In the field of business valuation, Food Flavourings & Recipes qualify as intangible assets available to firms or individuals with control over the economic benefits which can accrue to the Food Flavourings & Recipes. Food Flavourings & Recipes contain instructions detailing the process of preparing a dish or cuisine. For a Food Flavourings & Recipes to qualify as an intangible asset which can be valued, the recipe must be new and non-obvious, meaning it must be unique and patentable. Another way is to keep the food flavourings & recipes as a trade secret. To value and estimate the fair market value of Food Flavourings & Recipes, business valuators apply techniques from the income, market and asset valuation methods. This is possible because food recipes with intellectual property rights can be recognised, separated, and the associated economic benefits can be reliably measured. When Food Flavourings & Recipes are maintained as trade secrets, it is difficult to estimate and assign values to the owners because trade secrets are not protected by intellectual property rights to confer proprietary rights and associated economic benefits to the owners.