The Evolution of Accounting Measurement: Issues and Prospects

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Abstract This study focuses on the advancement of accounting measurement from historical costs to the contemporary times of fair value reporting. The study looked at both measures, identifying their strengths and challenges. From the views of notable scholars on the subject matter, it has been revealed that although the need of investors for decision useful information has advanced the use of fair value accounting (FVA) measurement being that it derives from current market prices, historical cost accounting (HCA) remains useful in current times due to its objectivity in the measurement of transactions and events. From prior researches, it has been demonstrated that the furtherance of accounting measurement continues. The study concluded by suggesting the way forward despite the dilemma that exist between both measurements by establishing a mixed model that will capture the good qualities of both measurements.

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