Question: Please answer only the second part of the Question. First part is done and has been posted for context. Explain the difference between provision, contingent

Please answer only the second part of the Question. First part is done and has been posted for context.

Explain the difference between provision, contingent liability and contingent asset and their recognition criteria in financial statement per IAS 37- Provisions, Contingent Liabilities and Contingent Assets.

Critically discuss how companies manipulate balance sheet and income statement in relation to provision, contingent liability and contingent assets per IAS 37. Provide examples to support the discussion.

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