Editing Financial Accounting Standards Board (section)

=== Norwalk Agreement ===
{{Main|Norwalk Agreement}}
In 2002, the FASB began to work on a convergence project in partnership with the International Accounting Standards Board (IASB), the independent accounting standard-setting body of the International Financial Reporting Standards Foundation.<ref>IFRS Foundation, 2012. [http://www.ifrs.org/The+organisation/IASCF+and+IASB.htm About the IFRS Foundation and the IASB]. Retrieved on April 28, 2012. {{Webarchive|url=https://web.archive.org/web/20120723093608/http://www.ifrs.org/The+organisation/IASCF+and+IASB.htm |date=July 23, 2012 }}</ref> The two groups met on September 18, 2002, in Norwalk, Connecticut, to sign a [[Memorandum of Understanding]] (MoU)<ref name="IASB">{{citation |publisher=Financial Accounting Standards Board and International Accounting Standards Board |date=2002 |url=http://www.fasb.org/news/memorandum.pdf |title=Memorandum of Understanding, The Norwalk Agreement |access-date=March 17, 2009}}</ref> which "committed the boards to developing high-quality, compatible accounting standards with a common solution."<ref name="FASB_IASB_2015">{{cite web |url=http://www.lexology.com/library/detail.aspx?g=4a9271bc-0675-493f-ad99-5fc859227939 |url-access=registration |date=May 18, 2015 |title=Will SEC finally nix IFRS in the United States? |website=Lexology |author=Calfee Halter & Griswold LLP |access-date=April 26, 2016}}</ref><ref>Financial Accounting Standards Board and International Accounting Standards Board (2002). [http://www.fasb.org/news/memorandum.pdf ''Memorandum of Understanding, "The Norwalk Agreement".''] {{Webarchive|url=https://web.archive.org/web/20201106232731/https://www.fasb.org/news/memorandum.pdf |date=2020-11-06 }}.  Retrieved March 17, 2009.</ref>

This MoU, which came to be known as the Norwalk Agreement, outlined plans to converge IFRS and U.S. GAAP into one set of high quality and compatible standards. For ten years the FASB and IASB collaborated on a common objective not only to eliminate differences between IFRS and U.S. GAAP wherever possible, "but also to achieve convergence in accounting standards that stood the test of time."<ref name="FASB_IASB_2015"/>