The current empirical research on the fair value information under new accounting standards ignores the fact that holding period unrealized gain or loss of fair value produced by financial asset would be reversed when the asset is sold. In this condition, the information of unrealized gain or loss of fair value from income statements would be applied directly to the study of value relevance and contract validity in these literatures, which would lead to the misinterpretation of empirical results of the information of fair value up and down of financial assets. In order to understand the exact role of fair value in Chinese new accounting standards, this paper combines unrealized gain or loss of fair value and the effect of reversion and retests the value relevance and contract validity of fair value information. Fortunately, study results are not completely same as before. The results have important implications to standard setters and later academic research. Furthermore, the paper also provides the evidences supporting that accounting standard setter stick to use fair value measurement during the period of financial crisis which has been criticized by outsiders of accounting circles.