Consider the following statements relating to issues regarding classification and recognition in terms of IAS 38 Intangible Assets:

1. An intangible asset is any identifiable asset, other than monetary assets, that has no physical substance.

2. Before an entity may recognise an intangible asset, it must have legally enforceable rights over an item's expected future economic benefits.

3. Before an entity may recognise an intangible asset, it must have control over the asset.

4. An intangible asset acquired in a business combination will be expensed by the acquirer if the definition of intangible asset is not met (e.g. the identifiability criteria is not met).

5. Internally generated customer lists, brands and goodwill may be capitalised.