1.1.6 In terms of international financial reporting standards, offsetting is allowed when: A. The items being offset are material. B. One of the items is not required or not allowed by the international financial reporting standards. C. The amounts being offset arise from transactions that are not similar in nature. REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 19 BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE D. It required by a statement of international financial reporting standard in accounting or when one of the items being offset is not material. 1.1.7 Which one of the following best helps users of the financial statements when they need to compare information on the financial statements of the same entity and/or the financial statement of different entities? A. Matching principle. B. Accrual concept. C. Consistency principle. D. Prepaid concept