Question 1.- Why many argue that historical costs should no longer be used in accounting because they are not relevant?
Question 2.- Why many other argue that departing from historical cost introduces too much subjectivity into accounting?
EXPLAIN THE 2 ANSWERS AND PROVIDE A DEFENSE OF BOTH POINTS OF VIEW
And then explain why FASB chose to depart from historical costs in many of its recent SFASs.
It is not necessary to write an essay, just explain the two questions, and then explain why FASB chose to depart from historical costs in many of its recent SFASs in 1 PAGE OR MORE.