(b) (c) The IASB"s framework for preparation and presentation of financial statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts and underlying assumptions. Required: Explain the meaning of each of the following concepts and the underlying assumption: Substance over form Going concern (3 marks) (3 marks) MFRS 137 - Provisions, Contingent Liabilities and Contingent Assets, sets out the principles of accounting for these items and classifies when provision should not be made prior to its issue. The inappropriate use of provisions had been an area where companies had been accused of manipulating financial statements and of creative accounting. Required: Distinguish between provisions, contingent liabilities and contingent assets as contained in MFRS 137. (15 marks) The financial year-end for the company is on 31 December 2019. The company did not account for the depreciation of its building which is occupied by the business since 2017. The cost of the premises was RM3 million. It is the policy of the company to depreciate its properties at 3% per annum, using the straight-line method. Required: State in accordance with MFRS 108 Changes in Accounting Policies, Changes in Accounting Estimates and Errors, the accounting treatments, and the journal entries as well as their narrations for financial year-end 2019. (4 marks)