Instructions: Class discussions allow us to communicate and learn from each other. When you complete a discussion, be sure to present your responses in complete paragraphs of $5$ to $7$ sentences each. You want to include details so all class members can understand your message. Secondly, always keep the reader in mind. In an online course, discussions are the tool used to communicate to the class. You always want to keep your class mates in mind when you present your observations and thoughts. D iscussion TopicThe cost principle requires that plant assets be recorded at cost$.$ Cost consists of all expenditures necessary to acquire an asset and make it ready for its intended use. $$ If a cost is not included in a plant asset account, then it must be expensed immediately. Such costs are referred to as revenue expenditures. In contrast, international standards allow that after recognition as an asset, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.Explain the FASB's Conceptual Framework in terms of the Cost Principle. For example, why do you think the FASB chose to use the Cost Principle rather than Fair Value to measure plant assets?