The Adjusted Net Asset Method is one of the business valuation methods under the asset approach which business valuation analysts apply to determine the fair market value of a business, part thereof or shares. The essence of the adjustment is to report key items at fair market value and also to eliminate extraordinary items and take into consideration off-balance items which have not been accounted for in the statement of financial position. The typical adjustments may include revaluation of fixed assets to restate these at the fair market value. Receivables may also be reviewed to exclude potentially non-recoverable items. Intangible assets may be tested for impairment to establish whether the book values are higher than the recoverable (fair market) values. From the adjusted balance sheet, business valuators can estimate the adjusted net asset which serves as a proxy of the fair market value of a business from which the value of an interest in the business can also be estimated.