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Financial accounting utilizing U.S. standards has primarily been based on historical cost. In business combinations, book value and carrying valuo on bonds can become relevant. In addition, fair market value of other assets may also become a factor. Discuss the pros and cons of each method of valuation. Which method do you feel is the best for valuation of assets? Explain Financial accounting utilizing U.S. standards has primarily been based on historical cost. In business combinations, book value and carrying valuo on bonds can become relevant. In addition, fair market value of other assets may also become a factor. Discuss the pros and cons of each method of valuation. Which method do you feel is the best for valuation of assets? Explain