Question 2. In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, in which of the following circumstances should an expense for $450,000 be recognised? For damages in a lawsuit that the reporting company has a 75% chance of losing. The damages claim is for $600,000 For the expected cost to dismantle an oil platform as required by law. The cost is $700,000, which has a present value of $450,000. For the $450,000 cost to make good land contaminated as a result of past years' operations. A law requiring the clear up is virtually certain to be enacted. For the $450,000 cost of fitting fire safety equipment to comply with a law coming into effect in the next financial year. Internally generated goodwill for the business. This was not previously recognised by Delilah Co A licensed customer list. Delilah Co had not previously been able to recognise the list as an asset Which of the following statements is correct? All internally developed intangible assets are capitalised at cost 0D All intangible assets are deemed to have an indefinite useful life Intangible assets may be depreciated on a reducing balance basis Intangible assets can never be revalued upwards. 9:08 va