Question: Question 3: (1 marks) 1) Distinguish between legal and constructive obligations 2) State when provisions may and may not be made and demonstrate how they

Question 3: (1 marks) 1) Distinguish between legal and constructive obligations

Question 3: (1 marks) 1) Distinguish between legal and constructive obligations 2) State when provisions may and may not be made and demonstrate how they should be accounted for. 3) Explain how provisions should be measured. 4) Define contingent assets and liabilities and describe their accounting treatment and required disclosures

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