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of <h1>Entities Must Offset Assets and Liabilities Only When Required by Ind AS; Disclose Material Gains Separately</h1> Entities should not offset assets and liabilities or income and expenses unless required by Indian Accounting Standards (Ind AS). Offsetting can obscure the understanding of transactions and future cash flows. Exceptions include transactions where offsetting reflects the transaction's substance, such as trade discounts and volume rebates under Ind AS 115. Material gains and losses, like foreign exchange differences, should be disclosed separately. Ind AS 37 allows offsetting reimbursement expenditures. In agency scenarios, commissions received should be reported as gross revenue, and commissions paid to sub-agents should be recorded as expenses, not offset against revenue.
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