AASB 132 Requires an Entity to Offset a Financial Asset

Multiple Choice

AASB 132 requires an entity to offset a financial asset and a financial liability and present the net amount in the statement of financial position when two conditions are satisfied.Conditions for offsetting are generally NOT satisfied when:

A) financial assets and liabilities have the same primary risk exposure that involve different counterparties.
B) financial assets are pledged as collateral for non-recourse financial liabilities.
C) obligations are expected to be recovered from a third party because of claims under insurance contracts.
D) all of the above situations.