financial statements under ifrs

Please explain this to me and give examples: “Assets may not be offset against liabilities unless specifically permitted or required by a standered” im very thankfull.

It means that you have to show gross assets and gross liabilities; you cannot net them.

So you have to show a building as a $5 million asset and its mortgage as a $4 million liability, rather than netting them and showing a $1 million asset and no liability.