Alternative accounting rules under the Companies Act modify the historical-cost convention, allowing for the valuation of certain assets at current or market value.
The accounting principle under which assets are recorded and carried in the books of account at their original purchase cost.
An accounting method of presenting financial information on different bases such as historical-cost convention, modified historical-cost convention, and replacement cost, in a columnar format to facilitate better understanding by users.
Property, Plant, and Equipment (PP&E) are tangible fixed assets used in operating a business. This category includes land, buildings, machinery, fixtures, and other types of equipment that are expected to be used over multiple accounting periods.
