In accordance with IAS 1 which of the following statement is correct:

a. Assets and liabilities can be offset if they arise from the same transaction or event

b. Assets and liabilities must be presented in the order of decreasing liquidity 

c. For the purpose of classifying assets and liabilities into current and noncurrent components the entity's operating cycle can be more than 12 months 

d. Intangible assets must be presented separately in the statement of financial position