This study investigates how the value relevance of accounting information differs by the extent of valuation of assets and liabilities under the measurement criteria specified in the Conceptual Framework for Financial Reporting. Previous studies about the trend of value relevance of accounting information reported that the value relevance of net assets (from the statements of financial position) has increased for past decades while the value relevance of net income (from the statements of income) has deteriorated (Collins et al., 1997; Francis and Schipper, 1999; Han, 1998; Jang et al., 2002; Park and Paek, 2013). Most prior studies focus on the decrease in value relevance of net income, but there are few studies about the increase in value relevance of net assets. In this study, we posit that the statement of financial position has better reflected the real economic value of firms since the recognition criterion of assets and liabilities changed from historical cost to current cost, realizable (settlement) value, or present value. We define the sum of allowance for bad debts, accumulated impairment losses, and the absolute value of other comprehensive income as the new measure, DV(degree of valuation of assests and liabilities), to capture the extent of firms’ adopting current cost, realizable (settlement) value, or present value in the recognition of assets and liabilities. For the empirical analysis, we use the sample firms listed in Korean market (KOSPI and KOSDAQ) from 2003 to 2013. In the cross-sectional regression analysis, we find that firms with larger DV show higher value relevance of net assets from the statement of financial position. In the time-series regression analysis, we find that DV has increased since 2003. We also find that the increase in DV has a significantly positive (negative) association with the value relevance of net assets(net income). These results are consistent with our hypotheses and indicate that the value relevance of net assets is enhanced by the increase in valuation of assets and liabilities. This study differs from prior studies focusing on the reason why the value relevance of net income has reduced. Our results suggest that not only non-accounting factors but also accounting factors can influence the value relevance of accounting information. Our results also suggest that standard setters should consider the trade off of the value relevance of net assets and accounting income when modifying accounting standards.