Discuss on the basis of IAS 37 for each of the following cases (all of them describing situations as per the balance sheet date) whether there is a liability that meets the definition of a provision, and, if so, whether it is likely that a provision must in fact be recognized. a. A company subscribes to a loose-leaf publication. The terms of the subscription require the company to pay 0.60 per page regardless of the number of pages published. The earliest moment at which the subscription can be cancelled is eight months into the new financial year. Normally, about 500 pages are published each year. b. A company has given someone a three-month option to buy one of its buildings for a stated price. Before the option expires, the company is informed that another party is willing to pay a higher price. c. For the last fifty years a company has organized a huge and highly popular sports events for all its employees in the summer. All employees expect that the company will continue to organize the event for the foreseeable future and would be very disappointed if it didnt. d. A company has promised to sponsor a cultural event during the next financial year. Sponsors will be allowed to show their logo prominently during the event. e. A company has promised to sponsor a cultural event during the next financial year. The sponsorship will not be made known in public. The company will receive some free tickets, but their market value is substantially lower than the amount of sponsorship money.