sAssignment task: This assignment comprises two tasks a memo to colleagues and a letter to client. The following are detailed instructions: (1) Memo Assume you are a junior accountant at an accounting firm (as most students are not currently working for an accounting firm, use your imagination to make up a name and letterhead for your accounting firm). Your firm has asked you to prepare a written submission that critically evaluates the following application issues concerning IAS 38: Intangible Assets: Whether or not intellectual capital arising from an entity's climate-related research and development programs meet the requirements in IAS 38 to be recognised as intangible assets? Therefore, in your own words, write a memo to your colleagues at the accounting firm explaining the key issues raised in the committee's consultation paper and provide a response to the above question. In particular, your memo should: (a) Provide a brief description of the committee's 'Recognition of Intangible Assets Resulting from Climate-related Expenditure (IAS 38)' project. (b) Provide a critical evaluation of the accounting treatment of intellectual capital arising from climate-related research and development (R&D) programs. In your response, you should explain the nature of climate-related R&D expenditure (intellectual capital), and examine how/