02-09-2011, 10:14 PM
Financial assets is a representation of the monetary value of a physical item. It obtains its monetary value from a contractual agreement of what it represents.
Financial assets and financial liabilities are offset, the net amount is reported in the balance sheet when the Group has a legally enforceable right to set off the recognised amounts. It intends to either settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets and financial liabilities are offset, the net amount is reported in the balance sheet when the Group has a legally enforceable right to set off the recognised amounts. It intends to either settle on a net basis or to realise the asset and settle the liability simultaneously.
