Please write a 250 word response to the below discussion and please provide 2 scholarly sources.

Accounting requires transactions to be recorded at their historical costs. This is because accounting is concerned with past events and it requires consistency and comparability. The historical cost concept is the value of a resource given up or a liability incurred to acquire an asset/service at the time when the resource was given up or the liability incurred (Obaidullah, 2017). In subsequent periods when there is appreciation in value, the value is not recognized as an increase in assets values except where allowed or required by accounting standards (Obaidullah, 2017). This concept of historical cost is crucial because market values continuously change that allowing reporting of assets and liabilities at current values would distort the whole framework for accounting, as well as hinder comparability and will make accounting information inaccurate. In contrast, International Financial Reporting Standards (IFRS), is a single set of accounting standards, developed and maintained by the International Accounting Standards Board with the intention of those standards being capable of being applied on a globally consistent basis---by developed, emerging and developing economiesthus providing investors and other users of financial statement with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with the international peers (ifrs.org). IFRS standards are mandated and used by over 100 different countries. According to Hans Hoogervorst, chairman of the International Accounting Standards Board, historical cost needs a degree of current measurement to maintain its relevance, its not free from subjective updating requirements and it is not necessarily stable. It is also open to abuse (ifrs.org). Although the historical cost method has some advantages it should not be an overall preferred measurement model.