Accounting · IFRS Standards
According to the presentation and disclosure principles under IFRS, which of the following statements is INCORRECT regarding offsetting and presentation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Presenting trade receivables net of an allowance for doubtful accounts is a prohibited form of offsetting.✓
- 2Assets and liabilities, or income and expenses, should not be offset unless explicitly required or permitted by an IFRS Accounting Standard.
- 3Assets and liabilities must be aggregated based on shared characteristics and disaggregated based on dissimilar characteristics.
- 4Entities are permitted to prepare financial statements for a period shorter than one year in specific circumstances.
Correct answer
Presenting trade receivables net of an allowance for doubtful accounts is a prohibited form of offsetting.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice IFRS Standards MCQs →Want more practice questions on IFRS Standards?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · IFRS Standards