In the previous question you were asked to check the definitions and recognition criteria of any assets and liabilities according to the Conceptual Framework of the IASB. These are the first two steps of the considerations for including an item into the financial statement. a) What would be the next step(s)? b) Explain what is meant by equity as residual interest in the Balance sheet equation. (Which captions would one normally expect in the presentation of a companys equity?) c) What guidance does the Conceptual FW of the IASB give with regard to the recognition of any assets and liabilities resulting from executory contracts? d) What guidance does the Conceptual Framework of the IASB give with regard to the measurement of any assets and liabilities. e) Explain what is meant by the Asset and Liability approach used in the Framework of the IASB in contrast to the Income Statement approach.