Value measurement and disclosures in accounting is further effort and method to objectively determine quality of financial reporting which have continued for many decades. Quality characteristics are the bedrock on which accounting theories are formulated, since it is important to prepare and present financial statement with a view to meeting its objectives. Although, this study is literature approach, having explored rationale for fair value accounting, IFRS 13 sets out a framework for measuring fair value; and requires disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, the IFRS 13 establishes a fair value hierarchy that categorizes into three levels the inputs to valuation techniques. The process of valuing an instrument to its fair value depends on how easy it is to determine a price for that instrument. Since fair value is the price at which a willing buyer and seller agree to trade, finding the right price is important to valuation.