Replacement cost

It means that the replacement cost alone does not fully capture the deprival value of an asset.

Deprival value is the value to the business and can be either the cost of replacing the asset, the net realisable value, or the economic value (what it is worth to the company over the asset’s useful life).

Therefore, deprival value encompasses more than just the replacement cost; it also considers the potential loss to the business if the asset were not available.