Historical cost accounting concept is easy to use and apply because there’s no need to refer to market value. As a result, users do not need to do market research to obtain the current price or market value of the financial items since the historical costs are not affected by any future changes. They only need to record the original cost of the financial items in financial reports. Therefore, the financial reports can be prepared faster and easier than using other bases of measurement such as current replacement costs, current market value and net realizable value, thus saving costs and saving time.
