Ignite $($Pty$)$ Ltd

Ignite $($Pty$)$ Ltd has a $15\%$ interest in Happy but does not form part of the group of

consolidations. The $15\%$ interest is recorded as an investment in Happy$$s financial

statements below the non$-$current assets category.

Ignite $($Pty$)$ Ltd is controlled by Mr L Smith, the husband of Mrs S Smith, the Chief

Executive Director $($CEO$)$ of Happy

REQUIRED

With reference to Ignite $($Pty$)$ Ltd$.$s information, discuss whether Happy

Limited is a related party to Ignite $($Pty$)$ Ltd in terms of IAS $24$ for the financial

year ending $31$ October $2023.$