This two-part article examines whether the valuation of intangibles prepared based on accounting standards or transfer pricing guidelines would also comply with the requirements for valuing intellectual property rights under section 19B of the Singapore Income Tax Act 1947. The article highlights potential issues that could result in value misalignment, largely due to differences in the definition of intangibles, basis of value and other valuation considerations. It also provides suggestions to bridge these potential gaps and to enhance valuation certainty for the tax amortization regime in Singapore.