A Forest Concession is an authorisation by a Government or state agency which grants the owner exclusive rights over all the economic trees within a given forest area. The concession grants the owner exclusive rights to extract or process all the forest resources within the allocated forest area in compliance with the conditions of the authorisation. A Forest Concession qualifies as an intangible asset because it can be recognised, separated, 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 to estimate the fair market value of intangible assets such as forest concessions.