IAS 24 Arm’s length transaction

IAS 24 specifies that an entity may only disclose that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions if such terms can be substantiated.

What does this mean & what should we do if its not arms length transaction between related parties??

At the same time the standard also specifies that:
If there have been transactions between related parties, and/or if there are balances outstanding between the parties, the following should be disclosed: • the nature of the related party relationship • a description of the transactions • the amounts of the transactions • the amounts and details of any outstanding balances • allowances for receivables in respect of the outstanding balances • the irrecoverable debt expense in respect of outstanding balances.