The accompanying table “Results of Convergence” contains my views, it is true, subjective on the success of convergence and the resulting improvements in IFRS for each of the projects listed in the various agreements concluded between the IASB and the FASB. Finally, I would like to add that convergence may have been the most realistic way to launch the application of IFRS in the United States, but such regulation is not sustainable in the long term. On the contrary, the best approach for each jurisdiction is the adoption of IFRS. As the directors of the IFRS Foundation recently stated in the 2011 Strategy Review Report, a few years later, the SEC announced its support for a Memorandum of Understanding – norwalk`s agreement – between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board. This agreement, reached in Norwalk, Connecticut, established a common obligation to develop compatible accounting standards that could be used for both national and cross-border financial reporting. In a following Memorandum of Understanding, FASB and IASB agreed that a common set of high-quality global standards would remain their long-term strategic priority and established a plan to align the financial information of U.S. issuers under U.S. GAAP with those of companies using IFRS. What is the “Norwalk” agreement? A. An agreement… c.
an agreement between the SEC President and the Internal Market Commissioner, which allows EU companies to list securities in the US without authorising a US vote on GAAP. A. An agreement between the FASB and the SEC that allows foreign companies to use IFRS when submitting accounts to the SEC. The Norwalk agreement refers to the Agreement reached in September 2002 between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The Boards of Directors have decided to make their accounting standards compatible as quickly as possible and to maintain common compatibility in the future. This agreement is called the Norwalk Agreement, since the Boards of Directors held a joint meeting in Norwalk. Norwalk Agreement refers to a Memorandum of Understanding signed in September 2002 between the Financial Accounting Standards Board (FASB), the Standardetzer and the International Accounting Standards Board (IASB).  The agreement is designated as being concluded at Norwalk. The SEC provided information on the SEC`s status for the introduction of IFRS in the United States.
The IASC-U.S. Comparison Report, 2nd ed. (1999), a large study on international accounting standards and GAAP is available from fasB. Standard agencies, auditors and auditors, as well as regulators, should be aware of the similarities and differences between financial reports prepared in accordance with IASC standards and reports prepared in accordance with national standards. This report compares the IASC`s “basic standards” (up to IAS 39 included) with its Us-GAAP counterparts in areas such as scope, definitions, recognition and evaluation requirements, and advertising and advertising requirements. In the press release announcing the agreement, Robert H.