Read the following article and answer the question below.

Intangibles reporting This information is drawn from the World Intellectual Capital/Assets Initiative (WICI) Consultation Paper on intangibles reporting.
The reporting of intangible assets continues to be debated in accounting standard setting. Issues contributing to the protracted debate are the non-physical nature of intangibles and the difficulty of measuring their value to the entity.
An organization, the World Intellectual Capital/Assets Initiative (WICI), has released a framework to guiding principles and content elements for the reporting of intangible resources. It is targeted at intangibles that are not covered by existing accounting standards. The ‘WICI Intangibles Reporting Framework’ provides a guide to entities seeking to communicate their value creation process and sustainability to stakeholders. Consistent with information in the financial statements, the suggested reporting is designed to provide useful information for decision making, and in particular resource allocation decisions, to investors, creditors, analysts, as well as the organization's management. The guiding principles for reporting of intangibles bear resemblance to the characteristics expected of financial information. The communication of the role of intangibles in value creation should be about:
Relevance, Materiality, Completeness and Connectivity, Conciseness, Future Orientation, Reliable, Neutral, Consistent and Comparable. The Framework also suggests that entities should be transparent in the methodology used to derive narrative or quantitative information related to intangibles.

Required

(a) Using this framework discuss whether brand names are ‘valuable assets’ of a business, or an expense.

(b) Use the definitions of assets and expenses in this text to show which of the elements of the financial statements ‘brand names’ should be classified under.