Intangible assets, such as patents, trademarks, and goodwill, require different valuation methods:
Income Approach: This method estimates the future income generated by the intangible asset and then discounts it to its present value. Cost Approach: This involves estimating the cost to replace the intangible asset or create an equivalent one. Market Approach: This method compares the intangible asset to similar assets that have been sold in the market.