1. From investors' perspective, appropriate identification and evaluation are reinforced by accurate disclosures of information relating to certain accounting issues that allow a detailed view of the financial condition, financial results, and adjustments in the financial position. For the Malaysian context, the reporting basis of the Malaysian Financial Reporting Standard (MFRS) and the requirements that financial statements be prepared in accordance with a set of qualitative characteristics designed to provide a true and fair view of the financial position. Required: (a) (b) Illustrate the SIX (6) distinctions between Research Expenditure and Development Expenditure as recognized under MFRS 138. To explain your response, you can use examples. (12 marks) Interpret the terms" contingent liabilities "and" contingent assets "and address the conflicts under MFR 137 Provisions, Contingent Liabilities and Contingent Assets over the acknowledgement of these elements. (13 marks) [Total: 25 marks]