in IAS 32 - Financial Instruments: Presentation by
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We have security deposits receivable & payables on various properties we have obtained on lease from third parties and on leases given to third parties by us. Can we set off receivables & payables and present the *** amount?

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by Level 2 Member (3.4k points)
Any set off of financial assets & financial liabilities has to be done as per IAS 32 - Financial Instruments: Presentation. IAS 32 specifies that a financial asset and a financial liability should be offset and the *** amount reported when, and only when, an entity:

1. has a legally enforceable right to set off the amounts; and
2. intends either to settle on a *** basis, or to realise the asset and settle the liability simultaneously.

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