls the entity.
- Joint venture. The party is a joint venture in which the entity is a venture partner.
- Key management. The party is a member of an entity's or its parent's key management personnel.
- Post-employment plan. The party is a post-employment benefit plan for the entity's employees.