Impact of Fair Value The influence of fair value measurement on accounting practices can vary by industry. However, the intended purpose of fair value among industries with regard to the assets that contribute to the value of a company is to ensure consistent reporting as defined by GAAP. When companies report their financials, it is often presented based upon a particular point in time, providing only a snapshot of the companies' financial position. The value of assets at one point in time, especially if those assets include shares of another company, may change on a daily basis, making it difficult to determine fair value. In contrast, historical cost uses the original value of the item. For this Discussion, you will explore the impact of fair value measurement on various industries and why a company may use fair value over historical cost. Be sure to use your Learning Resources to identify an industry that you would like to explore more closely with regard to fair value