The article discusses how FASB has been researching fair value measurements, leading to the issuance of SFAS No. 157 in 2006. This standard is the most comprehensive accounting guideline on fair value. It provides a solid foundation for using fair value, offers valuable insights, and encourages action on fair value measurement issues. The paper traces the development of fair value measurements, examines the key points of Statement 157, and suggests areas for future research.