Part 1 Oil and Gas, and Power and Utilitites companies are subjected to different laws and regulations. The nature of their operations causes harm to the environment. 1. How should these entities account for environmental compliance liabilities? 2. Part of the environmental compliance is to decommission or dismantle their plant assets. How should these entities account for the decommissioning liability? Hint: Access the following standards - IAS 37 and IFRIC 1. Part 2 1. What is PPP (Public-Private Partnership)? 2. What are the common forms of PPPs? 3. Give at least two common existing PPP arrangements/modalities. 4. Give at least seven examples of activities that can be undertaken in a PPP arrangement and provide for a sample existing project, regardless of status. 5. How do operators account for service concession arrangements? 6. Give an example of an existing project which is accounted for under Intangible asset model Financial asset model Hint: Access the PPP Center's website and IFRIC 1. Your answers should contain the actual provisions of the standard and with proper citation (ex. IAS 37.