How does the objectivity principle apply to the accounting for assets? Multiple Choice The intent of management in holding an asset is important in determining whether it is included in the statement of financial position (balance sheet) at cost or estimated current value. Over time, the current market value of an asset is likely to approach its historical cost. Estimates of the prices at which assets could be sold are largely objective in nature. All assets must be reported at historical cost in the statement of financial position (balance sheet)