the balance sheet should disclose a company's wealth at a point in time. Wealth is defined as the present value of all resources less the present value of all obligations. Although the use of present-value measurements in accounting is increasing, it is not used extensively for all assets and liabilities. As a result, a variety of methods are currently being used to measure changes in the individual components of the elements of the balance sheet. these measurements can be summarized as past oriented--historical; current oriented--replacement amounts; and future oriented--expected--expected amounts.