One of the critical standards of IFRS is Fair Value Measurement (IFRS 13). The definition of fair value is ‘the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date’. Understanding fair value requires (a) identifying the balance or transaction that must (may) be measured or disclosed at fair value and when such measurement is necessary, (b) consulting IFRS 13 for guidance on how to determine fair value upon initial recognition, and (c) consulting the ‘when IFRS’ to determine if the subsequent measurement of the account balance is at fair value and/or if fair value disclosure are required (Deloitte, 2021). Ethiopia has adopted the use of IFRS a few years ago and is now in the process of establishing its capital market (secondary and stock market). Both practices require a thorough understanding of fair value principles. To successfully report the fair value of businesses, it is important to have a comprehensive framework and guidance as well as understand the ins and outs of Business Valuation.