Question: Based on the ongoing debate on historical cost vs fair market value (FMV) accounting, we saw that most balance sheets present a mix of both

Based on the ongoing debate on historical cost vs fair market value (FMV) accounting, we saw that most balance sheets present a mix of both historical cost and FMV elements. Why not stick to only one standard? [Hint: state what the ideal case should be and indicate how/why it is not achievable in some situations. Using examples will be helpful as well.]

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