Cases - IAS 37 Provisions, Contingent Liabilities and Contingent Assets Explain in details the accounting treating for the following cases based on the IAS 37 rules: (5) Ibrahim Co's legal advisors continue to believe that it is likely that Ibrahim Co will lose the court case against the employee and have to pay out $10m. However, it has come to light that Ibrahim Co may have a counter claim against the manufacturer of the machinery. The legal advisors believe that there is an 80% chance that the counter claim against the manufacturer is likely to succeed, and believe that Ibrahim Co would win $8m. (6) At 31 December 2020, the legal advisors of Mohsen Co now believe that the $10m payment from the court case would be payable in one year. Mohsen Co has a cost of capital of 10%. (7) Hamad Co constructed an oil platform in the sea on 1 January 2020 at a cost of $150m. As part of obtaining permission to construct the platform, Hamad Co has a legal obligation to remove the asset at the end of its useful life. This obligation has a present value of $20m