Norwalk Agreement

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Business Finance

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HISTORY: IASB AND FASB  (US GAAP AND IFRS) SIGNED OCTOBER 2002 THE “NORWALKAGREEMENT” WHICH WAS A MEMORANDUM OUTLINING THE INTENT FOR AN ALIGNMENTOF STANDARDS.
AS OF JANUARY 2013 OVER 100 COUNTRIES REQUIRE IFRS OR AN EQUIVALENT BUT THE US ISNOT ONE OF THEM.  THE INTENT WAS TO HAVE 2 SETS OF STANDARDS THAT ARECONVERGED IN PRINCIPLE IF NOT IN WORDS.  TODAY THE PUSH IS FOR THE US TO ADOPTIFRS.
10 YEARS IN THE MAKING AND NOT COMPLETE.
PROJECT:  USING AT LEAST TWO SOURCES, WITH ONE BEING THE PWC SITE, PLEASE PREPAREA BRIEF 3 PAGE DISCUSSION ON WHERE THE US IS ON THE TIMELINE TO ADOPT IFRS OR TOAT LEAST MEET A CONVERGENCE IN PRINCIPLE.  THE PWC SITE DISCUSSES SOME OF THEAREAS OF  COMPLETED OR ONGOING JOINT IASB/FASB PROJECTS TO MEET CONVERGENCE.(the PWC site has a section if you google PWC US GAAP AND IFRS CONVERGENCE  :  go to IFRSand US GAAP similarities and differences)
PLEASE DISCUSS THE TIMELINE TODAY AND AT LEAST ONE OF THE JOINT PROJECTS.  THE BESTSOURCE IS THE PWC ARTICLE AND PUBLICATION AT THE WEBSITE

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PROJECT DAY: BUS 126 SPRING 2016 DUE DATE MARCH 24, 2016 20 POINTS DUE START OF CLASS HOUR TOPIC: US GAAP & IFRS CONVERGENCE HISTORY: IASB AND FASB (US GAAP AND IFRS) SIGNED OCTOBER 2002 THE “NORWALK AGREEMENT” WHICH WAS A MEMORANDUM OUTLINING THE INTENT FOR AN ALIGNMENT OF STANDARDS. AS OF JANUARY 2013 OVER 100 COUNTRIES REQUIRE IFRS OR AN EQUIVALENT BUT THE US IS NOT ONE OF THEM. THE INTENT WAS TO HAVE 2 SETS OF STANDARDS THAT ARE CONVERGED IN PRINCIPLE IF NOT IN WORDS. TODAY THE PUSH IS FOR THE US TO ADOPT IFRS. 10 YEARS IN THE MAKING AND NOT COMPLETE. PROJECT: USING AT LEAST TWO SOURCES, WITH ONE BEING THE PWC SITE, PLEASE PREPARE A BRIEF 3 PAGE DISCUSSION ON WHERE THE US IS ON THE TIMELINE TO ADOPT IFRS OR TO AT LEAST MEET A CONVERGENCE IN PRINCIPLE. THE PWC SITE DISCUSSES SOME OF THE AREAS OF COMPLETED OR ONGOING JOINT IASB/FASB PROJECTS TO MEET CONVERGENCE. (the PWC site has a section if you google PWC US GAAP AND IFRS CONVERGENCE : go to IFRS and US GAAP similarities and differences) PLEASE DISCUSS THE TIMELINE TODAY AND AT LEAST ONE OF THE JOINT PROJECTS. THE BEST SOURCE IS THE PWC ARTICLE AND PUBLICATION AT THE WEBSITE REQUIREMENTS: DOUBLE SPACED AND WORD PROCESSED 3 PAGES DISCUSS THE TIMELINE FOR CONVERGING OR ADOPTION AND CURRENT STATUS DISCUSS AT LEAST ONE OF THE JOINT PROJECTS (EITHER COMPLETED OR STILL ONGOING) BE SURE TO EDIT YOUR PAPER. -1 PER EDITING ERROR AFTER THE FIRST 2 ERRORS. IN YOUR DICUSSION OF THE JOINT PROJECTS YOU ARE ALLOWED TO COPY SENTENCES FROM THE PUBLICATION AND/OR PWC ARTICLE. JUST BE SURE TO FOOTNOTE THAT. HOWEVER AT LEAST HALF OF YOUR PAPER SHOULD CONTAIN YOUR OWN WORDS AND ESPECIALLY IN THE TIMELINE SECTION AND CURRENT STATUS SECTION. AGAIN BE SURE TO NOTATE YOUR SOURCES AND FOOTNOTE THE PAPER.
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