According to STANDARD 10, what information is omitted regarding personal inspections in appraisals of intangible assets?

In the context of appraisals of intangible assets as outlined in STANDARD 10, the omission of a reference to a personal inspection is significant because personal inspections are typically less relevant for intangible assets compared to tangible assets. Intangible assets, such as patents, trademarks, or brand value, often rely more on financial data, market analysis, and the performance of the underlying business rather than physical characteristics that can be observed in a personal inspection.

The standard underscores that personal inspections are not always necessary or applicable in the valuation of these assets, mainly because intangible assets do not have a physical presence that can be inspected. Instead, the valuation may focus on financial metrics, market conditions, and the legal rights associated with the intangible asset. Thus, the absence of a personal inspection reference aligns with the inherent nature of intangible assets.

Moreover, while aspects such as the appraiser's qualifications, details of the valuation process, and the appraiser's experience with similar assets are important components of a thorough appraisal methodology, they do not directly address the nature of personal inspections. These elements help to provide assurance about the appraiser's capability and the validity of the valuation process, focusing on the appraised value rather than the need for a physical inspection.