Romania

Asset and liability offsetting 

Although the offsetting project was a joint project between the IASB and the FASB, the Boards each decided to maintain their own current – and different – offsetting models.

The IASB published amendments to IAS 32 and IFRS 7 on 16 December 2011. The amendments to IFRS 7 add disclosure requirements to IFRS 7 and are effective for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods. The amendments to IAS 32 clarify the offsetting criteria in IAS 32 and are effective for annual periods beginning on or after 1 January 2014.       

 

Timeline

 

 

IFRS insights

Contacts

Aura Giurcaneanu

Aura Giurcaneanu

Partner, Head of Audit and Assurance

+40 (744) 655 847

Angela Manolache

Angela Manolache

Advisory, Director

+40 (372) 377 800

Related links

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