Consider the above requirements/arguments. Critically examine what bases of measurement of assets would you consider when preparing the statement of financial position to provide a true and fair view of the entity's financial position.

The report should incorporate the followings:

1. Distinguish between the recognition and the measurement of assets of the statement of financial position.
2. What are the essential components of measuring assets as per the Accounting Conceptual Framework 2014?
3. Distinguish between value-in-use and value-in-exchange.
4. Identify and explain some of the perceived strengths and shortcomings of the above different measurement bases.
5. What arguments are usually advanced to support the measurement of the assets?
6. Why do financial statement preparers still use historical cost when it has been subject to many criticisms?

This Assignment must be written/structured in a 'business report'. That is, it must have a/an:

1. Executive summary (between 100 to 150 words),
2. Introduction that; Succinctly summarizes this Assignment's topic and its key issues, controversies, etc. (no more than 200 words), and
3. The body that addresses all the requirements – see above 1-6 (no more 2000 words),
4. The conclusion that sums up the main issues of this Assignment and your recommendations/suggestions (no more than 250 words), and
5. Reference list containing all cited works.
6. The report must contain properly constructed grammar. Must complete the information in an acceptable format.
7. The Assignment must contain at least four peer-reviewed journal articles. See marking sheet and marking rubrics.