MCCU Annual Report - page 65

65
3.
Statement of Compliance, Basis of Preparation and Significant Accounting Policies (cont'd):
(s)
Related Party Balances and Transactions:
(a)
A person or a close member of that person’s family is related to the reporting entity if that person:
(i)
(ii)
(iii)
(b)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
A related party is a person or entity that is related to the entity that is preparing its financial statements
(referred to in IAS 24,
Related Party Disclosures
as the “reporting entity”).
is a member of the key management personnel of the reporting entity or of a parent of the reporting
entity.
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).
has control or joint control over the reporting entity;
has significant influence over the reporting entity; or
An entity is related to the reporting entity if any of the following conditions applies:
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).
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
A related party transaction is a transfer of resources, services or obligations between related parties,
regardless of whether a price is charged.
Both entities are joint ventures of the same third party.
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.
The entity is controlled, or jointly controlled by a person identified in (a).
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).
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,55,56,57,58,59,60,61,62,63,64 66,67,68,69,70,71,72,73,74,75,...126
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