The convergence project between the IASB and GAAP was initiated in 2002 when the two boards entered into the "Northward Agreement".

Question

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The convergence project between the IASB (International Accounting Standards Board) and FASB (Financial Accounting Standards Board, which sets GAAP - Generally Accepted Accounting Principles in the United States) was initiated with the Norwalk Agreement in 2002, not the "Northward Agreement."

The Convergence Project Between the IASB and GAAP Was Initiated