Norwalk Agreement
HISTORY: IASB AND FASB (US GAAP AND IFRS) SIGNED OCTOBER 2002 THE “NORWALKAGREEMENT” WHICH WAS A MEMORANDUM OUTLINING THE INTENT FOR AN ALIGNMENTOF STANDARDS.
AS OF JANUARY 2013 OVER 100 COUNTRIES REQUIRE IFRS OR AN EQUIVALENT BUT THE US ISNOT ONE OF THEM. THE INTENT WAS TO HAVE 2 SETS OF STANDARDS THAT ARECONVERGED IN PRINCIPLE IF NOT IN WORDS. TODAY THE PUSH IS FOR THE US TO ADOPTIFRS.
10 YEARS IN THE MAKING AND NOT COMPLETE.
PROJECT: USING AT LEAST TWO SOURCES, WITH ONE BEING THE PWC SITE, PLEASE PREPAREA BRIEF 3 PAGE DISCUSSION ON WHERE THE US IS ON THE TIMELINE TO ADOPT IFRS OR TOAT LEAST MEET A CONVERGENCE IN PRINCIPLE. THE PWC SITE DISCUSSES SOME OF THEAREAS OF COMPLETED OR ONGOING JOINT IASB/FASB PROJECTS TO MEET CONVERGENCE.(the PWC site has a section if you google PWC US GAAP AND IFRS CONVERGENCE : go to IFRSand US GAAP similarities and differences)
PLEASE DISCUSS THE TIMELINE TODAY AND AT LEAST ONE OF THE JOINT PROJECTS. THE BESTSOURCE IS THE PWC ARTICLE AND PUBLICATION AT THE WEBSITE
