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The measurement bases that will be considered here are:
- Historical cost measurement;
- Current value measurements, consisting off:
- Fair value measurement;
- Current costs measurement (also known as deprival value or value to the business);
- Realisable value measurement; and
- Value in use measurement.
All these bases are forms of accrual accounting – that is, they are intended to measure income as it is earned and costs as they are incurred, as opposed to simply recording cash flows. The … Continue reading