The Memorandum of Understanding released by the IASB and FASB that detailed their commitment to converged standards is known as
A) The "Norwalk Agreement"
B) The "FASB/IASB Convergence Memo"
C) The "Accounting Agreement of 2002"
D) The "International Accounting Treaty"

Question

Quizplus · Accepted Answer

The "Norwalk Agreement" is the correct answer because it is the name given to the Memorandum of Understanding released by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in 2002, which detailed their commitment to the convergence of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

The Memorandum of Understanding Released by the IASB and FASB