Toxins Waste Disposal Limited is a company that handles the collection and disposal of toxic waste. The companys financial year ends on 31 December. On 28 December 2008, one of the companys tankers transporting toxic waste turned over and spilled its load. The waste seeped underground on the side of the road polluting the area for several hundred meters. There was a public outcry by the local residents as well as environmentalists that the contamination would spread to the nearby river, which was the source of the residents supply of water. Due to intense negative publicity toxins Waste Disposals directors published a statement in the local newspaper on 30 December 2008 that the company would remove the contaminated soil and replace it with new soli by 15 February 2009. On 31 December 2008, the directors wished to create a provision for the rehabilitation costs but were unable to estimate what the cost of rehabilitating the contaminated area would be since this was the first time that this particular chemical had been split. A detailed investigation would need to be carried out to determine the extent of the damage created. The investigation is to be carried out in early February 2009, and the publication date of the financial statements is 31 January 2009. Required: Discuss how the directors of Toxins Waste Disposal Limited, should recognize and disclose the above situation in the financial statements for the year ended 31 December 2008 in accordance with Conceptual Framework and IAS 37 Provisions, contingent liabilities, and contingent assets.