You are the Chief Financial Officer for Biscuit Company of Lautoka, a large manufacturing organization. The Chief Executive Officer - John, of the organization raised few concerns on the draft financial report that you presented. The CEO has some doubts on some of the standards used in the preparation of the financial statements. More specifically, the CEO has some questions on the following standards:

Why it is important to refer to IAS 1 while preparing and presenting the financial statements? What is the scope of IAS 1?

Why the organization have to refer to IAS 12 for the computation of income tax. What is the significance of income tax accounting and why it needs to be disclosed in the financial statements and reports?

Why IAS 37 is so important? What is the scope of IAS 37? Explain what is contingent asset and contingent liabilities and how it is reported in the financial report.

Required:

a report to the CEO addressing all the concerns raised. Refer to some published journal articles and the relevant standards.

Please also give link for references