alleryStart learning →When may assets be set off against liabilities?
ANever under any case
BWhere legal set-off exists
CWhenever venturer prefers
DWhenever balances match
Answer & Solution
Correct answer: B. Where legal set-off exists
Offsetting is inappropriate except where a legal right of set-off exists and the offset reflects expected realisation or settlement.
Keep practising AS 27 Financial Reporting of Interests in Joint Ventures
Browse all AS 27 Financial Reporting of Interests in Joint Ventures questions for CA Inter, or explore more Accounting topics.
Related questions
For jointly controlled entities, a venturer must disclose which item?How are joint venture capital commitments disclosed?AS 27 disclosure of contingent liabilities is not needed when the probability of loss is wFor which statements is AS 27 mandatory in respect of an enterprise?How does the joint venture itself account for the operator's management fee?Fees earned by an operator of a joint venture are accounted for under which standard?Which standard is used to test impairment in venturer and venture transactions?A loss on purchase from a venture is booked at once when it shows what?