Which Statement Is Not Correct About Offsetting

question 23

Multiple Choice

Which statement is not correct about offsetting?

• A)Offsetting is required under IFRS when the entity is willing and legally able to offset.
• B)Offsetting is required when it better reflects the economic substance of the transaction.
• C)Offsetting is generally permitted under IFRS,unless it violates an accounting principle.
• D)Offsetting is generally permitted of the allowance for doubtful accounts.

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