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Toyts Entertainment Limited is involved in the distribution of motion pictures, cinema screen advertising, video production, outdoor advertising, live show investment and the operation of commercial radio stations. Internally, there has been some debate regarding the treatment of the electronic film library, distribution rights and agreements. The directors hold the view that a regularly reviewed directors valuation to measure and recognise electronic film library, distribution rights and agreements is appropriate, with any shortfall written off against the asset revaluation reserve or profits as appropriate. Furthermore, the directors hold the opinion that the film library, distribution rights and agreements are self-replenishing assets, and as such, they have no depreciable amount. Therefore, the directors do not wish to provide for amortisation in respect of these matters.
Required
Question 1: Using the guidance provided by AASB 138 "Intangible Assets", provide recommendations to the directors of Toyts Entertainment Ltd on how to measure and recognise electronic film library, distribution rights and agreements
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