Question: The IASB conceptual framework (2014) does not provide any detailed prescriptions on the issue of measurement. In recent years however, accounting standards have shifted away

The IASB conceptual framework (2014) does not provide any detailed prescriptions on the issue of measurement. In recent years however, accounting standards have shifted away from the use of historical costs in favor of fair values. Why do you think this shift has been happening? Why do you think that conceptual frameworks are yet to clearly stipulate an alternative to historical costs, such as fair values? (750 words)

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