The IASB Framework for the Preparation and Presentation of Financial Statements does not prescribe a specific approach
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The IASB Framework for the Preparation and Presentation of Financial Statements does not prescribe a specific approach to measurement. However, in recent years accounting standards have been released which have shown a movement away from historical costs and a movement towards the use of fair values. Why do you think this is occurring? Further, why do you think that conceptual frameworks have not been amended to suggest an alternative to historical costs—such as the use of fair values?
According to Watts and Zimmerman (1978), what factors appeared to motivate corporate management to lobby in support of general price level accounting (current purchase power accounting)?
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