AASB 132 only allows assets and liabilities to be offset against one another if a legally recognised right to set-off exists for these items:

Name: AASB 132 only allows assets and liabilities to be offset against one another if a legally recognised right to set-off exists for these items:
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AASB 132 requires a legally recognised right of set-off for assets and liabilities to be offset against each other. Otherwise, they cannot be netted off in the financial statements.

AASB 132 Only Allows Assets and Liabilities to Be Offset