Vinca Bhd operates a transporting cargo from Malaysia to various destinations overseas. Its financial year ends on 31 December and its annual reports are usually approved for publication three ( 3 months) after the financial year end. On 30 December 2020, one of Vinca Bhd's ships suffered an oil leak 12 kilometres off the shore of one of the Asean's countries. Due to strong currents, the oil was washed ashore and contaminated 4 kilometres of the beach. This Asean country has no environmental regulation on contamination of its shores. However, Vinca Bhd 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 31 December 2020 , it is estimated that the clean-up of the contaminated beach would costs the company RM1,000,000. Required: Explain whether Vinca Bhd should treat the cost for cleaning the oil spill contamination as a 'provision' or a 'contingent liability' in order to comply with the requirements of MFRS 137 Provisions, Contingent Liabilities and Contingent Assets