IAS 24 defines a related party to include an entity’s subsidiaries, associates, joint venture interests, key management and close family members of key management.
The standard requires an entity’s transactions with related parties, regardless of whether a price is charged, to be disclosed in that entity’s financial statements
According to IAS 24 following would be considered as Related Party Transactions.Hence require disclosure.
1.60% sells to enterprise owned by a director of creative Ltd
2.Remaining sales to company which is associate of Creative ltd in which creative Ltd possesses 25% of share capital.
3.Transaction with Spouse of Director.
4. XYZ Ltd which is owned by CEO of Creative ltd to whom it has given interest free loan.