The choice of performance measures is one of the most critical challenges facing corporate. Performance measurement systems play a key role in developing strategic plans, evaluating the achievement of organizational objectives, and compensating managers. Yet many managers feel that traditional accounting-based measurement systems no longer adequately fulfill these functions. The perceived inadequacies in traditional accounting-based performance measures have motivated a variety of performance measurement innovations ranging from 'improved' financial metrics such as 'economic value' measures to 'balanced scorecards' of integrated financial and non-financial measures to measures of intellectual capital and measures for discloser and reporting. However, despite increasing adoption of these performance measurement innovations, relatively few studies have examined the new measures' economic relevance, the implementation issues arising from their adoption, or the performance consequences from their use. In this paper author attempts to further research on these topics by: (1) Giving description of emerging performance measurement practices, (2) Highlighting current research on the use and performance consequences of the new measures, (3) Discussing the researches on disclosure of Performance Measures, and (4) Laying background for further researches in the area of business performance measures. Researches in the discipline of Business Performance measures have mainly remained varied and board based rather then in depth or build upon the work of others. The unique characteristics of the research in this area is that significantly the major, influential and widely published researches are carried out on sponsored basis and on an organized way by premier business schools across the world or by top management consultancy firms and organizations. The paper is a working in progress of author’s major research on Business Performance and is organized by reviewing of the literature in following categories: ·Studies that highlight the evolution of business performance measurement, ·Studies that compare the various performance measurement systems and models, ·Studies on disclosure and reporting of business performance measures, and ·Studies highlighting the practices of performance measurement and so on.