An article in
Pitifully Old and Obsolete Principles (POOP)
Answers
I would be fearful of listing FA at FMV. Who determines what FMV is at year end? A team of outside assessors? Accountants? Auditors?
The ultimate determination of FMV is a willing buyer and a willing seller. We can't have that without actually executing the transaction.
Footnotes reflect market value and the differences from book value on FA. Ask KKR. They were masters at finding value in and entity that others didn't recognize the discrepancies.
To me, a Fixed Asset is just a long-term prepaid expense, whose cost I'm going to "amortize" over its useful life. As it ages, if I make repairs that extend that life, I'll add them to the asset base, otherwise expense them as repairs. I don't need to know the FMV of the FA unless I contemplate selling it (or the entire business).