IAS 37 Provisions, Contingent Liabilities, and Contingent Assets outline the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present obligation reflect the present value of the expenditures required to settle the obligation where the time value of money is material. Required: Before introducing IAS 37, the disclosure of contingent assets was not so required. Discuss the possible reasons why this was the case and evaluate the resulting business environment changes that might have encouraged or necessitated the disclosure of contingent assets other than IAS 37 compliance.