At present, the measurement attribute of financial accounting is undergoing a transformation from historical cost to fair value, the standard-setting body is trying to expand the application of fair value measurement to projects beyond financial instruments, and eventually establish a new accounting model centered on fair value measurement. The establishment of a new accounting model centered on fair value measurement would mainly depend on whether fair value is applicable to all types of assets. The paper explores the applicability of fair value from a unique perspective – the specificity of assets, and concludes that fair value is not a proper measurement attribute for specific assets, and therefore the future accounting model will not necessarily be dominated by fair value, rather, it is very likely to be a mixed measurement model incorporating historical cost, fair value, and value-in-use.