(a) Companies often enter into transactions with persons or entities with whom the company has a related party relationship. A related party relationship may significantly affect a transaction in ways that an arms length transaction would not.

How do related party transactions differ from arms length transactions?

(b) Using examples/illustrations, explain the various possible related party relationships mentioned in Paragraphs 9(b)(vi) and 9(b)(vii) of the Singapore Financial Reporting Standards (International) (SFRS(I)) 1-24, Related Party Disclosures.