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How the costs should be treated in financial statements

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Reference no: EM133165668

Question -

1. During 2020, the the total training cost to improve the employees' skills were £300,000. In addition, a focus group of other retail banking providers was invited to a conference of the introduction of the new software in 2016. Cost of the conference was £100,000.

2.  In 2020, XYZ Ltd acquired another rival Magic Ltd for a total sum of £200 mln. A this date a brand valuation expert valued "Magic" brand at £40 mln on the basis of useful life of 20 years. Other net assets were deemed to have  a fair value of £125 mln.

Required - Explain, with reasons, how the costs given above should be treated in the financial statements of XYZ Ltd for year ending 31 Dec 2020 in relation to intangible assets per IAS 38.

Reference no: EM133165668

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