What is the name of the formalized commitment of the IASB and the FASB to converge U.S.and international accounting standards?
A)Sarbanes-Oxley Act
B)Norwalk Agreement
C)IFRS Foundation
D)Conceptual Framework

Question

Quizplus · Accepted Answer

The Norwalk Agreement is the formalized commitment of the IASB and the FASB to converge U.S. and international accounting standards. The Sarbanes-Oxley Act pertains to corporate governance and financial reporting requirements for U.S. public companies. The IFRS Foundation is responsible for the oversight and development of the International Financial Reporting Standards. The Conceptual Framework provides a foundation for developing accounting standards.

What Is the Name of the Formalized Commitment of the IASB