Fair value measurement in financial accounting is important, especially during financial crises. It involves estimating the market value of assets and liabilities instead of using historical costs. This method relies on hypothetical transactions, estimative prices, and market values. While fair value is useful, historical cost remains the fundamental measurement attribute in accounting. The U.S. Emergency Economic Stabilization Act of 2008 suggests reviewing and modifying fair value measurements. Accounting will always be based on recording historical transactions, with fair value as a supplement.