Answer:
There has been an increasing emphasis on moving away from historical cost and toward other measurement attributes, especially fair value, for a few reasons. One reason is that fair value provides more relevant and up-to-date information about the value of assets. It reflects the current market conditions and can capture changes in the value of assets over time. Another reason is that fair value can enhance comparability between different entities, as it provides a common basis for measuring and comparing assets. Additionally, fair value can be more useful in certain industries or situations where market prices are readily available. However, it's important to note that the choice of measurement attribute depends on the specific circumstances and nature of the assets being measured.
