Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Using Your Judgment - Financial Reporting Problem - Page 72: b

For inventories, the historical cost amount is recorded when it is lower than the market value. Besides, plant, property and equipment are recorded at historical cost, which is subsequently depreciated (Note 1). Fair value information is reported in cases of foreign currency hedges, P & G's long-term debt, and U.S. government securities (Note 5).

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