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