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Cooperation between IASB & FASB
The common conceptual framework project of the IASB and the FASB was initiated in 2002, which is a direct result of the Norwalk Agreement, in that day, these two boards agree to work togather and converge the financial standard.
Since working together, the purpose of the conceptual framework is to delete the differences between these two framework, not only of doing this, filling gaps and make improvements if it is necessary. This task will take a lot of years, however, in another hand, in these two frameworks, there are many common characters: both frameworks have a strong target. What’s more, because there is still some of differences between two groups, filling gaps is a serious problem, the reason is that: in these two framework, controversial nature is likely to be difficult. However, the extensive scope and knowledge of the IASB could bring an opportunity to those EU corporations who did not use it yet.
Also, the IASB will be optimistic in its original intention, the reason is that: GAAP is accepted not only in the US but also in other countries, however, FASB is heavily involved in building information standards with IASB, although there is a lot of barriers and problems, international convergence is a certain trend around the world.
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