Palm Ltd acquired a business that used a large number of assets that worked in combination to produce a product saleable in offshore markets. The assets of the business include a computer program that enables the inputs to the manufacturing process to be transferred in a predetermined routine.

In measuring the fair value of the computer program, management of Palm Ltd determined that the valuation premise was 'in-combination' as the program worked together with other assets in the business.

Required Discuss how the various valuation approaches may be applied in the determination of the fair value of the computer program.