The Norwalk Agreement:

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The Norwalk Agreement is a formal commitment made in 2002 between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) to work together towards convergence of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). It does not allow foreign companies to prepare financial statements in accordance with IFRS, eliminate the requirement for U.S. firms to report under U.S. GAAP, or give authority to the IASB to set accounting standards for U.S. companies.