The Norwalk Agreement: Multiple Choice Formalized the commitment between the FASB and IASB to converge U.S. GAAP and IFRS. Allowed foreign companies listed on U.S. stock exchanges to prepare financial statements in accordance with IFRS. Eliminated the requirement that U.S. firms report under U.S. GAAP. Gave authority to the IASB to set accounting standards for U.S. companies