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solve it as per Ind-AS and also mention name and number of Ind AS. 4.8.4 D-1: Ten years ago, Innovate developed a new game called

solve it as per Ind-AS and also mention name and number of Ind AS. 4.8.4

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D-1: Ten years ago, Innovate developed a new game called 'Our Sports'. This game sold over 10 million copies around the world and was extremely profitable. Due to its popularity, Innovate release a new game in the Our Sports series every year. The games continue to be bestsellers. The directors have produced cash flow projections for the Our Sports series over the next five years. Based on these projections, they have prudently valued the Our Sports brand at 20! million and wish to recognise this in the Balance Sheet as at 30 September 20X3. On 30 September 20X3, Innovate also paid 1 million for the rights to the 'Pets & Me' videogame series after the original developer went into administration. Required: Discuss the accounting treatment of the above in the financial statements of Innovate for the year ended 30 September 20X3

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