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

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

View Full Document Right Arrow Icon
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)
Image of page 1

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

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

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern