Net Identifiable Assets refers to the total value of assets of a business enterprise less the total amount of the liabilities. Identifiable assets are tangible assets and intangible assets that can be recognised and quantified. Net identifiable assets represent the book value of assets on the statement of financial position of the acquired firm. Under business valuation analytical work, all the identifiable assets and liabilities of a business being valued are adjusted to fair market value and extraordinary items taken out leading to the “normalisation’ and restatement of the balance sheet.