Unidentifiable Intangible Assets are intangible assets that cannot be physically separated from other assets and as a result cannot be sold to third parties. Goodwill is the most common unidentifiable intangible asset. Business valuators can value intangible assets as long as they are identifiable and can generate economic benefits to the owner. To estimate the fair market value of an unidentifiable intangible asset such as goodwill, business valuators apply techniques under the market, asset and income valuation methods to establish the residual value over and above the value of tangible assets of the business. The residual value over the fair market value of the business is recorded as the goodwill of the business which is internally generated through elements such as brand name, reputation, customer loyalty, location, products, and related factors not separately identified and quantified. When goodwill is internally generated, it normally expensed as cost in the income statement. As goodwill is considered indefinite, it is not amortised over some expected useful life but rather tested annually for impairment so the goodwill is recorded at fair market value.