With regard to Level 3 fair value measurement in financial investments, the author will conceptually delve into the areas not meeting the minimum reliable level from the perspective of the qualitative characteristics of accounting information. While taking into consideration recent discussions on reviewing conceptual framework, the author will reorganize the conceptual categories of verifiability （i.e., identification of the “reasonable verifiability” categories） to underpin the fact that material uncertainties in measurement have obstructed constructing faithful representation. In addition, the author will discuss the problem that the dichotomy of direct and indirect found in IASB is not accurate enough to fully understand the concept of verifiability. In this context, the author will also suggest that “matching verifiability” and “reasonable verifiability” together can satisfy the requirements for constructing faithful representation.