Recent pronouncements of the FASB indicate that the FASB is moving away from historical cost accounting toward the use of current, or fair value.

a) you are expected to present arguments either for or against the statement that historical cost is more relevant than current value. You must support your position with references to the conceptual framework and to concepts of capital maintenance where appropriate.

Note: Argument should be 1 page in length and post a new post to this question.