For offsetting purposes under IAS 32, the set of requirements is, and always has been; (i) a legal basis, (ii) the legal enforceable right to offset (iii) the intention to settle. In the past it was argued that, though it seems a contradiction in termini, the intention can only be demonstrated by actual settlement, otherwise there is no intention. Hence the latter was facilitated for cash pools by various ways of physically offsetting balances (transfers) at a certain point in time in the year. Looking at how IFRIC requirements can be met. Continue reading IFRIC – Meeting the requirements.