Offsetting and Agents

Source: Ind AS 1 and Ind AS 115 (summary)

Assets and liabilities, or income and expenses, must not be offset unless an Ind AS requires or permits it. An entity acting as an agent reports only its commission as revenue, because the amounts it collects on behalf of the principal are not its own income.

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About Accounting

Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.

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Cost of Inventories
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