Measurement is the process of:

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Measurement in accounting is the process of determining or assigning monetary amounts at which the elements of the financial statements are to be recognized and reported. This means deciding how much money to put on the books for assets, liabilities, equity, revenues, and expenses so the financial statements convey amounts in money terms. It’s different from recording, which is about capturing transactions, and from deciding whether something is an asset or an expense, which is a classification step. It’s also not auditing, which involves examining the statements for accuracy. Measurement may use different bases like historical cost or fair value and can involve estimates, but the core idea is to assign the monetary values that will appear in recognition and reporting.