AASB 101 contains a general prohibition on the offsetting of (i) assets and liabilities and (ii) income (revenues and gains) and expenses.

Question

Quizplus · Accepted Answer

AASB 101, paragraph 32, states that assets and liabilities should not be offset unless required or permitted by an Australian Accounting Standard. Similarly, paragraph 90 prohibits the offsetting of income and expenses, except in specific circumstances outlined in other standards or Interpretations.

AASB 101 Contains a General Prohibition on the Offsetting of (I)