In a resounding salvo aimed at pending proposals on business combinations and consolidated financial statements from the Financial Accounting Standards Board, two major financial associations - Financial Executives International and the Institute of Management Accountants - have roundly criticized not only the board's approach to those proposals, but also a broad spectrum of related issues.

A letter issued by FEI's committee on corporate reporting and the IMA's financial reporting committee offered scathing criticism of a FASB staff business combinations draft that was issued in August 2004. The correspondence subsequently went on to complain of other problems, such as the concept of fair value measurement and the increasing overall complexity and difficulty of working with FASB standards.

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