A related party is a person or entity that is related to the entity that is preparing its
financial statements (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.