The Statement of Financial Position of the Pine Creek Property Company shows a number of classes of property, plant and equipment. A new shareholder is confused that some items are shown at cost and others at fair value. He has asked you to explain how the company can have different valuation methods at the same time. He has also asked if the company can change its valuation from a cost basis to fair value and can they go back to cost again if they change their mind and what would be the disclosure requirements of such a move