IP valuation is an important exercise that all organizations need to perform not only for licensing purpose but also for disclosing value of intangibles to third party. Recent issuance of Statement of Financial Accounting Standard 142, Goodwill and Other Intangible Assets, has changed the accounting treatment of certain intangibles acquired through business combinations. The earlier treatment of intangibles with amortization period has changed to carrying intangibles on balance sheet at fair value and subject to periodic impairment testing. This would be important to tax departments. Other third party who might need to know value of intellectual property are financiers and bankruptcy evaluator