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Hello
In accordance with IAS 1, netting off for assets & liabilities , income and expenditure is not allowed.
As an example, I would like to know if this is allowed:
On the face of the income statement there is a line for net rental income. This net rental income consists of the rent received netted off against any maintenance cost for that property. However, the note shows the breakdown of the income and expenses.Since the note shows the breakdown is this acceptable?
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