The Directors of Boat World Ltd would like your advice on whether the following transactions should be considered as related party transactions or not.

(1) Richard Listz is a director of Boat World Ltd and is considered as key management personnel. Richards wife, Mia Listz, has provided consulting service to Boat World Ltd during the financial year, amounted to $25,000.

(2) Boat World Ltd holds shares in Boat City Ltd, but it has no significant influence or control over Boat City Ltd. Boat World Ltd sells some equipment to Boat City Ltd during the financial year.

Required:

Determine whether the

1. consultation service provided by Mia Listz, and
2. the sales of equipment to Boat City Ltd

are related party transitions that should be disclosed in the financial statements of Boat World Ltd, in accordance with AASB 124 Related Party Disclosures. Explain and justify your answer.