Please do question 3 .I have model answers for question 3 from my leactuer you can only take a llok as sa guideline,you cannot copy what my leactuer have wrote.
IASB is principle base and the objective is to create a framework unike rue base which need to follow exactly FRS37 contingent asset.It is up to the management whether to rec=ord and disclose the contingent asset and liability.FRS is onky providing the framework ,not the rules.
some of the standard has poor feedback like AFRS39 which is quite complicated,therefore revisit is always necessary and must be on going process.
Goggle"importance of accounting concept and framework".
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