The program of converging accounting standards between the Financial Accounting Standards Board and the International Accounting Standards Board is nearing an end after more than a decade.
The effort started in 2002 with the Norwalk Agreement under which the two boards committed to work together to make their standards “compatible “ and from 2006 onwards has continued pursuant to a memorandum of understanding that focused the boards on jointly developing improved and converged standards in various major accounting areas.
