A post-implementation review of the Financial Accounting Standards Board’s business combinations standard found lingering questions in the minds of some investors, particularly about fair value, despite improvements in the usefulness of the information.

FASB’s parent organization, the Financial Accounting Foundation, released a report Wednesday on its post-implementation review of the standard, which was revised in 2007. The FAF also announced Wednesday that the next standard selected for the post-implementation review process would be FAS 157, Fair Value Measurement. FAS 157 provoked controversy in the aftermath of the financial crisis in 2008 and 2009, when banks pressured FASB and Congress to eliminate the requirements for mark-to-market accounting as they were unable to find a market for their mortgage-backed assets.

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