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Does depreciating and asset truly reflect an asset's fair value?

Does depreciating and asset truly reflect an asset's fair value?

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Answer #1 
The fair value of any commodity or goods is possibly determined by the market. And a buyer and seller agree, and can often fluctuate over time. To put it differently, the carrying value usually reflects equity, and the fair value reflects the current market price.
The fair value of an asset is calculated based on market accounting. To put it differently, the fair value of the property is the amount received in the transaction between the participants if it is sold in the open market. Self-interested buyers and sellers agree on this value. Due to the changing nature of the open market, the fair value of the property fluctuates greatly.
Under the FASB, upward valuation of certain assets is not allowed to reflect appropriate market values. Accounting for the weaker expenditure of fixed assets does not allow the reflection of market values, even when forced.

The carrying value is not the original purchase price of the said asset, but it is often reflected in its actual value after a few years.
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