Recognition of intangible assets   LO3, 4 The latest annual report of Heeler Ltd states that the principal activities of the group are ‘the production and broadcasting of television programs, local and national radio production and broadcasting, the sale of advertising airtime and space in these media’. In the statement of financial position of Heeler Ltd, although goodwill is recognised, no intangible assets are identified. Required 1. List intangible assets that Heeler Ltd is likely to own and state the arguments for and against capitalising each in the statement of financial position. 2. Explain why the statement of financial position excludes some assets that could have been separately identified.