Journal of Finance and Accounting 2014; 2(6-1): 13-20 Published online October 23, 2014 (http://www.sciencepublishinggroup.com/j/jfa) doi: 10.11648/j.jfa.s.2014020601.13 ISSN: 2330-7331 (Print); ISSN: 2330-7323 (Online) Measurement in financial statement: Retrospection and prospects in the chaotic environment Svitlana Kuznetsova, Inna Tyvanyuk Department of International Finance and Banking, Alfred Nobel University, Dnipropetrovs’k, Ukraine Email address: kuznet@meta.ua (S. Kuznetsova), tuvanyuk@ukr.net (I. Tyvanyuk) To cite this article: Svitlana Kuznetsova, Inna Tyvanyuk. Measurement in Financial Statement: Retrospection and Prospects in the Chaotic Environment. Journal of Finance and Accounting. Special Issue: Synergy of Accounting, Finance and Management in Chaotic Environment. Vol. 2, No. 6-1, 2014, pp. 13-20. doi: 10.11648/j.jfa.s.2014020601.13 Abstract: Transformation of approaches to using different measurements in closing financial statements has been analyzed in this article. Evolution of the term “fair value” has also been systematized; fair value measurement development has been investigated in the international environment. Normative regulation to using measurements on fair value in Ukraine has been presented. Algorithm for choosing the form of accounting using fair value in the context of chaotic environment has been proposed. Keywords: Fair Value, Financial Statement, IFRS, US GAAP, Financial Statement Measurement 1. Introduction Integration and globalization of economical processes in the global community have determined the necessity of formation of united conceptual grounds of providing accounting information of general purpose, which is introduced as financial accounting statement. External character of such statement stipulates its formation with the aim of fulfilling needs of those users, who cannot demand the statements formed considering their particular informational needs. A widespread practice is uniting of the business by purchasing or selling companies. That is why information should be provided in financial accounting statement about purchasing, selling and holdings of securities, in the capital of an enterprise participation, management quality estimation, enterprise ability to fulfill commitments timely, provision of company commitments estimation, defining the sum of distributable dividends, enterprise activities and other managerial decisions regulation. Ukrainian wish to become a full partner in the global society, on particular to obtain the status of a member of World Trade Organization, determines the necessity to consider correspondent international practice on the process of the country’s normative provision of accomplishment of financial statement formation. Today Ukraine has been experiencing a number of economic transformations; the reforms are actively conducted such as political, economic and social ones. On the summit in Brussels on 27 June 2014, Ukraine and European Union have signed the agreement about the association and free trade. For business, it should provide new opportunities to extend selling their goods and services in EU as well as attract foreign investors. Having estimated and analyzed the conditions of the agreement about the association, a lot of experts-analysts believe that in the nearest future the necessity of implementation about 350 various legislative documents of EU into Ukrainian law by the Parliament of Ukraine will raise. These laws are also related to euro standards of accounting and audit. Clear, understandable, available and credible financial statement makes an enterprise competitive and attractive on the investment market. Increasing volumes of foreign investments into Ukraine, first of all, depends on ability of Ukrainian companies to provide partners’ trust and external financing through the actions for implementation of the efficient system of corporate management. [3]. On the other hand, it is reasonable to explore the directions of improvement of normative provision of financial accounting statement accomplishment in the context of informational support of its users for companies’ management. Using accounting information which is provided in financial statements in the process of analysis allows revealing major trends in the company development, mistakes in