research 1 - Padavano Randi Padavano ACC 537 Christopher...

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Padavano Randi Padavano ACC 537 Christopher Moody March 7, 2011 Question 1: 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 included: 1) Improving Specific Accounting Standards 2) Improving the Structure and Funding of the IASB 3) Facilitating the use of interactive data (XBRL) under IFRS 4) Updating the Education and Licensing of U.S. Accountants 5) Evaluating the early adoption experiences of a limited group of companies
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This note was uploaded on 12/15/2011 for the course ACC ACC taught by Professor Mari during the Fall '10 term at University of Phoenix.

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research 1 - Padavano Randi Padavano ACC 537 Christopher...

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