The accounting according to International Financial Reporting Standards (IFRS) aims to provide decision-useful information. IAS 40 claims to provide such information and therefore requires the fair value measurement of investment properties. The fair value is usually estimated using a DCF method due to the lack of current comparable prices in Germany; however, the IFRS do not contain specific guidelines for this. Christian Huschke presents IAS 40 comprehensively, highlights its application issues, and demonstrates a suitable problem-solving framework. A problem-solving strategy based on heuristics is identified, and an original empirical study (conjoint analysis) assesses the preference for alternative heuristics in fair value measurement. This has led to new insights into preferences for the first time.