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"A set-off can be defined as the reduction of an asset by a liability, or of a liability by an asset, in the presentation of a statement of financial position (balance sheet), so that only the net amount is presented." (Deegan, p540) Answer the following questions about setting off financial assets and financial liabilities:
Problem a) When does a 'right of set-off' exist?
Problem b) Why would companies perform a set-off of assets and liabilities?
Problem c) Parent Ltd controls two other companies, A Ltd and B Ltd. Parent Ltd owes an outside organisation, Outsider Ltd, an amount of $400 000. Outsider Ltd owes A Ltd $300 000. Can the two amounts be offset?
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