Valuation of Assets owns courier service. is the sole thc Standards l'riv.itc Enterprise for reporting lhvid will thc bank 'Or loan to support asks his to a balance sheet to show thc b.mk regarding his lean application. friend of Who works in the estate business. has indicated building owned bv the business worth if offered for thc current market. building is listed AS an asset On the company's its original ,ost price. David tecls the higher amount should be on the balance sheet because it reflects the value of his and impress tin bank 1. under the Accounting Standards for rrivate Enterprise cost principle. amount should be shoun on thc balance sheet for the building! z Under the International Financial Reporting Standards fair value principle what amount should be shown on the balance sheet? 3. Should you follow David's instructions when ytu prepare the balance sheet? Give reasons for your answer. 4. Would the bank bc interested in the current value Of the building? 5. What advice would you give David?