Laboratory Notebooks contain primary records of research used by researchers to document their hypotheses, experiments and initial analysis or interpretation of these experiments. Such records cover items such as the procedures, the reagents used, the observations made, and other information which serve as a blueprint for others to reproduce the same results. A laboratory notebook qualifies as an intangible asset because it can be recognised and the associated economic benefits reliably measured. Intangible assets are a class of assets without physical form (like tangible assets, e.g., building) which hold value to the owners. To estimate the fair market value of Laboratory Notebooks, business valuators apply techniques under the income, market and asset methods. One of the underlying requirements for the valuation of an intangible asset is to assess the extent to which they are protected by the entity to appropriate the potential economic benefits by not becoming available to the public.