QUESTION 3 (14 marks) Crowdflix Limited is a company listed on the JSE and has a 31 March year end. The company specialises in the provision of online movies which can be watched simultaneously with other subscribers who have logged in to watch prescheduled movies. Subscribers enjoy the fact that they longer have to leave their homes to watch movies with their friends, especially with those who live far away. All that a group of subscribers need to do it to schedule the movie at a selected time, and then log in to watch it together. The subscribers can communicate with each other via a chat section or as a group call that runs concurrently with the movie. The Covid pandemic has been favourable for the company since people spent more time at home. As a result, the company's profits was bolstered to record levels during the current year. Given the large amount of profits that Crowdflix Ltd has been making, the directors decided to declare dividends to shareholders towards the end of the year. Dividends of R1 750 000 that were declared to shareholders on 1 March 2022 were still outstanding at 31 March 2022 as it will only be paid on 15 May 2022. REQUIRED: Discuss whether or not the dividends should be recognized as a liability in the annual financial statements of the company for the year ended 31 March 2022. Your answer should include full definitions and recognition criteria as outlined by IFRS in the conceptual framework. Note that dividends are defined as payments a company makes to share profits with its shareholders. (14 marks)