Decision-Useful Asset Measurement from a Business Valuation Perspective
从企业估值理论和实践出发，提出资产计量方法应随资产预期实现价值的方式（交换或使用）而不同：交换资产宜用公允价值减销售成本，使用资产宜用历史成本，重置成本在单独披露持有利得和损失时也有用。
SYNOPSIS This article proposes an approach to asset measurement rooted in business valuation theory and practice. In the context of a business valuation, investors' information needs and the asset measurement investors find useful vary with the manner in which the assets are expected to realize value for the firm. After reviewing arguments made in economic and accounting theory, accounting research, accounting standards, and practitioner and business valuation literature, we conclude that for in-exchange assets, investors need to determine the value expected to be realized in exchange. Exit price in a hypothetical market exchange (i.e., fair value) less expected costs to sell provides investors with decision-useful information in this regard; replacement cost and historical cost do not. For in-use assets investors require information useful in forecasting cash flows generated by using such assets in combination. Based on arguments and data presented in the aforementioned literature, we conclude that historical cost generally provides investors with decision-useful information for forecasting purposes; fair value does not. In addition, replacement cost can provide decision-useful information provided holding gains and losses are separately disclosed, but its decision-usefulness can be constrained by verifiability concerns.