When an entity has a legally enforceable right to set off the recognised amounts of a financial asset and financial liability and it intends to settle on a net basis, it: 

Select one:

a. need not present the asset, the liability or the net amount in its financial statements. 

b. may offset the financial asset and liability. 

c. can write off both the asset and the liability. 

d. is not entitled to offset the asset and liability.

Answer rating: 100% (QA)

Financial assets and financial liabilities are offset only wh... View the full answer