What agreement was signed between the IASB and FASB in September 2002?
A) An agreement to set educational standards for accounting professionals in the United States.
B) An agreement to review US accounting standards to determine their appropriateness.
C) An agreement to develop international accounting standards based on U.S. GAAP.
D) An agreement to acknowledge their commitment to the development of high quality, compatible accounting standards for use in domestic and cross-border financial reporting.

Question

Quizplus · Accepted Answer

The agreement signed in September 2002 between the IASB and FASB was known as the Norwalk Agreement, which aimed to converge international accounting standards and U.S. GAAP to improve the quality and compatibility of financial reporting globally.

What Agreement Was Signed Between the IASB and FASB in September