related parties

related parties
Under Financial Reporting Standard (FRS) 8, two or more parties are considered to be related parties when at any time during the relevant accounting period:
• one party has direct or indirect control of the other party;
• the parties are under common control from the same source;
• one party has influence over the financial and operating policies of the other party to the extent that the other party might be inhibited from pursuing its own selinete interest at all times, or the parties in entering a transaction are subject to influence from the same source to such an extent that one of the parties to the transaction has subordinated its own separate interests.
From 1 January 2005 listed companies are required to observe International Accounting Standard 24, Related Party Disclosures.

Accounting dictionary. 2014.

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