Question: Can someone solve this question for me? b) Describe the accounting for the following two intangible assets, explaining the related IFRS rules: 1. A business

Can someone solve this question for me? b) Describe the accounting

Can someone solve this question for me?

b) Describe the accounting for the following two intangible assets, explaining the related IFRS rules: 1. A business purchases a licence to use a trademark at a cost of 500,000. The licence agreement has a duration of 2 years. 6 marks 2. An entity purchased a brand 10 years ago in a business combination. The brand was categorised as indefinite life. Due to changes in consumer behaviour, sales of the branded products have recently experienced a sharp decline, which is expected to continue for the foreseeable future. 6 marks (Total - 20 marks) b) Describe the accounting for the following two intangible assets, explaining the related IFRS rules: 1. A business purchases a licence to use a trademark at a cost of 500,000. The licence agreement has a duration of 2 years. 6 marks 2. An entity purchased a brand 10 years ago in a business combination. The brand was categorised as indefinite life. Due to changes in consumer behaviour, sales of the branded products have recently experienced a sharp decline, which is expected to continue for the foreseeable future. 6 marks (Total - 20 marks)

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