Applying AASB138 Intangible Assets to bed licences: past, present and the future Current Issue "Regis has flagged to the market that it will write down the $223.8 million value of its bed licences over the next three years ahead of the removal of the Aged Care Approvals Rounds (ACAR), reducing its net assets as aged care places are deregulated." (Brown, 2022) "The move comes just months after Estia foreshadowed it will write off its $221.3 million in bed licenses within the next 12 months to three years." (Brown, 2022) Required: Part 1: Provide a context to explain why your company has made the announcement regarding the write down of their bed licences. (400 words) Part 2: Provide a description of accounting for bed licences that explains past practice and current practice. (500 words) Part 3: Provide a detailed discussion of how your company: i. ii. Accounts for bed licences under AASB138 Intangible Assets prior to the government announcement. Accounts for (or plan to account for) bed licences under AASB138 Intangible Assets (and any other accounting standard) following the government announcement. (700 words). You should refer to any other accounting standard that may be relevant, use your company's annual reports for the year ending 30 June 2021 and 30 June 2022, and use any other information source relating to your company's accounting for bed licences.