| Elements of the contract and varied requirements for it on enterprises part are not only the key factors in the survival and development of an enterprise, but also the premise and foundation for the evolution of accounting measurement. The study shows that accounting measurement itself implies the concept of contract. In the era when contractual relationship was relatively simple, the historical cost measurement was the choice; but in an era when contractual elements and relationship become more and more complicated, fair value measurement and physical measurement have become the inexorable choice. |
