Recognition of intangible assets   LO3, 6, 7 The Public Relations Institute of Australia provided these statements on its website, www.pria.com.au, on 30 April 2014: During an event organised by the Spanish Association of Communication Directors, Dircom, in the framework of the 8th World Public Relations Forum, due to be held in Madrid from 21 to 23 September 2014, [Anne] Gregory [chair of the Global Alliance for Public Relations and Communication Management] has made it clear that CEOs have a key role to play in this new business environment, which should be governed by authenticity and the heart. ‘Nowadays over 80% of company assets are intangible, which means we need to communicate what makes us unique through our business values.’ She believes this shift has changed the roles within organisations: ‘Intangible assets are increasingly important with regard to other areas of the organisation, such as the finance department. Reputation, brand and the meaning our job conveys to society, the company and our stakeholders are taking precedence over figures and transactions.’ Required Discuss the limitations placed on the recognition of intangible assets in the financial statements of by AASB 138/IAS 38 Intangible Assets.