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The U.S. Financial Accounting Standards Board abandoned efforts to seek convergence with the International Accounting Standards Board on insurance contracts, and will instead focus on targeted improvements to the existing U.S. GAAP insurance-accounting model, says Moody’s Investors Service.

Moody’s analyst Wallace Enman says in the ratings agency’s Weekly Credit Outlook that the FASB’s decision is “negative” for global investors, but insurance associations supported the move.

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