The starting point of this work is the ongoing shift of capital market-oriented accounting towards fair value measurement. This paradigm shift raises two questions. Firstly, based on an analysis of US GAAP and IFRS, the concept of the fair value measurement basis is elaborated, and its reflection in current standards is presented. In a second step, fair value accounting is subjected to a comprehensive feasibility study to discuss its contribution to the information function. Based on information economics, investment, and balance sheet theory approaches, fundamental statements regarding the information quality of fair value, the justification of a balance sheet fair value measurement, and the characteristics of fair value profit are derived. The results present a nuanced picture of the decision usefulness of fair value accounting. Significant advantages, as particularly put forward by standard setters in the debate, are relativized from both a conceptual and empirical perspective.