How it will be accounted for this two cases?

On 31 December 20X1, Phoenix sold $1 million of receivables to a debt factor
and has received a cash payment of 90% of the receivables sold. The terms of
the factoring arrangement state that Phoenix must reimburse the factor for any
amounts not collected after six months.

The Phoenix brand was purchased 10 years ago for $100,000. It was attributed
an indefinite useful economic life and has therefore not been amortised. No
impairments have been charged to-date. The directors believe that recognizing the
brand at cost materially under-states the value of the business and therefore
misleads the shareholders and lenders. The directors have prudently valued the
brand at $3 million and wish to recognise this value in the statement of financial
position as at 31 December 20X1.