4. IAS 37 Provision, Contingent Liabilities and Contingent Assets, prescribes rules regarding the recognition and measurement of provisions, contingent liabilities and contingent assets. The Standard mandates disclosures in the footnotes that would enable users of financial statements to understand the nature, timing and amount of the provisions, contingent liabilities or contingent assets. Required: a. When is a provision recognised in accordance with IAS 37 Provision, Contingent Liabilities and Contingent Assets? (6 marks) b. What is a Contingent Liability? (4 marks) c. Explain the difference between a provision and a Contingent Liability according to IAS 37. (4 marks) d. What is a Constructive Obligation under IAS 37 ? (4 marks) e. How is Investment Property held under a Finance Lease initially measured? (2 marks)