New requirements for offsetting financial assets/liabilities

Yes. The amendment does not change the basic offsetting requirements in IAS 32, but the meaning of certain key phrases has been clarified; this may change what ABC plc offsets in its statement of financial position. In addition, extensive new disclosures will be required.

Management continues to offset a financial asset and financial liability in the statement of financial position only when it (a) currently has a legally enforceable right of set-off and (b) intends either to settle the asset and liability on a net basis or to realise the asset and settle the liability simultaneously.