QUESTION THREE $1.2.3.$ What is the definition of an intangible asset? What are the recognition criteria of an intangible asset? $[20](3)(2)$ On the $1$ January $2020,$ Granite Limited, acquired the popular brand, Caesarstone for an amount of R$3500000$ which was paid in full on this date. Legal fees of R$150000$ were spent in acquiring this brand. The legal fees were paid on the $31$st of March $2020.$ Staff training on the brand and its operations amounted to R$100000.$ Training took place in March and April $2020$ to allow for trading from the $1$st of June $2020.$ Sales of this brand commenced from the $1$ June $2020.$ REQUIRED $3\mathrm{.}13\mathrm{.}2$ Discuss with reason whether Caesarstone Limited can be recognized as an Intangible asset with reference to IAS $38.$ What is the correct accounting treatment for Caesarstone Limited in the financial statements of Granite Limited.