Assume that the maximum value of Cost Recovery Crude Oil is limited to 50% of gross production, with costs to be recovered in the following order: a- Operating costs (25% TPDC & 75% ABC Ltd) b- Exploration costs (paid entirely by ABC Ltd) c- Development costs (25% TPDC & 75% ABC Ltd). Royalty is 12.5% of gross production and is to be paid in-kind. Any excess production remaining after cost recovery becomes profit oil and shall be shared between TPDC and ABC Ltd (20% for TPDC and the remaining for ABC Ltd) For the first round of production assume the following: - Recoverable operating expenditures total $1,000,000. - Exploration expenditures (unrecovered to date) total $20,000,000. - Development expenditures (unrecovered to date) total $400,000,000. - Any expenditures not recovered in the current round may be carried forward to be recovered in future rounds. - The daily production was 10,000 barrels (bbl.) of oil. - The duration of this production round was 90 days - The agreed-upon price is $50/bbl. Allocate the production between Government of the United Republic of Tanzania, TPDC, and ABC Ltd. Visit this link www.IFRS. Org to answer the following question: Is IFRS required or mandatory in the united republic of Tanzania?