The FASB believes there is a demand for international convergence primarily because investors’ want high-quality, comparable financial information that will make decision-making easier in our increasingly global capital markets. Due to this demand for more comparable financial statements, FASB and IASB started working together in 2002 in order to unite the two accounting methods. The Boards have defined what convergence means to them and have identified their tactics to achieve it in two different documents—the Norwalk Agreement and the Memorandum of Understanding (MoU) (Financial Accounting Standards Board, 2012). “The phrase international convergence of accounting standards refers to both a goal and the path taken to reach it.” They have
