control over valuations by the state introduces both a potential bottleneck and a level of intervention in the operation of the market which many countries and lenders would consider undesirable also imposing a requirement for all valuations to be bespoke exercises conducted by multinational accounting firms introduces a high level of cost into the system and makes smaller financing deals uneconomic to transact placing them beyond the reach of smes this effect is of particular concern in constructing an approach that meets policy objectives can collect a large quantity of comparable data and avoids concentrating risk in a small number of large deals which the market might be willing to finance in any event thus undermining additionality in many respects the behaviour of intangible assets is not very different from that typically associated with tangible assets but because some of the major causes for changes in value are different the points of parity may be less obvious