Current FASB standards require companies to report their tangible property, plant and equipment at historic cost less accumulated depreciation unless the there is a change of use and the fair market value of the property is less than cost less depreciation. International accounting rules or IFRS allow (but do not require) companies to adjust the amount reported for property, plant and equipment to estimated fair market value every year even if the fair value is higher than historic cost. Using the reasoning from the conceptual framework or general principles justify both of these approaches.