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the FASV's conceptual framework describes five different measurement attributes that are currently used in accounting practice; histrrical cost, replacement cost, fair value, netreliablnet reliable value
the FASV's conceptual framework describes five different measurement attributes that are currently used in accounting practice; histrrical cost, replacement cost, fair value, netreliablnet reliable value and present value. for many years, accounting practice has been built on the reporting of assest in the balnace sheet at their historical cost. why is there an increasing emphasis on moving away from historical cost and toward and toward other measurement attributes especially toward fair value?
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