PART (a) Ramco Ltd is an entity engaged in construction business and prepares its financial records to 31 December every year. In the current year ended 31 December 2020 the company started two contracts expected to take more than one year. Following are the extracts relating to each contract at 31 December 2020: Page 6 of 7 Ramco Ltd calculates the percentage of completion as the agreed value of work completed to date, to the total contract price. Required: Prepare extracts of financial statements for the year ended 31 December 2020, based on IFRS 15R Revenue from Contracts with Customers. (15 marks) PART (b) IAS 37 stipulates the criteria for provisions, contingent liabilities and contingent assets which must be met in order for a provision to be recognised, so that companies should be prevented from manipulating profits. Required: (i) Explain the criteria stipulated in IAS 37 Provisions, contingent liabilities and contingent assets, with appropriate examples. (10 marks) (ii) Explain the issues that may arise with regard to provisions