The concept which states that assets are not to be recorded at their current market value is

The concept which states that assets are not to be recorded at their current market value is "cost." This concept is also known as the historical cost concept. It states that assets should be recorded at the amount they were acquired for, and not their current market value. This is because recording assets at their current market value would require frequent revaluation of assets, which is not practical for most businesses. Additionally, it is difficult to determine the exact market value of an asset at any given time. Therefore, the cost concept is used as a more practical and reliable way to record and value assets.