The purpose of this study was to investigate the effect of the implementation of value-based measurement approaches on financial reporting in Nigerian companies. Specifically, this research explored the impact of fair value measurement approach (as an indicator of value-based measurement approach) on four major qualitative features of accounting information, namely: faithful representation, significance, comparability and verifiability (which served as measures of financial reporting quality) of registered companies in Bayelsa State. The population of this research consist of all registered corporations in Bayelsa State, hence the population size was 264 registered companies while the sample size was 159 companies, with the senior accountants (or their representatives) of these companies serving as the respondents. Using purposive sampling method, questionnaires, designed on a four-point Likert scale, were administered to the sample size and the collected data was analyzed with SPSS. Findings revealed that value-based measurement approach has a significantly encouraging effect on financial reporting quality of corporations. It was therefore, suggested that companies should establish new procedures and databases that are ideal for recording and reporting relevant information that will assure stakeholders that financial reporting qualities are maintained while measuring items in the financial statement based on IFRS 13.