The following info relates to Rockmedia plc, a media and entertainment company for the year to 31st Match 2007

1) the company acquired the copyrights to the original recordings of a heavy metal band for £5M

2)The company experience a 60% growth in sales in of its internally developed music magazines and considers the fair value of the masthead of this publication to be £21M

3) The company acquired SynFilms Ltd for £47m. The main purpose of this acquisiton was to secure Synfilms film library which Rockmedia considers to be worth £42M.
The remaining tangible net assets of SynFilms are valued at £2M

4) The company purchased a broadcasting license which is renewable every 10 years for £50M. The cost of renewing such a license is negligible and the company has held a number of similar licenses for a long time which have always been renewed,

Applying IAS 38 and IFRS 3 discuss how the above information should be reflected in the annual report and accounts of Rockmedia Plc.