The date at which the value of an asset/ a liability (or broadly, an item) is determined taking into consideration the market conditions and other determinants of value on that particular date. For example, calculation of the fair value of an asset will be based on market conditions and other relevant factors on the measurement date, rather than a certain moment in the past or the future. The objective of fair value measurement is to determine the price at which an orderly transaction to sell an asset or to transfer a liability will take place between market participants at the measurement date under current market conditions. This price is an exit price that is established at the measurement date (from the perspective of the party that holds the asset or owes the liability).

According to the measurement principle, identifiable assets purchased and liabilities assumed are measured at their fair values on the date of acquisition or transfer (which is the measurement date).