The Fair value principle is the most appropriate for recording the value of that asset.
What is the Fair value principle?
Fair value is a wide measure of an asset's inherent justifiable market value. It is the price of an asset in the economy as determined by the rules of demand and supply.
- Assets appraised using the fair value principle have easily available and reliable market pricing information.
As a result, the fair value principle is frequently utilized to determine an asset's genuine worth.
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