Accounting theorists favoring current cost measurements, rather than historical cost amounts, hold that this value reflects current conditions and therefore represents the current value to the firm. Opponents point out that current value may not be available for all balance sheet elements and that recording current values on the balance sheet would result in recording unrealized gains and losses on the income statement. The latter argument is less valid today, because the unrealized gains and losses can now be reported as a component of other comprehensive income.