New Medz Pharmaceutical is a young small drug company that specializes in research and development. i) Acquired patent for established successful drug that has a remaining life of 8 years. An expert consultancy firm has estimated the current value of the patent to be $20 million. ii) New Medz has developed and patented a new drug, Clora, which was approved for medical use on 1 February 2019. The cost of developing the drug was $24 million of which $11.5 million was incurred after date of approval. Based on early assessments its recoverable amount is estimated at $10 million. The directors wish to capitalize the full cost of developing the drug. iii) The company spent $2.5 million sending staff on a specialist training course at the beginning of the current year. The directors noted that though the course was expensive they have seen a marked improvement in production quality, increase in revenue and cost reductions. The directors of New Medz believe these benefits will continue for another 2 years and wish to capitalize the training costs as an intangible asset. iv) New Medz invested $1.8 million into their advertising campaign for their new drug Clora. The advertising agency told them it would build brand recognition for many years to come. The directors are of the opinion they should capitalize the advertising campaign. Their accounting team has asked for your opinion in respect of recognizing the above as assets, and if so, what is their accounting treatment, for the year 31 December 2019 with reference to IFRS. For the transactions that cannot be capitalized you are required to give the directors details of the reasons in relation to IFRS.