Valuing intangible assets is an important part of modern business. Intangible assets are non-physical items such as copyrights, trademarks, patents and goodwill that are not associated with physical property or materials. Valuing intangible assets requires understanding their economic value and takes into account their contribution to a company’s competitive advantage. Companies must keep track of the value of their intangible assets to ensure compliance with relevant financial reporting standards and regulations. Proper valuation of intangible assets also helps business owners and managers understand the true value of their companies and provide clear guidance when making decisions about investments and other strategic initiatives.