47-One of the objective of financial reporting is that correct and authentic information should be floated to the interested parties. For this purpose, the valuation of assets and other accounts

47-One of the objective of financial reporting is that correct and authentic information should be floated to the interested parties. For this purpose, the valuation of assets and other accounts must be real and up to the mark. There is a lot of debate on this issue that the items appearing in the balance sheet must show the real value of assets. storical cost assumption supports the idea that since there are many objections on the valuation of the items appearing in the balance sheet, then it is better to use historical cost as
O a. It is verifiable, hence achieve accounting objective
O b. It is common across the globe O c. None of the options
O d. It is up-to-date does not require any further modifications

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