The paper explores soundness of financial performance measures and performance measurement tools that have been popularized over the past decade. Performance measurement tools such are the Balanced Scorecard, the Performance Prism, the Performance Pyramid, Tracking Stock, and EP2M are contrasted, thoroughly discussed and given more relevance over the simple accounting measures that fail in providing comprehensive information to the management. Since key performance indicators yield best results when adequately linked to the main corporate value drivers, the financial performance measures coupled with more forward-looking indicators appear to be most successfully incorporated into the Balanced Scorecard management tool. Consequently, the Balanced Scorecard, despite its drawbacks analyzed in the paper, appears to be the most complete performance measurement tool of the current corporate world setting. The results obtained from the members of the Institute of Management Accountants (IMA) who participated in the survey for the purposes of this paper revealed that high percentage of companies uses and relies merely on backward looking accounting measures.