1. KingKong Ltd has acquired a new building for $500 000. It has incurred incidental costs of S10 000 in the acquisition process for legal fees, real estate agent's fees and stamp duties. Management believes that these costs should be expensed because they have not increased the value of the building and, if the building was immediately resold, these amounts would not be recouped. In other words, the fair value of the building is considered to be still 500000 Discuss how these costs should be accounted for with reference to IAS 16 5 marks) 2. Discuss the key characteristics of an intangible asset and explain how intangible assets are initially measured, and whether the measurement differs depending on whether the assets are acquired in a business combination or internally generated by an entity 5 marks) . During October 2008 there was a sudden global decline in the price of equity securities and credit securities. Many superannuation funds made negative returns on investments during this period. How would this event affect the wealth of employees and employers? Consider both defined benefit and defined contribution superannuation funds in your answer to this question. 5 marks)