The main objective of financial reporting is to provide information on financial position, business performance and changes in the entity's financial position to a wide range of external users. The financial position, and therefore the success of the entity's business, is influenced by the economic resources managed and used by the enterprise in its business process. Items of assets reported in the balance sheet classified by their nature or function in the business process should be recognised in amounts reflecting their economic values. Therefore, financial statements should present the entity's assets fairly and objectively, which is achieved by applying fully the recognition and measurement principles contained in the relevant accounting standards. However, often applying the principles set out out in the standard in its entirety, it does not mean that the two entirely the same undertakings will have the same financial position and financial result in the same reporting period. This is due to the possibility to use alternative accounting policies which contain different principles for measuring the same assets, which ultimately, regardless of which we apply, give their final beneficiaries fair and objective financial results. It is precisely for this reason that this graduate thesis will, on concrete examples, explain and present the impact of different principles of measurement of fixed assets on the financial position and performance of operations of exactly identical companies, with the aim of fair and objective financial reporting. Namely, the impact of permitted valuation principles on the financial position and financial performance of the analyzed enterprises in the same reporting period will be analysed and clarified. For the purpose of research and objectives of this graduate thesis, accounting principles of recognition and measurement of fixed assets, their diversity to be considered and analysed refer to long-term intangible assets, fixed tangible assets and investment in real estate.