Annual report of Aramco

3- IAS 16 Property, plant and equipment identifies and describes two different models of accounting for tangible non-current assets. Discuss the importance of these two models for Aramco and describe the depreciation methods used by Aramco. [Marks (Words): 10(100)] 4- In preparing financial statements in accordance with IFRS, there are certain accounting policies that may require a judgment or estimation in their application. Give examples of Aramco estimates and assumptions reported in consolidated financial statements. [Marks (Words): 10(100)] 5- Contingent Liabilities are those obligations that are contingent on events that have not yet taken place. Discuss the contingent liabilities and also provide the contingent liabilities example from the Annual Report of Aramco. [Marks (Words): 10(200)] 6- Explain why the going concern basis is important in understanding Aramco's financial statement; Support your answer with evidence from Aramco's annual report. [Marks (Words): 10(100)] 7- Classify the revenue recognition method(s) used by Aramco as discussed in the annual report. Explain the rationale underlying the appropriateness of methods used by Aramco. [Marks (Words): 10(100)]