Research - WEEK 1 - - ACCOUNTING STANDARDS BOARD assignment...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
WEEK 1 - - ACCOUNTING STANDARDS BOARD assignment NAME: Randi Padavano 10 points # Points # Correct % Tot Pts Assignment Tot Awd Q1 3 3 100% 3 3.00 Q2 3 3 100% 3 5.00 Q4 1 1 100% 1 2.00 10 10.0 Respond to the following questions. Pay close attention to word length, spelling and grammar. Be sure to cite references appropriately, and list them at the bottom of the paper. 1. Discuss the IASB-FASB Norwalk agreement. List the milestones contained in the FASB- IASB Roadmap Convergence Project. 3 pts WORD LENGTH 170 The IASB-FASB Norwalk agreement was initiated in September 2002, where the FASB and the IASB acknowledged their commitment to the development of excellent accounting standards that could be used for both domestic and cross-border financial reporting (FASB, 2008). The IASB and FASB decided that the Norwalk Agreement would make the existing financial reporting standards fully compatible, coordinate the future work programs and undertake short-term project aimed at removing differences between U.S. GAAP and IFR’s (FASB, 2008). The meeting had both the IASB and FASB agree to establish broad tactics. The main goal of the Norwalk agreement was to eliminate any differences in standards globally (FASB, 2008). There were several milestones for the FASB-IASB Roadmap Convergence Project, which
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Research - WEEK 1 - - ACCOUNTING STANDARDS BOARD assignment...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online