The objective of this research was to investigate the association among fair value accounting and financial reporting of corporations in Nigeria. Specifically, the paper examined how fair value measurement relates to quality of financial reporting, on one hand and comparability of financial statements, on the other hand. It was this basis that two hypotheses were evaluated. The study adopted a descriptive research study, while the population size (which equally served as the sample size) was 161 participants decomposed into 100 investment analysts and 61 portfolio managers, and design and administration of questionnaire structured using the five-point Likert scale, served as the sole source of data collection. The PPMC Technique was utilized to ascertain the association among Fair Value Measurement and financial reporting. Findings from the research indicated that there is a substantial positive connection among fair value measurement and quality of financial reporting, as well as on comparability of financial statements. On the basis of this, it was suggested that conferences and trainings should be organized for accounting staff of companies in order to equip them with the modalities of applying fair value measurement in their operations.