PLEASE HELP ME PLEASE

Bestcargo Bhd. (Bestcargo) operates as a shipping company from Penang to various destinations overseas. Its financial year ends on 31 January and its annual reports are usually approved for publication three (3 months) after the financial year end. It has a subsidiary, Pencargo Bhd., which operates a ferry to India from the Port of Penang. On 30 January 2022, one of its ships suffered an oil leak 15 kilometres off the shore of India. Due to strong currents, the oil was washed ashore and contaminated 3 kilometres of the beach. India has no environmental regulation on contamination of its shores. However, the company is very well known as an advocate of environmental preservation and has an excellent track record of cleaning up all contamination that it causes. As at 15 February 2022, it is estimated that the clean-up of the contaminated beach would costs the company RM500,000. Required: In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, discuss the accounting treatment of the matter listed above for Bestcargo Bhd. for the year ended 31 January 2022