AASB 132 Allows for All Types of Assets and Liabilities

question 33

True/False

AASB 132 allows for all types of assets and liabilities to be offset as long as the entity intends to settle on a net basis:

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Definitions:

Preincorporation Contracts

Agreements made by the founding members of a corporation on its behalf before the company is formally incorporated.

Articles of Incorporation

A set of formal documents filed with a state governmental authority to legally document the creation of a corporation.

Bylaws

Written rules and regulations governing the operations of a corporation or other formal organizations.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another. The fiduciary relationship is noteworthy for involving a trust and confidence between the fiduciary and the principal.