Appraising intangibles

My earlier posting on DOE loan guarantees mentioned that the regulations for the program require a "listing and description of assets associated, or to be associated, with the project and any other asset that will serve as collateral for the Guaranteed Obligations, including appropriate data as to the value of the assets . . ." The regulations also require the appraisal of real property to be "consistent with the 'Uniform Standards of Professional Appraisal Practice, [USPAP]' promulgated by the Appraisal Standards Board of the Appraisal Foundation, and performed by licensed or certified appraisers . . ." Standards 9 and 10 of the USPAP covers "business valuation" which includes appraisal of intangible assets, but its usage is not mandatory for government backed loans. Maybe it is time to look at those standards as well.