Question 1

The IASB and the FASB are currently engaged in several efforts to attain a uniform set of international accounting standards. Among these efforts are:

1. The FASB's Short-term International Convergence Project
2. The Norwalk Agreement
3. The Roadmap to Convergence."

Discuss the three approaches and comment on their effectiveness in obtaining the desired outcomes

Question 2

Discuss the advantages and disadvantages of harmonizing accounting standards internationally.