Backlog (also referred to as “Open Orders”) arises when the pending requirement of and unfulfilled order is met before the order expires or is cancelled by the customer. The flexibility for a customer to buy or sell an order ahead of the fulfilment date translates into an intangible asset which can be leveraged. Backlogs qualify as intangible asset because they can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form yet can present significant economic value to the owners. Business valuation analysts apply several techniques under the income, market and asset methods in estimating the fair market value of intangible assets such as backlogs.