Question 3 20 Marks A. What is the difference between internally generated intangible assets and those generated through external transactions? Discuss with examples. 3 marks B. Do you think recognising internally generated intangible assets leads to incorrect reporting of intangible assets? Give an example to support your answer. 2 marks [3. Innovation Ltd reports the following intangible assets $m Licence at cost 15 Less Accumulated amortisation 5 Goodwill at cost Brand Name Trademarks at cost Patents at directors' valuation 125 Less Accumulated amortisation I5Dl The following information is available: {i} Patents were acquired at a cost of $95m and were revalued soon afterwards. They have an estimated life of 20 years of which 15 remain. {ii} The trademark can be renewed indefinitely subject to continued use. The costs were for registration fees which were initially expenses but recognised ve years later as the trademark became recognised by consumers. (iii) Goodwill has been purchased 3 years ago and will be amortised on the straight line basis. {iv} The brand name has been internally generated and is stated at fair value. (v) The licence has a 15 year life of which 1D years remain. It can be traded in an active market and has a fair value of 25m. fou are required to: a. State how each asset or class of asset, should be reported in accordance with AASB 13B. 5 marks b. Apply AASB 13S and state the carrying amount and whether each assetfasset class should be amortised. As part of this answer specify any choice of methods permitted for [invent Ltd. 5 marks