In-Process Research and Development (IPR&D) comprises all intangible assets that are at the research or development stage. When acquired as part of a business combination (merger or acquisition), IPR&D are recognised and recorded at fair market value even if it is only at the research stage and not yet to be at the development stage. In the absence of business combination, IPR&D expenditures are expensed in the income statement but can be amortised if management can demonstrate that either alone, or in combination with other assets, the IPR&D is usable and will generate economic value into the future. Business valuers determine the value of IPR&D by applying appropriate methods for valuing intangible assets.