Cute Cakes Limited consists of a chain of cake outlets that bakes and sells cakes to the public. The financial director is finalising the preparation of the financial statements for the year ended 31 December 2023 and has identified the following issues for discussion in a meeting with the company's IFRS consultant: d) Damages awarded against Cute Cakes Limited resulting from a court case decided on 22 December 2023. The judge has announced that the amount of damages will be set at a future date, expected to be in March 2024. Cute Cakes Limited has received advice from its lawyers that the amount of the damages could be anything between R50 000 and R15 million. (10) e) An amount of R275 000 owing to Sugar works Limited for raw materials provided in December 2023. (6) The company's financial statements are authorised for issue on 24 February 2024. Required Discuss how each of the above issues should be recognised and disclosed in the financial statements of Cute Cakes Limited at 31 December 2023 with reference to International Financial Reporting Standards