Bega Cheese Limited acquired the trade dress (i.e. the packaging labels) of Kraft Food for peanut better with an advertising campaign slogan of Same recipe, same great taste. Now Aussie owned by Bega. The expected market shares obtain by this trade dress is $60 million.

Question

Discuss whether these trade dresses would be recognised as intangible assets on Bega Cheese Limits balance sheet in terms of definition and recognition criteria and prepare the journal entries where necessary.