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

Norwalk Agreement - Essay Example The FASB sets the bookkeeping measures in the US, while the IASB plays out an equal capacity on a worldwide level. Along these lines, the FASB and the IASB met on a few events to reaffirm their duty to the prior understanding. This they did as such in April and October of 2005 and on February 27, 2006 reconvened to draft a plan of combination between the FASB’s GAAP (Generally Accepted Accounting Principles) and the IASB’s IFRS (International Financial Reporting Standards), to be actualized somewhere in the range of 2006 and 2008 (Gibson 65). Transient points were spread out on the table subject to assessment by both or separately by both of the gatherings just as significant themes. In July 2007, execution revealing was handled where a proposition to change the design of the essence of budget reports was made. Ongoing occasions, such SEC’s declaration of acknowledgment of IFRS in lieu of GAAP and an understanding marked by Bush permitting utilization of IFRS rat her than GAAP, show a probability of appropriation of a considerably changed IFRS and the disposal of the US GAAP (Gibson 65; Fletcher 1-4). References: (2002) The Norwalk Agreement. Fletcher, Leslie. Update on the Norwalk Agreement: Progress Towards IFRS?GAAP Harmonization. 29 October 2009.