IAS 24 related parties / disclosure of international transactions

[keithalexis]

Hello,

1) Are 2 private companies (one is a UK company conducting business in the UK and another is a USA company, conducting business in the USA) considered as related parties in the context of IAS 24 just because they have the same shareholder - an individual person?

2) To be more specific: the USA company sold an intangible property to the UK company. Directors of the companies are different persons - individuals. Is this transaction has to be disclosed in the financial statement of the UK company prepared in accordance with IAS / IFRS?

Thank you.