A B E A company developed a formula that it uses to manufacture a unique glue. The glue is the leading adhesive product in the market because of its distinctive mix of chemicals. The special formula is known only by the owner and hence no competitors have been able to discover and replicate the formula. The formula is not protected by a patent, or by other means. Many competitors have approached the company to try to purchase the formula. BLUE SEA Sdn. Bhd. trades in transferable fishing licences and acquires 1,000 licences from Marin Department. Each licence entitles the holder to catch one tonne of fish in a specified jurisdiction's waters. BLUE SEA does not own a boat and does not intend to catch any fish. The company has advertised the licences for sale at a price that give it a 40 per cent gross profit margin. An entity acquires a competitor's brand in a separate business acquisition for RM100),000. The entity uses the brand to charge a premium for the products that it manufactures. ARTWORK MEDIA Ltd. is one of the production studios that produces many popular content in Hollywood. Recently, the company acquired a collection of patented artistic-related intangible assets (plays, books, song lyrics, paintings and films) in a business combination. SWEETBAKE Sdn. Bhd. is famous with variety of delicious cakes and pastries. This year, the company acquired two trade secrets (secret recipes) in a business combination with AbsolutCake Berhad. Recipe A is patented. Recipe B is not legally protected. Required: Explain whether the above assets satisfy the criteria to be recognized as intangible assets. (20 marks)

Required: Explain whether the above assets satisfy the criteria to be recognized as intangible assets. (20 marks)