Computer Software is made up of applications and the operating system which enables computers to perform specific tasks. Such software is exclusive of the hardware which is the physical components of the system. Computer Software is classified as an intangible asset which is a class of assets without physical form. Computer Software qualifies as an intangible asset because it is identifiable and the associated potential economic benefits can be accurately measured separately from the tangible assets. To estimate the fair market value of computer software, business valuators apply techniques under the market, asset and income valuation methods. An intellectual property rights grants owners of computer software exclusive rights to all the economic benefits associated with ownership of the software including the right to license the software to third parties.