QUESTION ONE [35] (8) Molly, an accountant at Biscuit Limited, is battling to understand certain aspects of IAS38 Intangible assets. You are employed by a firm of accounting consultants. He has sent you an email asking for clarity on three issues. An extract of his email follows: Please could you briefly explain the difference between research and development and how I should be recognising the related costs? Could you please also explain the difference between finite useful life and indefinite useful life intangible assets and briefly identify what aspects of the measurement of an intangible asset would be affected by these different categories? (8) I have heard that both the recognition and measurement of an intangible asset depends on how it was acquired. Please could you elaborate in detail. I am so worried that I have accounted for our company's intangible assets incorrectly. (15) Required Draft an e-mail to the accountant in which you address each of his concerns. Presentation (2) Format (2)