While efforts to reform and converge accounting standards predate the financial crisis, they have taken on a new urgency in recent months.

Accordingly, many associations that represent industries that will be impacted by new regulations are lobbying to help craft the new rules. The Financial Instruments Reporting and Convergence Alliance (FIRCA) includes associations representing the banking and insurance industries, including the American Council of Life Insurers, Property Casualty Insurance Association of America and, most recently, the Group of North American Insurance Enterprises (GNAIE).

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