How is this financial issue should be accounted in the Financial statements?

The Phoenix brand was purchased 10 years ago for $100,000. It was attributed
an indefinite useful economic life and has therefore not been amortised. No
impairments have been charged to-date. The directors believe that recognizing the
brand at cost materially under-states the value of the business and therefore
misleads the shareholders and lenders. The directors have prudently valued the
brand at $3 million and wish to recognise this value in the statement of financial
position as at 31 December 20X1.

Is this an intangible asset?