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XYZ Company bought real estate properties in Boston 50 years ago for $30,000. In 2020,...

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Accounting

XYZ Company bought real estate properties in Boston 50 years ago for $30,000. In 2020, a real estate appraiser inspects the properties and concludes that their expected market value is $2 million. The company has been using historical accounting principles for the last 50 years. A newly appointed financial manager recommends the use of fair value accounting for the value of the properties. Discuss the difference between the two approaches. Do you agree with the financial manager? Why or why not?

PS:MAKE IT AS UNIQUE AS POSSIBLE PLEASE.

PS:MAKE IT BETWEEN 270-300 WORDS LIMIT PLEASE.

PS:STICK WITH THE WORDS LIMIT PLEASE

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