Economic Development Agency (EDA) is an other government organization controlled by the provincial government. EDA uses IFRS as its accounting framework and holds a number of intangible assets, acquired from arms-length parties, on its balance sheet. Which of the following statements regarding intangible assets and the consolidated financial statements is true?

Intangible assets will not be presented in the governments consolidated financial statements because EDA will be dealt with through the modifie

Intangible assets will be brought into the governments statement of financial position on consolidation.
		Intangible assets will not be presented in the governments consolidated financial statements because they will be eliminated on consolidation.
		Intangible assets will not be presented in the governments consolidated financial statements because they are not recognized as assets.