Which of the following is NOT an approach to value identified in FASB ASC 820?

The operational approach is not recognized as a distinct method for valuing assets or businesses under FASB ASC 820. Instead, ASC 820 outlines three primary approaches to value: the income approach, the market approach, and the cost approach.

The income approach focuses on the future benefits that an asset is expected to generate, typically through discounted cash flows. The market approach relies on comparing the asset in question to similar assets in the marketplace, using recent sales data to support fair value estimation. The cost approach looks at the cost to replace or reproduce an asset, providing a basis for valuation based on current market conditions for inputs and applicable depreciation.

In contrast, the operational approach does not exist within the framework of FASB ASC 820, which is why it is correctly identified as the choice that is NOT an identified approach to value.