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Task Details: Mags Ltd is an Australian mail-order company. Although the sector in Australia is growing slowly, Mags Ltd has reported significant increases in sales and net income in recent years. While sales increased from $50 million in 2009 to $120 million in 2018, profit increased from $3 million to $12 million over the same period. The stock market and analysts believe that the company's future is very promising. In early 2019, the company was valued at $350 million, which was three times 2018 sales and 26 times estimated 2019 profit.
Company management and many investors attribute the company's success to its marketing flair and expertise. Instead of competing on price, Mags Ltd prefers to focus on service and innovation, including:
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Question 1: Discuss the requirements under AASB138 / IAS 38 Intangible Assets how Mag Ltd should account for the costs. Provide reasons for your answer in reference to relevant paragraphs of AASB138 / IAS 38.
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