Identify the historical setting that formed the foundation for the FASB and IASB Convergence of 2002.

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Identify the historical setting that formed the foundation for the FASB and IASB Convergence of 2002. Identify the major players in the convergence process and also the short and the long-term projects. Identify the milestone of the project as of today by identifying which of the projects has been completed and implemented and which others are still being discussed. Discuss in detail, one of the projects and how it will affect the accounting process.

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