When reporting fair values, the entity should group financial assets and financial liabilities into classes and should offset them only to the degree to which the carrying amounts are offset in the statement of financial position.

Question

Quizplus · Accepted Answer

Entities should group financial assets and liabilities into classes for fair value reporting and offset them only to the extent they are offset in the statement of financial position, as per accounting standards.

When Reporting Fair Values, the Entity Should Group Financial Assets