Question

In the Norwalk Agreement, the FASB and IASB pledged to:

1	Achieve convergence by the year 2015.
2	Make progress on specific MOU projects.
3	Remove existing differences between their standards.
4	Combine their organizations to form the BUSYB.

Answer 1

Answer: Option 3) Remove existing differences between their standards

Explanation:

In the Nowalk Agreement, the FASB and IASB pledged to remove existing differences between their standards.

Norwalk Agreement refers to a Memorandum of Understanding signed between the Financial Accounting Standards Board (FASB)in september 2002, the US standard setter, and the International Accounting Standards Board (IASB). The agreement is called norwalk agreement as it reached in Norwalk.

The Norwalk agreement pledge is not include achieve convergence by the year 2015, make progress on specific MOU projects and Combine their organizations to form the BUSYB.

Therfore, the Norwalk agreement pledged to removing existing differences between their standards.

Thus, option 3) is correct and remaining options are incorrect.