Some businesses acquire assets such as plant, equipment, machinery and motor vehicles from external suppliers and some businesses also develop some assets internally such as brands, patents, office buildings, hardware and software. For these assets to be recorded in accounting books their value should be measurable or the business should be able to quantify the cost incurred by the business, since accounting only records business events that can have a monetary value assigned to them.

International Accounting Standard (IAS) 16 and the accounting framework argue that assets should only be recognised if there is a probable inflow of future economic benefits from them, and the cost of the asset should be reliably measurable. The purpose of ascertaining the cost of the asset is to ensure that the reliable measurement condition set in IAS 16 is met. An asset cannot be recognised in the accounting books if its monetary cost cannot be quantified or calculated.

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