Research_Paper_2 - Pritesh Patel Research Paper 2-FASB/IASB...

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Pritesh Patel Research Paper 2-FASB/IASB ACC 310 11/17/09 1. The Norwalk Agreement was an agreement made by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to begin merging accounting standards internationally with one set of guidelines for domestic and cross-border financial reporting. The meeting was held in 2002 and the goals were to “make their existing financial reporting standards fully compatible as soon as is practicable and…to coordinate their future work programs to ensure that once achieved, compatibility is maintained.” They want to achieve compatibility as a high priority issue. They have proposed to illuminate differences in GAAP and IFRS, continue joint projects already underway, and to encourage respective bodies to coordinate their activities. The boards have agreed to use necessary resources to complete these goals in a timely manner. They intend to implement these changes in several jurisdictions by January 1, 2005. 2. In 2006 some goals were set to be reached by 2008 about major differences in a few focused areas. These differences will be eliminated through short-term standard-setting projects. FASB will examine fair value option, investment properties, research and development, and subsequent events. IASB will examine borrowing costs, government grants, joint ventures, and segment
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reporting. Both boards will examine impairment and income tax. The boards
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This note was uploaded on 11/21/2009 for the course ACC acc 310 taught by Professor Mlot during the Fall '09 term at N.C. State.

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Research_Paper_2 - Pritesh Patel Research Paper 2-FASB/IASB...

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