Actually there are two types of accounting balance sheet methods so by definition, you should have and it would be better to have 2.
The first is an historical value based balance sheet where you record everything at what they cost you. For example lets say you bought real estate in 1920 for $1k and now its worth $1million. Historically you paid $1k and you can actually write that in, and you'd want to do that to show you "little" money your company makes, for things like taxes and such
The second case is a market value balance sheet where you record the market value of everything. If your company has inventory, you'd list its value at what it's worth, rather than what it cost you to make it. The interesting thing here is inventory is recorded as an asset. So at the end of the year if you have $50million of market value inventory sitting in a warehouse, a balance sheet will show how much money you MADE (even though you have not sold it). This is very good if you want to attract investors/loans and very bad for paying taxes ....
The point is both are legitimate and needed. The market value sheet will obviously produce a more accurate picture, but seeing as how inventory is an asset, there really is no "super accurate" picture, which is why it is important to keep accurate records for different scenarios.
I recommend an oldie but goodie:
"Buy low, sell high, , collect early, pay late" - Dick Levin
edit: i realize I am not in disagreement with you, rather just want to highlight what I think for other HN that there is a need for different versions of the same thing, and its quite legal.
The first is an historical value based balance sheet where you record everything at what they cost you. For example lets say you bought real estate in 1920 for $1k and now its worth $1million. Historically you paid $1k and you can actually write that in, and you'd want to do that to show you "little" money your company makes, for things like taxes and such
The second case is a market value balance sheet where you record the market value of everything. If your company has inventory, you'd list its value at what it's worth, rather than what it cost you to make it. The interesting thing here is inventory is recorded as an asset. So at the end of the year if you have $50million of market value inventory sitting in a warehouse, a balance sheet will show how much money you MADE (even though you have not sold it). This is very good if you want to attract investors/loans and very bad for paying taxes ....
The point is both are legitimate and needed. The market value sheet will obviously produce a more accurate picture, but seeing as how inventory is an asset, there really is no "super accurate" picture, which is why it is important to keep accurate records for different scenarios.
I recommend an oldie but goodie: "Buy low, sell high, , collect early, pay late" - Dick Levin
edit: i realize I am not in disagreement with you, rather just want to highlight what I think for other HN that there is a need for different versions of the same thing, and its quite legal.