IAS 38-Intangible Assets specifies the criteria that must be met before an intangible asset can be recognised by an entity in its financial statements. Intangible assets are identifiable non- monetary assets without physical substance and include goodwill, brand, copyrights and patents. They could be purchased and/or internationally generated. Required: a. Identify any TWO characteristics of goodwill which distinguish it from other intangible assets. (4 Marks) b. Evaluate THREE differences between purchased goodwill and non-purchased goodwill (3 Marks) c. Identify any THREE conditions that must be met under IAS 38 for development expenditure to be recognised as an intangible asset. (3 Marks) d. Identify the main FOUR factors to be considered in estimating the useful life of an intangible asset (4 Marks) e. Calculate the goodwill on consolidation from the information below: Parent's cost of investment in subsidiary 299,700 Net asset at acquisition date (parent) 986,600 Net asset at acquisition date (subsidiary) 345,800 Fair value of non-controlling interest at acquisition date 169,500 Net asset at reporting date (subsidiary) 316,400 Impairment of goodwill 62,200 Parent has 80% interest in subsidiary (6 Mark) (Total 20 Marks)