Intangible assets typically constitute a substantial portion of the value of broadcasting, cable, telecommunications, publishing, and technology companies. The assets typically must be valued according to ASC 805, and may need to be tested for impairment under ASC 350 and 360. It is therefore an important part of any valuation exercise to properly identify and assign a defensible value to the company’s intangible assets. These assets can be customer-related, contractual, market-related, or based on a particular technology. Bond & Pecaro analyzes each intangible asset using the three basic approaches to valuation: the cost, income, and market approaches. Given the nature of intangible assets, the income approach is usually utilized in valuing these assets. This approach involves projecting the income that will be attributable to the intangible asset over its life. It also includes examining the tax benefits of the asset, as well as adjustments for any contributory assets.