Question: Ignite ( Pty ) Ltd Ignite ( Pty ) Ltd has a 1 5 % interest in Happy but does not form part of the

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 Happys 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.

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