Provide a response to the following questions:

1) List and describe the three (3) elements required for an investor to be considered to have control of a business entity.

2) According to paragraph 10 of AASB 137/IAS 37, what is the definition of a contingent liability?

3) Define a provision according to AASB 137/IAS 37.

4) In which scenario(s), would a contingent liability be recognised as a provision?