Which statement is correct about offsetting?
A)Offsetting generally provides decision-useful information for financial statement users.
B)Offsetting aids in financial statement user's ability to correctly interpret financial results.
C)Offsetting is generally prohibited under IFRS,unless it is specifically required.
D)Offsetting is required under IFRS when there is a legally enforceable right of offset.

Question

Quizplus · Accepted Answer

Offsetting is generally prohibited under IFRS unless specifically required, as it can obscure the true financial position and performance of an entity.

Which Statement Is Correct About Offsetting