Common use of Offsetting balances and transactions Clause in Contracts

Offsetting balances and transactions. As a general rule neither assets and liabilities nor income and expenses are offset in the financial statements, except in those cases in which compensation is required or permitted under a standard and such presentation reflects the essence of the transaction. Income and expenses originating in transactions that, contractually or by statute, provide for the possibility of offset and that the Corporation has the intention of settling for their net amount or of realizing assets and proceeding to pay the liability simultaneously are presented net in profit or loss.

Offsetting balances and transactions. As a general rule neither assets and liabilities nor income revenue and expenses are offset in the financial statements, except in those cases in which compensation is required or permitted under a standard and such presentation reflects the essence of the transaction. Income Revenue and expenses originating in transactions that, contractually or by statute, provide for the possibility of offset and that the Corporation has the intention of settling for their net amount or of realizing assets and proceeding to pay the liability simultaneously are presented net in profit or loss.