Is the following a violation of the unit of measure concept:?

Question

on the balance sheet, all asset account balances are reported at their market values

Answer 1

Not at all. The unit of measure concept merely states that economic activities must be measured in a currency (as opposed to other ways of describing transactions, like my co. is worth 2,000 cows and 4 acres of land). However I can understand if you had asked if reporting assets at market values violates the historical cost principle. The answer is still no. Because there are allowed exceptions to that principle, that's why properties are often revalued. And now there's this move away from historical cost accounting towards fair value accounting.