This report provides a comprehensive overview of fair value measurement within the context of corporate accounting and reporting, focusing on the Australian Accounting Standards Board (AASB) framework. It explains the significance of fair value measurement in accurately representing the value of assets and liabilities, thereby assisting investors in assessing a company's financial position. The report details several relevant AASB standards, including AASB 138, AASB 3, AASB 116, and AASB 13, which are used to determine asset values. It explores different valuation methods such as valuation method, cost approach method and income approach method as outlined in AASB 13, and how these approaches are applied in practice. The report also addresses specific standards like AASB 3 and AASB 116, highlighting their impact on asset and liability recognition and valuation of property, plant, and equipment. Furthermore, it discusses key elements of AASB 13, such as exit price, orderly transactions, and market participants, and how these elements influence the determination of fair value. The report emphasizes the importance of fair value measurement in financial reporting and its role in providing a true and fair view of a company's financial performance.