I WOULD LIKE A DETAILED, FULL AND CLEAR ANSWER PLEASE, AS THE ANSWERS I GOT BEFORE WERE MISSING INFORMATION AND WERE UNCLEAR.

COULD ANYBODY HELP WITH THIS QUESTION?

Both Financial Accounting Standard Board (FASB) and International Accounting Standards Board (IASB) recognize cost and fair value as valuation bases for the elements of financial statements. In particular, non monetary assets are usually valued at cost while monetary assets can be valued at fair value. Explain the rationale for the application of cost concept to non monetary assets and the rationale for the application of fair value option for monetary assets.