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Briefly outline the rationale for using historical cost to record buildings in the financial statements. In addition, consider and discuss the relative advantages and disadvantages
Briefly outline the rationale for using historical cost to record buildings in the financial statements. In addition, consider and discuss the relative advantages and disadvantages for readers of the financial statements of using fair value instead to report buildings in the balance sheet. Where possible, refer to one or more concepts or terminology from the conceptual framework
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