Related Party
is a person or entity that is related to the entity that is preparing its financial statements.

(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 of 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 apply: 

(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).

(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity

Related party transaction
is a transfer of resources, services, or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Close members of the family of a person
are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity and include: 
(a) that person’s children and spouse or domestic partner; 

(b) children of that person’s spouse or domestic partner; and 

(c) dependents of that person or that person’s spouse or domestic partner.

Compensation
includes all employee benefits. Employee benefits are all forms of consideration paid, payable, or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity. Compensation includes: 
(a) short-term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit-sharing and bonuses (if payable within twelve months of the end of the period), and non-monetary benefits (such as medical care, housing, cars, and free or subsidized goods or services) for current employees; 

(b) post-employment benefits such as pensions, other retirement benefits, post-employment life insurance, and post-employment medical care; 

(c) other long-term employee benefits, including long-service leave or sabbatical leave, jubilee or other long-service benefits, long-term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit-sharing, bonuses, and deferred compensation;  

(d) termination benefits; and 

(e) share-based payment. 

Key management personnel
are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity

Government
refers to government, government agencies, and similar bodies whether local, national, or international.

Government-related entity
is an entity that is controlled, jointly controlled, or significantly influenced by a government.