Norwalk Agreement

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The Norwalk Agreement is a memorandum of understanding signed in 2002 between the FASB (responsible for US GAAP ) and the IASB (responsible for IFRS ) on the convergence of the two accounting standards . It was named after the place where it was signed, Norwalk , the seat of the FASB. Based on this agreement and other memorandums of understanding , the accounting standards were brought closer together. The goal is a single high quality accounting standard. Based on the progress that has already been made, the SEC decided in 2007 that foreign companies that publish IFRS financial statements no longer need to make reconciliation to US GAAP. From 2014, US issuers should also be allowed to use IFRS.

Web links

Individual evidence

  1. ACCEPTANCE FROM FOREIGN PRIVATE ISSUERS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS WITHOUT RECONCILIATION TO US GAAP (PDF file; 2.45 MB)
  2. ROADMAP FOR THE POTENTIAL USE OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS BY US ISSUERS (PDF file; 407 kB)