Some people would argue that historical costs should no longer be used in accounting because they are not relevant. Others argue that departing from historical cost introduces too much subjectivity into accounting. Write a memo for Elizabeth Jansen, the managing partner of your firm. Ms. Jansen will use the memo to prepare a presentation on this topic for the local chapter of a professional accounting organization. Provide a defense of both points of view and explain why the FASB has chosen to depart from historical cost in many of its accounting standards.

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