Abstract: Publisher Summary This chapter provides an overview on value and income measurement. Value relates to the benefit to be derived from having control over an asset or resource—to be able to use, sell, or store it as wished. In essence, there are four different methods that may be applied to asset valuation: (1) historic cost, (2) replacement cost, (3) net realizable value, and (4) net present value. The concepts of income and value are closely related, for valuation is concerned with the measurement of the stocks of wealth and income measurement with the flow of benefit from the use of that wealth. Accounting concepts of income and value have been mainly dominated by two postulates—the cost postulate and the realization postulate. The basis of valuation in financial accounting is historic cost or a derivative thereof that distorts seriously the measurement of income when the value of money is changing. The realization postulate that requires both objective evidence and reasonable certainty of asset value means that gains in asset values go unrecorded until they are actually sold.