AASB 112 required an entity to offset current tax assets and current tax liabilities if the entity intends to realise the asset and settle the liability simultaneously.

Question

Quizplus · Accepted Answer

AASB 112, paragraph 34 requires an entity to offset current tax assets and current tax liabilities if, and only if, the entity: (a) has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

AASB 112 Required an Entity to Offset Current Tax Assets