GRAP 17

In accounting we have two options when displaying the value of our assets. They are the same as in basic life, either at cost, or at market value. Cost is obviously the amount you pay for a specific asset on the day of purchasing it. It does not change as that is the cost of your asset.

Market value (to all my very highly qualified accounting friends: I am deliberately using this term as I want to keep it simple) is the current value of an asset. It could either be higher or lower than the original cost. For instance, buildings generally increase in value, while motor vehicles depreciate as they get older.

You might ask why we do not disclose all assets at market value as it seems to be a better reflection of what the assets are worth? I do agree, but unfortunately it is not always that easy to determine the current market value. Buildings and motor vehicles are easy, but what about furniture, computers and more technical equipment.

We were also bought, but not with money.
1 Peter 1:18 says: For you know that it was not with perishable things such as silver or gold that you were redeemed from the empty way of life handed down to you from your forefathers, 19 but with the precious blood of Christ, a lamb without blemish or defect.

That is way more than any other cost, or market value, ever determined. But we are not in debt for that, we are free!


More tomorrow...

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