A Development Permit is an authorisation granted to a corporate entity or an individual to undertake a development project per the terms and conditions specified in the permit. Among others, a development permit takes into considerations planning, zoning, planning standards, structural conditions, materials, building code, and other factors associated with the granting of the approval. A development permit qualifies as an intangible asset because it is identifiable, separable and the potential economic benefits can be accurately measured. Intangible assets are a class of assets without physical form (such as a building) yet can generate economic benefits to the owners. To estimate the fair market value of a development permit, business valuators apply techniques under the market, asset and income valuation methods.