The cost approach to the measurement of fair value is based on the amount that currently would be required to replace an asset with the same or a comparable asset.

Name: The cost approach to the measurement of fair value is based on the amount that currently would be required to replace an asset with the same or a comparable asset.
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Quizplus · Accepted Answer

The cost approach does involve estimating the cost to replace an asset with a comparable asset, so the statement is true.

The Cost Approach to the Measurement of Fair Value Is