Current Cost

Dear Chris,
I am a bit confused with definition of measurement bases. Could you confirm that the following definitions are right:

1) Current cost Cash that would be paid to replace the asset at a current value
It is alternative to historical cost but taking into account the inflation
Current value is the market value but taking into account the age of the asset

2) Fair Value = Realisable Value The amount the item could be disposed of in an ordinary transaction
Net realisable value =Sales proceeds less any costs involved in selling

3) Net replacement cost = Replacement cost – Depreciation

4) Present value is discounted value of future cash flows

For me the definition “Current value is the market value but taking into account the age of the asset” seems resempbling definition of “Net replacement cost”.
Could you explain how Current value and Replacement value differ ?

Thank you.