It has been suggested that a statement of financial position based on historical cost valuations can be
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It has been suggested that a statement of financial position based on historical cost valuations can be so out of date, and so undervalued in times of significantly rising prices, that it becomes of little use. With reference to the concepts of accounting, and to the Framework for the Preparation and Presentation of Financial Statements, outline the main arguments for and against such a statement.
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