In accounting, certain assets are recorded at their original purchase price and such price is not adjusted

Question:

In accounting, certain assets are recorded at their original purchase price and such price is not adjusted for changes in market value or inflation. There is a rule referred to as historical cost. Therefore, after several years, the value of the assets on the books of the company may be unrelated to its current market value. Accordingly, should this accounting rule be changed to bring more relevance to the of a company?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...