The FASB's Conceptual Framework describes five different measurement attributes that are currently used in accounting practice: historical cost, replacement cost, fair value, net realizable value, and present value. For many years, accounting practice has been built on the reporting of assets in the balance sheet at their historical cost. Why is there an increasing emphasis on moving away from historical cost and toward other measurement attributes, especially toward fair value? Push to practice increased disclosure and decreased recognition Need to incorporate the values of additional currencies beyond the U.S. dollar More frequent use of corporate financial statements as the basis for income tax returns Shift in emphasis toward relevance of accounting information