Discuss the current convergence efforts and issues between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and the impact of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on creditors, regulatory agencies, and market analysts and investors. What are the pros and cons of convergence between FASB and IASB? Support your position with scholarly and peer-reviewed sources in A-P-A style.
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