Offsetting

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.... sheet, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users both to understand the transactions, other events and conditions that have occurred and to assess the entity's future cash flows. Measuring assets net of valuation allowances-for example, obsolescence allowances on inventories and doubtful debts allowances on receivables-is n....

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....exchange gains and losses, it should present the gain or loss i.e., income after deducting the relevant expenses arising from the transaction. These do no generate revenue but are incidental to the main revenue generating activities. * When there is material gain on one transaction should not be offset with material loss on another transaction i.e., when foreign exchange gain and foreign exchang....