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:

Trust Agreement

A legal document that establishes a trust and outlines how it will be administered and specifies the rights and duties of the parties involved.

Indemnity Contracts

Legal agreements in which one party agrees to compensate another for any loss or damage incurred.

Negligently

The failure to exercise a reasonable standard of care, resulting in damage or harm to another.

Compensation

Compensation refers to the payment or benefit given to employees or workers for their services or to victims for their losses.