What is a good response to the information below?

There is not one single way to record value in accounting. One way of doing so is to follow the fair value principle and the other is to follow the historical cost. The most common method out of the two in which to estimate the potential market price of a service, asset or good is to use the fair value option. This is because the historic value is stagnant regardless of the age of an asset. Since historical value is just the original cost of the asset, it can also be seen as a more reliable form of perceiving the value of anything in accounting.

The fair value option however can be said to be the most accurate form of assessing the market value of a good, service or asset. This is because it is regularly checked at a certain interval.

In my opinion however it is not always the best option as the biggest problem with the fair value is that there is room for error. Historical cost doesn't require one to assume the value where as fair value has to be calculated multiple times and still have an incorrect value issued.