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

Norwalk Agreement - Essay Example The FASB sets the bookkeeping guidelines in the US, while the IASB plays out an equal capacity on a universal level. Therefore, the FASB and the IASB met on a few events to reaffirm their responsibility to the prior understanding. This they did as such in April and October of 2005 and on February 27, 2006 reconvened to draft an outline of union between the FASB’s GAAP (Generally Accepted Accounting Principles) and the IASB’s IFRS (International Financial Reporting Standards), to be executed somewhere in the range of 2006 and 2008 (Gibson 65). Momentary themes were spread out on the table subject to assessment by both or independently by both of the gatherings just as significant points. In July 2007, execution revealing was handled where a proposition to change the design of the essence of budget summaries was made. Late occasions, such SEC’s declaration of acknowledgment of IFRS in lieu of GAAP and an understanding marked by Bush permitting utilization of IFRS r ather than GAAP, show a probability of reception of a generously altered 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.