current cost- replacement cost can you explain me more about this

Measurement approaches and the accounting standards Current cost - replacement cost: - Costs to incur replace items. - Replacement cost: an item is valued and recorded at the amount that would be paid at the current time to purchase an identical item. OH 5 6 7 8 T 0 Search (Alto) Javed Mahn Slide Show Record Review View Help AA 3315 Esto Fly Shape Our Shapes Arranged Style Shape Ette Drawing Paragraph Measurement approaches and the accounting standards Current cost - replacement cost: - Costs to incur replace items. - Current cost: . an item is valued and recorded at the amount that would be paid at the current time to provide or replace the future economic benefits expected to be derived from the current item