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.
A modification of the historical-cost convention in which certain assets are included at revalued amounts rather than their original cost. This approach is permitted under specific regulations such as the Companies Act.
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.
