What is the Norwalk Agreement? a. An agreement. c. An agreement between the President of the SEC and the European Commissioner for the Internal Market, which allows EU companies to contribute securities to the United States without having to provide for a transfer of GAAP to the United States. Norwalk Agreement refers to a Memorandum of Understanding signed in September 2002 between the Financial Accounting Standards Board (FASB), the U.S. switchboard operator and the International Accounting Standards Board (IASB).  The agreement is called as it was reached at Norwalk. The objective of this project is to eliminate a large number of discrepancies between International Financial Reporting Standards and US GAAP. The project, led jointly by the FASB and the IASB, was born out of an agreement reached by both boards of directors in October 2002 (the „Norwalk“ agreement). one. An agreement between SASD and the SEC, which allows foreign companies to use IFRs when submitting financial statements to the SEC. The Norwalk Agreement refers to the Memorandum of Understanding (MoU) signed in September 2002 between the Financial Accounting Standards Board (FINANCIAL ACCOUNTING Standards Board) and the International Accounting Standards Board (IASB). The boards decided to make their accounting standards compatible as soon as possible and to cooperate in order to maintain compatibility in the future.
This agreement is called the Norwalk Agreement, given that the boards of directors had a joint meeting in Norwalk. b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to harmonize their respective accounting standards as soon as possible. d. An agreement between the FASB and the IASB to ensure that their existing standards are compatible and cooperate as soon as possible to ensure future compatibility. The IASB-SASB convergence project was of particular importance, as the IASB and the SASB briefly discussed the date of each joint draft Memorandum of Understanding in order to prepare the planned allocation of an updated technical plan. Three projects were discussed in depth: financial instruments, unincluded activities and the framework approach. Please note that the convergence project is nearing completion and no new projects will be on the agenda. The entire IASB-FASB convergence project has evolved over time. The following tables reflect the current situation of the individual projects.
Some of the projects listed are joint IASB-FASB projects, which are not formally part of the Memorandum of Understanding (MoU) between the two boards, but for which the boards have agreed to work together on the project. In the press release announcing the agreement, Robert H. Herz, President of the AFSB, commented: „The FASB strives to achieve the goal of setting high quality standards for global account coverage to support healthy global capital markets.“ Mr. Glauber reported on the progress made in the IASB`s agenda and the convergence efforts of the IASB and the AFSB The FASB has taken the following six key initiatives to promote the U.S. convergence goal. . . .