The agreement in 2002 by the FASB and IASB to develop high quality, compatible accounting standards that could be used by both domestic and cross-border financial reporting was called the

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The agreement between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in 2002 to work together to develop compatible accounting standards that could be used for both domestic and cross-border financial reporting is known as the Norwalk Agreement. This was named after the location in Norwalk, Connecticut, where the agreement was made.

The Agreement in 2002 by the FASB and IASB to Develop