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Recent pronouncements of the FASB indicate that the FASB is moving away from historical cost...

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Accounting

Recent pronouncements of the FASB indicate that the FASB is moving away from historical cost accounting toward the use of current, or fair, value. Choose one of the following two positions and support that position with references to the conceptual framework and to concepts of capital maintenance where appropriate.

#1: Present arguments that historical cost is more relevant than current value

#2: Present arguments that current value is more relevant than historical cost.

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