### Analysis of the significant measurement models

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##### Reference no: EM13340474

"Measurement is arguably the most important concept in the discipline of accounting, since without measurement; there would be no need for accounting. The second most important concept is historical cost because it provides a critical evidentiary perspective to the discipline of accounting. This also means that for financial reporting purposes, historical cost helps to ensure reliability and credibility of the financial statements. "

REQUIREMENTS

You are required to critically evaluate the above statements. Your answer should include a comparative analysis of the significant measurement models in accounting. As a minimum, this should encompass a detailed discussion of historical cost accounting (outlining the advantages and disadvantages of the cost model), and at least six(6) alternative measurement models that have been adopted in current accounting standards.

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