What Is the AASB 132 Requirement in Relation to Debt

What is the AASB 132 requirement in relation to debt set-off?

A) That assets and liabilities may only be set-off against each other for balance sheet purposes if the asset and liability are classified as current and there is agreement with the other party to the liability, either legal or constructive, that the asset and liability are to be set-off.
B) That assets and liabilities be set-off against each other for balance sheet purposes when a legally recognised right of set-off for these items exists and the reporting entity intends to settle on that basis, or to realise the asset and settle the liability simultaneously.
C) That assets and liabilities be set-off against each other for balance sheet purposes when the reporting entity intends to realise an asset and settle a related liability simultaneously.
D) That assets and liabilities may only be set-off against each other for balance sheet purposes when there is a legal arrangement to set-off a financial asset and a financial liability and the other party to the liability agrees to the right to set-off.
E) None of the given answers.