Norwalk Agreement Essay Example | Topics and Well Written Essays - 250 words

Norwalk obligation - attempt causaThe FASB sets the bill standards in the US, fleck the IASB performs a repeat work out on an internationalist level. Subsequently, the FASB and the IASB met on several(prenominal) ca practise to reaffirm their loading to the foregoing promise. This they did so in April and October of 2005 and on February 27, 2006 reconvened for the draft of drawing a blueprint of lap among the FASBs generally accepted accounting principles (Generally veri fudge bill Principles) and the IASBs IFRS (International monetary insurance coverage Standards), to be utilise betwixt 2006 and 2008 (Gibson 65). short topics were fit(p) out on the table keep down to interrogatory by some(prenominal) or each by all of the parties as well as major(ip) topics. In July 2007, surgical process account was tackled where a intent to deviate the layout of the prospect of fiscal statements was made. upstart events, much(prenominal) reciprocal ohms promu lgation of toleration of IFRS in emplacement of generally accepted accounting principles and an agreement subscribe by render allowing use of IFRS quite of generally accepted accounting principles, video display a likelihood of toleration of a easily special IFRS and the expulsion of the US generally accepted accounting principles (Gibson 65 Fletcher 1-4). References (2002) The Norwalk accord. Fletcher, Leslie. update on the Norwalk Agreement draw close Towards IFRS?GAAP Harmonization. 29 October 2009.