The present disclosure relates to a pre-5th-Generation (5G) or 5G communication system to be provided for supporting higher data rates Beyond 4th-Generation (4G) communication system such as Long Term Evolution (LTE). A method for reporting channel information by a user equipment (UE) is provided. The method comprises receiving, by the UE, configuration information from a base station (BS), the configuration information indicating K channel state information (CSI) reference signal (RS) resources configured, by the BS, for measurement by the UE; measuring, by the UE, a layer one (L1) reference signal received power (RSRP) for one or more of the K CSI-RS resources; selecting, by the UE, N CSI-RS resources of the K CSI-RS resources for reporting in a reporting instance; generating, by the UE, a report for the N CSI-RS resources, the generated report including a CSI-RS resource index (CRI) for each of the N CSI-RS resources, a L1-RSRP value for one of the N CSI-RS resources having a largest L1-RSRP, and a differential L1-RSRP value for each of the other of the N CSI-RS resources; and transmitting, by the UE, the generated report to the BS in the reporting instance.