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QUESTION FIVE [20] 1. What is the definition of an intangible asset? 2. What are...

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Accounting

imageimage QUESTION FIVE [20] 1. What is the definition of an intangible asset? 2. What are the recognition criteria of an intangible asset? 3. On the 1 January 2020, Granite Limited, acquired the popular brand, Caesarstone for an amount of R3 500000 which was paid in full on this date. Legal fees of R150 000 were spent in acquiring this brand. The legal fees were paid on the 31st of March 2020. Staff training on the brand and its operations amounted to R100 000. Training took place in March and April 2020 to allow for trading from the 1st of June 2020. Sales of 5.3.1 Discuss with reason whether Caesarstone Limited can be recognized as an Intangible asset with reference to IAS 38 . (10) 5.3.2 What is the correct accounting treatment for Caesarstone Limited in the financial statements of Granite Limited

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