Explain why long-lived tangible and intangible assets are reported in the balance sheet at historical costs instead of at their current fair market value. Would you prefer these assets to be reported at historical cost or at their fair market value? Why? Also, what could be some of the main advantages and disadvantages for the users of the financial information for decision making if long-lived tangible and intangible assets are reported at their current fair market value? You can focus the answer to this last question to one type of user (i.e. investors, creditors, managers, government, etc...) of financial information