Problem:
In terms of understanding competitiveness and collaboration in a global economy, research, explore, and discuss the "Norwalk Agreement" between the FASB and the International Accounting Standards Board (IASB).
Required:
Question 1: What are the key initiatives of the Norwalk Agreement to further the goal of the convergence of U.S. GAAP with International Financial Reporting Standards?
Question 2: Discuss the joint projects being conducted with the IASB to address Revenue Recognition and Business Combinations.
Note: Please provide full description.