Can you define related parties?

 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.

According to IAS Twenty Four

A related party is a person or entity that is related to the entity that is preparing its financial  statements (referred to as the ‘reporting entity’).

(a) A person or a close member of that person’s family is related to a reporting entity if that person:

(i) has control or joint control over the reporting entity;

(ii) has significant influence over the reporting entity; or

(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.

(b) An entity is related to a reporting entity if any of the following conditions applies:

(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) Both entities are joint ventures of the same third party.

(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.

(vi) The entity is controlled or jointly controlled by a person identified in (a).

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).