Norwalk Agreement

Norwalk Agreement - Memorandum of Understanding The Norwalk...

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Memorandum of Understanding “The Norwalk Agreement” At their joint meeting in Norwalk, Connecticut, USA on September 18, 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) each acknowledged their commitment to the development of high-quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting. At that meeting, both the FASB and IASB pledged to use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as is practicable and (b) to coordinate their future work programs to ensure that once achieved, compatibility is maintained. To achieve compatibility, the FASB and IASB (together, the “Boards”) agree, as a matter of high priority, to: a) undertake a short-term project aimed at removing a variety of individual differences between U.S. GAAP and International Financial Reporting Standards (IFRSs, which include International Accounting Standards, IASs);
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  • Fall '09
  • mlot
  • International Financial Reporting Standards, international Accounting standards Board, Financial Accounting Standards Board, international Accounting standards, Financial Reporting Standards, future work programs

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Norwalk Agreement - Memorandum of Understanding The Norwalk...

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