Measurement is defined as:

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Measurement is the process of assigning monetary amounts to the items that appear in the financial statements so they can be recognized and reported. It’s about deciding how much each asset, liability, equity, revenue, or expense is worth, using appropriate bases such as historical cost, fair value, or present value. This goes beyond simply recording transactions or reporting only cash activity, because many items are non-cash and still need to be valued for accurate financial reporting. Auditing, on the other hand, is about independently checking the information, not about determining the amounts to report. So the defining idea is the act of determining or assigning the monetary amounts at which the elements of the financial statements are recognized and reported.