Related party definition: control, significant influence or key management status determine relatedness for reporting purposes. A related party is a person or entity related to the reporting entity where that person or a close family member (i) has control or joint control, (ii) has significant influence, or (iii) is key management personnel of the reporting entity or its parent. An associate includes its subsidiaries and a joint venture includes its subsidiaries, so entities connected through associates or joint ventures are treated as related parties to each other.