Ocho Ltd reports the following intangible assets: $000 Patents at directors valuation 320 Less Accumulated amortisation (80) 240 Trademarks, at cost 30 Goodwill at cost 100 Less Accumulated amortisation (20) 80 Brand name 200 Licence at cost 20 Less Accumulated amortisation (2) 18

Patents were acquired at a cost of $160 000 and were revalued soon afterwards. They have an estimated life of 16 years, of which 12 years remain. The trademark can be renewed indefinitely, subject to continued use. The cost represents registration fees, which were initially expensed but recognised five years later after the trademark had started to become recognised by consumers. Goodwill has been purchased and amortised on the straight-line basis. The brand name is stated at fair value and is internally generated. The licence has a 10-year life of which nine years remain. The licence can be traded in an active market and has a fair value of $25 500. Required: State how each asset, or class of assets, should be recognised and reported in accordance with AASB 138 Intangible Assets. Justify your answer.